Strategy, the leading Bitcoin Treasuries company, is currently facing a challenging market environment, as well as the prospect of having its MSTR stock excluded from the MSCI indices. As a result, its price has just hit a new, alarming low.
Strategy’s stock hits a new low
Despite its established and undisputed position at the top of the Digital Asset Treasuries (DAT) rankings for Bitcoin, Strategy is facing difficult times at the start of 2026, to the point where it is now accumulating cash reserves to protect itself against a possible “prolonged crypto winter.”
This situation appears to contradict its compulsive BTC purchases, which reached a record frequency in 2025, enabling the company to currently hold a portfolio estimated at over $60 billion (672,497 BTC).
However, this position as the world’s largest holder of Bitcoin does not seem to be helping the price of its MSTR stock, which has fallen more than 65% since its last all-time high on July 11 at $434.58 and nearly 50% over the past year.
Strategy’s MSTR stock price has plummeted 65% since its last peak
As a result, Strategy’s MSTR stock has just hit a new low of around $192—a price level not seen since the start of its dizzying 200% rally in September 2024.
A 75% Chance of Delisting from the MSCI
There appear to be multiple factors behind this decline, though foremost among them is the drop in Bitcoin’s price that began after its last all-time high of $126,000.
Other factors are also at play, according to some analysts, such as the aggressive dilution of its shares, the collapse of its mNAV premium, and the risk of MSTR shares being excluded from certain major stock indices.
A final development expected to reach a tipping point early this year follows the decision by the stock index giant Morgan Stanley Capital International (MSCI) to delist Digital Asset Treasuries that hold more than 50% of cryptocurrencies in their assets, such as Strategy.
Despite attempts by Strategy’s founder, Michael Saylor, to oppose this decision—which he deems unfair—bettors on the Polymarket prediction market platform estimate that there is a 75% chance the delisting will take effect before early April.
MSCI’s delisting of Strategy is 75% likely to occur
As a result, the question now seems to boil down to whether the market has already priced in this MSCI decision with the current decline in MSTR stock, or whether things could get even worse if the delisting is officially confirmed in the coming weeks—especially if Bitcoin shows no signs of a conclusive bullish recovery.
