MicroStrategy Stock Death Spiral: MSTR Stock Slips Below Its Bitcoin Value as Traders Favor Pure BTC Exposure

Imagine thinking that changing the name from Microstrategy stock to Strategy was a good idea. Anf now Michael Saylor just floated a message on X that said “Buy Now,” which comes exactly three years after FTX begged people to buy FTT.

What do you say lads, should we help him?

We had no retail this cycle, which means no altcoin bull market, and most working-class people believe the price of Bitcoin is too high.

Institutional treasuries are the retail investors this time around, buying huge bags at 90k while the rest of the crypto space, which actually bought earlier, cheers on Michael Saylor as some kind of genius, buying at higher prices than anyone. Well, we’re about to see who still believes on the way down, definitely not corporations and their board of directors

So what’s next for Michael Saylor and Strategy?

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If MicroStrategy Stock Falls, Will BTC USD Fall to $50k?

MicroStrategy’s stock has slipped below the value of its own Bitcoin holdings, which is a rare break in the company’s long-running premium. With BTC stabilizing around $102,000 earlier in the week – and now slipping toward $96,000! – Wall Street has briefly decided the underlying coins are worth more than the equity wrapped around them.

The move comes days after famed short-seller Jim Chanos, who called the Enron collapse, closed his MSTR position, dismissing the firm’s extreme Bitcoin leverage as “ridiculous.”

People were paying @saylor like 3x NAV at the peak, right?

LET THAT SINK IN! $mstr is going to be studied for the next 100 years… one way or the other

Best advice: if someone is screaming for you to sell your house and buy, maybe don't? https://t.co/2l0tWynrRY

— @jason (@Jason) November 13, 2025

This negative premium is freaking investors out and nurturing a growing caution toward the world’s largest corporate Bitcoin holder. Investors appeared to be pricing in the firm’s dilution risk and heavy leverage, rather than Bitcoin’s short-term price moves.

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Is The Market Rethinking the “Corporate Bitcoin Proxy” Trade?

MicroStrategy’s stock usually trades at a premium to its net Bitcoin holdings, reflecting optimism around Michael Saylor’s long-term BTC thesis. But as the company continues to raise capital through new equity and preferred share offerings, some institutional investors are pulling back.

“There will always be skeptics who don’t appreciate Bitcoin, digital capital, or digital credit. The market is evolving,” said Saylor

According to Glassnode, institutional Bitcoin flows have stabilized since late October, while CoinGlass data shows total BTC held in corporate treasuries now tops $104.55 Bn. Yet, Strategy’s widening volatility compared to Bitcoin suggests that traders are increasingly prefer direct exposure over corporate intermediaries.

Maybe Saylor is over his skis on this one?

Meanwhile, Crypto Fear & Greed Index readings remain stuck in the “extreme fear” zone at 16, signaling caution despite Bitcoin’s relatively stable price action around $96,000. Keep an eye on this one, we may be looking at a new FTX if MSTR stock keeps collapsing.

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