In 2025, Strategy (formerly MicroStrategy) significantly increased its Bitcoin holdings, purchasing approximately 225,027 BTC, exceeding the year's post-halving issuance. This brought their total holdings to roughly 672,497 BTC, creating a supply shock. However, the company's stock price plummeted by 52% in the final three months of the year, ending with a market capitalization of $48.3 billion, less than the $59.2 billion market value of its Bitcoin. This divergence reflects an unwinding of a structural trade and a re-evaluation of the company’s leveraged capital structure. The market shifted from viewing Strategy as a premium-priced proxy to a battleground influenced by short sellers and debt obligations.

In 2025, Strategy (formerly MicroStrategy) significantly increased its Bitcoin holdings, purchasing approximately 225,027 BTC, exceeding the year's post-halving issuance. This brought their total holdings to roughly 672,497 BTC, creating a supply shock. However, the company's stock price plummeted by 52% in the final three months of the year, ending with a market capitalization of $48.3 billion, less than the $59.2 billion market value of its Bitcoin. This divergence reflects an unwinding of a structural trade and a re-evaluation of the company’s leveraged capital structure. The market shifted from viewing Strategy as a premium-priced proxy to a battleground influenced by short sellers and debt obligations.