When it comes to Michael Saylor, there seems to be no stop for his Bitcoin purchases.
Earlier this week, MicroStrategy (Nasdaq: MSTR) executive chairman announced the fourth Bitcoin purchase of the company of 2026. It acquired 2,932 BTC for $264.1 million at $90,061 per bitcoin.
But with recent market volatility, a bigger slice of the Bitcoin pie can bring real trouble.
As the crypto market slid on Jan. 29, major crypto stocks began unwinding. And among them was Strategy.
What does the market say about Strategy?
It was around the pandemic when MicroStrategy decided to join the Bitcoin bandwagon.
Once just another software company, today it is the largest publicly listed Bitcoin holding company. As of Jan. 25, Strategy's coffers boasted of 712,647 BTC acquired for $54.19 billion.
To put things into perspective, its nearest peer is MARA Holdings (NASDAQ: MARA), with about 53,250 BTC as of Jan. 30, according to BitcoinTreasuries.Net.
But analysts are split about Strategy's Bitcoin plan.
Last week, Mizuho analyst Dan Dolev and TD Cowen cut Strategy's price target. Dolev set $403 as the new price target from $484 while maintaining an "Outperform" rating. TD Cowen slashed it from $500 to $440 while maintaining a "buy" rating.
Meanwhile, Cantor Fitzgerald gave the company an "Overweight" rating while keeping the price target at $213, hinting at about 33% upside.
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Until last year, analysts were worried about the company's financial health when its mNAV had dropped to almost 1.
mNAV or Market Net Asset Value helps companies to compare their market value against Bitcoin per-share value. But a near 1 mNAV means Strategy stock is trading almost exactly at the value of its Bitcoin holdings, with barely any premium.
As of Jan. 30, MSTR mNAV was at 1.05.
Strategy was almost on the verge of getting delisted from the MSCI indices because of this very reason. Thankfully, it got a temporary relief earlier this month when MSCI decided not to exclude digital asset treasuries (DATs) from its indices that have more than 50% of their balance sheet allocated to digital assets.
But the story has not reached a happy ending yet.
Right now, Strategy is experiencing pressure from multiple fronts.
TD Cowen cautioned about near-term pressure on the stock's key performance metrics due to recent Bitcoin price weakness.
Meanwhile, the geopolitical risks continue to weigh down on crypto and consecutively, on crypto stocks like MSTR, as pointed out by Dolev.
MSTR drops to new lows
As crypto began cracking on Jan. 29, Strategy stock felt the pressure. At one point, MSTR was down and dropped as low as $139.36 a share. It was its lowest price since September 2024.
MSTR has dropped nearly 58% in the past year. At press time, the stock was trading at $142.22, as per Yahoo Finance .
The stock volatility also comes ahead of its Q4 2025 earnings announcement scheduled for Feb. 5 .
Related: Michael Saylor delivers a blunt 2-word message to investors
This story was originally published by TheStreet on Jan 30, 2026, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.
