Leading Bitcoin Treasury company Strategy is currently suffering from a difficult market environment, as well as the prospect of its MSTR stock being excluded from MSCI indices. As a result, its price has just hit a worrying new low.
Strategy shares hit a new low
Despite its confirmed and undisputed position at the top of the Digital Asset Treasuries (DAT) podium for Bitcoin, Strategy is going through difficult times at the start of 2026, to the point where it is now accumulating dollars in its treasury to protect itself from a possible “prolonged crypto winter.”
This situation appears to contradict its compulsive purchases of BTC, which reached a record frequency in 2025, to the point where it now has 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 its MSTR share price, which has fallen more than 65% since its last historic high on July 11 at $434.58 and almost 50% over the past year.
As a result, Strategy’s MSTR stock has just hit a new low of around $192. This is a price level that had not been seen since the start of its dizzying 200% rise in September 2024.
A 75% chance of delisting from the MSCI
There appear to be multiple factors behind this decline, with the fall in Bitcoin since its last historic high of $126,000 being the most significant.
Other reasons 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 market indices.
One final piece of news that is likely to tip the balance at the start of this year is the decision by 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 founder Michael Saylor to oppose this decision, which he considers unfair, bettors on the Polymarket prediction market platform estimate that there is a 75% chance that the rejection of his stock will become effective before the beginning of April.
As a result, the question now seems to boil down to whether the market has already anticipated this decision by MSCI with the current decline in MSTR shares, or whether things could get even worse if the delisting is confirmed in the coming weeks, especially if Bitcoin shows no signs of a conclusive bullish rebound.
