MicroStrategy’s High-Stakes Bitcoin Bet Faces Market Pressure

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The dramatic descent has been both swift and severe. MicroStrategy’s stock, the publicly traded vehicle for the software company’s ambitious crypto strategy, has plummeted 40% since the start of the year. On Friday, it touched a 52-week low of €171.80, a price that stands more than 60% below its peak from November 2024. This equity has effectively transformed into a direct proxy for Bitcoin’s notorious volatility. A stark divergence in sentiment is now evident: while founder Michael Saylor continues his unwavering commitment, purchasing hundreds of millions in additional Bitcoin, institutional capital is fleeing the cryptocurrency via exchange-traded funds. This raises a critical question for investors—whose conviction will ultimately prove correct?