Strategy (MSTR) Stock Analysis Report: November 18, 2025

On November 18, 2025, Barron’s published an article highlighting investor concerns about Strategy (formerly MicroStrategy) stock due to two key factors:

1. Pressure from declining Bitcoin prices (BTC slipped below $92,000 on November 17)
2. Worries about the company’s $1.01 billion convertible senior notes maturing in 2028 [1]

The article notes that Strategy’s stock performance is closely tied to Bitcoin, as the company holds over 649,000 BTC in its treasury [3].

:
[1] Barron’s. “Why Strategy Investors Are Starting to Worry About 2028.” URL: https://www.barrons.com/articles/strategy-stock-price-microstrategy-debt-yield-worry-ad929008 (2025-11-18)
[3] Yahoo Finance. “Strategy Bought More Bitcoin. Its Stock Is Dropping.” URL: https://finance.yahoo.com/m/548d4da7-91b2-36d4-901c-0aaae6663ca8/strategy-bought-more-bitcoin..html (2025-11-17)

Strategy’s stock (MSTR) rose 3.10% to $201.49 on November 18, 2025, but this follows sharp recent declines:

• 9.97% drop over 5 days
• 30.49% decline over 1 month
• 49.60% fall over 6 months [0]

This mixed performance reflects a relief rally amid broader downward pressure from Bitcoin’s price slide.

Concerns over the 2028 debt maturity and Bitcoin volatility are likely to weigh on the stock. The company’s convertible notes carry a 0.625% interest rate, but conversion or refinancing risks depend on future market conditions [2].

Analyst consensus remains “Buy” with a mean target price of $517 (156.6% upside), but 13.8% of analysts rate the stock as “Sell”—indicating split views on the company’s Bitcoin strategy and debt management [0].

:
[0] Ginlix Analytical Database
[2] MicroStrategy Press Release. “MicroStrategy Completes $1.01 Billion Offering of 0.625% Convertible Senior Notes Due 2028.” URL: https://www.strategy.com/press/microstrategy-completes-1-01b-offering-of-0-625-convertible-senior-notes-due-2028_09-20-2024 (2024-09-20)

Metric	Value	Source
Current Price	$201.49 (+3.10% daily)	[0]
1-Month Performance	-30.49%	[0]
Market Cap	$57.87B	[0]
Net Profit Margin	-141.24%	[0]
Current Ratio	0.66	[0]
Analyst Target Price	$517	[0]
Bitcoin Holdings	649,870 BTC	[3]

1. Directly Impacted
   : Strategy (MSTR) [0]
2. Related Assets
   : Bitcoin (BTC), crypto-mining stocks (e.g., MARA, RIOT) [3][6]
3. Sector
   : Technology (Software - Application industry) [0]

:
[6] Blockworks. “Bitcoin falls, even as Strategy buys $835.6M for its holdings.” URL: https://blockworks.co/news/bitcoin-falls-strategy (2025-11-17)

• Detailed terms of the 2028 convertible notes (conversion price, redemption clauses)
• Cash reserves and liquidity plans to meet short-term obligations
• Impact of Bitcoin price fluctuations on debt servicing capacity

• Liquidity Risk
  : Current ratio of 0.66 (below 1) suggests potential struggles to meet short-term obligations [0]
• Profitability Risk
  : Negative net profit margin (-141.24%) and ROE (-1.67%) indicate ongoing operational challenges [0]
• Crypto Volatility
  : Strategy’s heavy Bitcoin holdings mean its stock price is vulnerable to BTC downturns [3][4]

1. Monthly Bitcoin price trends
2. Quarterly updates on liquidity metrics
3. Regulatory news related to crypto assets
4. Debt management strategy for the 2028 notes [5]

:
[4] MarketWatch. “This chart shows how badly Strategy’s stock has performed since bitcoin’s peak.” URL: https://www.marketwatch.com/story/this-chart-shows-how-badly-strategys-stock-has-performed-since-bitcoins-peak-13d45776 (2025-11-17)
[5] The Block. “TD Cowen sees 170% upside for Strategy shares despite mNAV dip, bitcoin battering.” URL: https://www.theblock.co/post/379127/td-cowen-sees-strategy-upside-despite-bitcoin-battering (2025-11-17)

1. Liquidity
   : Current ratio <1 signals potential short-term financial stress
2. Profitability
   : Sustained negative margins raise concerns about long-term viability
3. Bitcoin Exposure
   : 649k BTC holdings make the stock highly sensitive to crypto market swings
4. Debt Maturity
   : 2028 notes may require refinancing if Bitcoin prices remain low

[0] Ginlix Analytical Database
[1] Barron’s. “Why Strategy Investors Are Starting to Worry About 2028.” URL: https://www.barrons.com/articles/strategy-stock-price-microstrategy-debt-yield-worry-ad929008 (2025-11-18)
[2] MicroStrategy Press Release. “MicroStrategy Completes $1.01 Billion Offering of 0.625% Convertible Senior Notes Due 2028.” URL: https://www.strategy.com/press/microstrategy-completes-1-01b-offering-of-0-625-convertible-senior-notes-due-2028_09-20-2024 (2024-09-20)
[3] Yahoo Finance. “Strategy Bought More Bitcoin. Its Stock Is Dropping.” URL: https://finance.yahoo.com/m/548d4da7-91b2-36d4-901c-0aaae6663ca8/strategy-bought-more-bitcoin..html (2025-11-17)
[4] MarketWatch. “This chart shows how badly Strategy’s stock has performed since bitcoin’s peak.” URL: https://www.marketwatch.com/story/this-chart-shows-how-badly-strategys-stock-has-performed-since-bitcoins-peak-13d45776 (2025-11-17)
[5] The Block. “TD Cowen sees 170% upside for Strategy shares despite mNAV dip, bitcoin battering.” URL: https://www.theblock.co/post/379127/td-cowen-sees-strategy-upside-despite-bitcoin-battering (2025-11-17)
[6] Blockworks. “Bitcoin falls, even as Strategy buys $835.6M for its holdings.” URL: https://blockworks.co/news/bitcoin-falls-strategy (2025-11-17)

: This analysis is for informational purposes only and does not constitute investment advice. Investors should conduct their own research before making decisions.

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Report generated on November 18, 2025, 14:52 UTC
Data sources: Ginlix Analytical Database, Barron’s, MicroStrategy Press Release, Yahoo Finance, MarketWatch, The Block, Blockworks
Compliance Note: Not investment advice—for decision-making context only.