In 2025, Strategy purchased 225,027 Bitcoins, more than global mining output, causing a supply shock but halving its stock price due to heavy dilution and evolving market dynamics. The stock now trades below the value of its Bitcoin holdings when debt is accounted for, reflecting investor concerns over its leveraged structure and ongoing equity issuance. Market participants see Strategy as a dilution mechanism rather than a premium Bitcoin proxy, with significant short interest and volatility shaping the outlook for 2026.

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