MSTR Shares Slide 75% Amid Shift Away From Bitcoin Buying

MicroStrategy is facing investor scrutiny after a string of disclosures revealed the company has stopped buying Bitcoin. SEC filings show the firm did not add to its Bitcoin holdings last week, marking a fourth straight week of zero purchases. Instead of stacking digital assets, the company is using funds from shareholder dilution to pay dividends and buy back its own STRC preferred shares.

Since the introduction of the STRC ticker on the Nasdaq in July 2025, common MSTR shareholders have seen their investment value drop by 75%. The company has offloaded nearly 7,000 Bitcoin throughout 2026 as it struggles to keep the price of its preferred STRC shares near the intended 100 dollar target. Despite aggressive buybacks totaling over 347 million dollars and a dividend hike to 12 percent, the STRC shares continue to trade below par.

Management is now signaling that it may not be able to maintain this support strategy indefinitely. While founder Michael Saylor maintains that the preferred shares will return to their target value, the cost of this effort is being borne by holders of the common MSTR stock. As the company shifts its focus toward cash reserves and dividend stability rather than Bitcoin growth, market watchers are paying close attention to how much longer the firm can sustain this pivot.