MicroStrategy in trouble? Shares down 67% from the highs ✂

MicroStrategy’s preferred shares have lost nearly 7.0% and 13.5% this month as sentiment in the cryptocurrency market deteriorated. As a result, the decline in preferred shares raises questions about the company’s ability to continue financing Bitcoin purchases and covering cash-paid dividend obligations.

The company’s premium, which historically allowed Strategy (MSTR.US) to raise capital more cheaply than buying Bitcoin directly, has been declining steadily since mid-2025 (mNAV = EV/BTC holding).

The mNAV Basic ratio (mcap / BTC holding) has fallen below 1, meaning the company’s total market capitalization is now lower than the value of the Bitcoin it holds at current prices. JPMorgan also warned that MicroStrategy could be removed from major MSCI indices, which could trigger outflows of 2.8–8.8 billion USD.

MSTR shares have fallen 10% this week, 55% over the past six months, and 60% year-over-year — much more sharply than Bitcoin itself, which is down 32% from the peak. The stock is trading near 52-week lows amid very high volatility. The company continues to raise capital through new preferred-share issuances, but rising funding costs and the risk of index removal remain key risk factors for investors. In the short term, the most important element appears to be stopping the decline in Bitcoin. Strategy is not facing a liquidity threat, as the nearest debt obligations mature only in 2027 (a small portion) and in the years that follow.

21 November 2025, 3:43 PM

Stock of the Week – NVIDIA (21.11.2025)

21 November 2025, 10:39 AM

DE40: European tech and defence stocks sell-off

21 November 2025, 6:54 AM

Morning wrap (21.11.2025)

20 November 2025, 1:45 PM

Palo Alto - after Earnings

Stocks

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
test_cookie	Expiration date 1 hour
adobe_unique_id	Expiration date 364 days
__hssc	Expiration date 1 hour
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
_cfuvid

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-98728395-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_gcl_au	Expiration date 89 days
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
AnalyticsSyncHistory	Expiration date 29 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
muc_ads	Expiration date 729 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days
MSPTC	Expiration date 389 days

Cookie name	Description
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
UserMatchHistory	Expiration date 29 days
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days
personalization_id	Expiration date 729 days

MicroStrategy in trouble? Shares down 67% from the highs ✂

Join over 2 000 000 XTB Group Clients from around the world