MicroStrategy (MSTR) stock surged 5% on Monday to close near $97.68, approaching the $100 mark again despite Bitcoin holding steady around $64,000. The stock has fallen harder than Bitcoin, down 38% in 2026 compared to the 28% decline in the cryptocurrency. Strategy holds 840,447 BTC worth approximately $54 billion, but paid roughly $63 billion for them, creating a $9 billion unrealized loss. Three catalysts could lift the stock: the mNAV premium could recover from 0.7 toward 1.5, share buybacks increase Bitcoin per share, and trading volume has dropped 63% since June, signaling seller exhaustion.
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