Bitcoin News Today: MSTR's Bitcoin-Linked Stock Dips Below NAV for First Time in Two Years Amid Selloff

MSTR Stock Slumps to $173.55 as Bitcoin Dips Below $88,000

Shares of Strategy Inc (NASDAQ:MSTR) fell to $173.55 on November 18, 2025, marking a nearly 4% decline amid a broader crypto market selloff that pushed Bitcoin below $88,000. The drop follows a week of volatility for the Nasdaq-listed company, which has become a proxy for Bitcoin's performance due to its aggressive digital asset accumulation strategy.

Insider transactions have added to the uncertainty. Vice President of Strategy Jeanine Montgomery sold 43 shares of Class A Common Stock on November 18 for $8,968, while also exercising 100 restricted stock units on November 17 according to a Rule 10b5-1 trading plan. The sale was executed under a Rule 10b5-1 trading plan to cover tax obligations related to restricted stock vesting. Meanwhile, VP Wei-Ming Shao sold 5,200 shares for $1.04 million, further highlighting executive caution.

The company's Bitcoin-centric model remains central to its valuation. MSTR disclosed on November 17 that it had acquired 8,178 BTC at an average price of $102,171 per coin, valued at $835.6 million. This brings its total holdings to 649,870 BTC, worth $58.5 billion. However, shares of MSTR have dropped nearly 60% from their July highs, trading at a 0.977x multiple to net asset value (NAV)-its first dip below NAV in two years. The decline reflects investor skepticism about the company's leveraged exposure to Bitcoin, particularly as the cryptocurrency struggles to recover from a three-month low.

Market analysts are divided on the outlook. Prominent crypto investor Mike Alfred argues Bitcoin remains a "de-risked macro asset" due to its structural scarcity and growing institutional adoption. Conversely, CCN analyst Valdrin Tahiri warns of a long-term bearish trend, citing oversold conditions and weakening momentum indicators. MSTR's stock price has been further pressured by its aggressive fundraising strategy, which has diluted shares from 160 million to 286 million over the past year.

The company's latest capital-raising efforts include a $715 million euro-denominated preferred share issuance and a $136.1 million at-the-market offering of preferred stock. These moves, while expanding access to European investors, have raised concerns about leverage risks if Bitcoin remains below $90,000. MSTR's average cost basis for Bitcoin is $74,433, securing a 27.8% yield year-to-date despite short-term volatility.

Founder Michael Saylor remains bullish, dismissing the selloff as a "temporary dislocation" and predicting Bitcoin could reach $150,000 by year-end. He also hinted at a new Bitcoin purchase announcement on November 20. However, JPMorgan analysts caution that index reclassifications, such as potential removal from major equity benchmarks by MSCI, could exacerbate MSTR's challenges.

With Bitcoin trading near critical support levels and MSTR's stock facing downward pressure, the company's ability to balance capital preservation with its Bitcoin acquisition strategy will be closely watched. Analysts at Barchart maintain a "Strong Buy" rating on MSTR, with a mean target of $542-a 170% upside from current levels-though the path to recovery remains uncertain.