If one thing we have learned about Michael Saylor in 2025, it’s this: he is never going to say ‘no’ to Bitcoin (BTC).

Saylor’s firm, Strategy (Nasdaq: MSTR), earlier MicroStrategy, holds a record 672,497 BTC, worth roughly $59 billion. This makes Strategy the world’s largest Bitcoin treasury.

However, the company’s stock is ending the year on a low.

Related: Michael Saylor ‘reveals’ 21 truths of Bitcoin

For most of 2025, Strategy had a smooth sailing. It was only in the last couple of months that things turned rough.

The company came under considerable pressure, and still is, amid risks of being delisted from the MSCI USA Index, as Morgan Stanley Capital International (MSCI) considers excluding public companies with more than 50% of their assets tied to digital assets from its indices.

Strategy also faced pressure as its market net asset value (mNAV) approached 1, meaning the company’s equity value now mirrors the value of its underlying Bitcoin holdings, with no premium from the market.

To counter this, it launched a cash reserve to complement its Bitcoin reserve. On Dec. 1, the company built a cash reserve worth $1.44 billion to support dividend payments on preferred stock and service debt obligations.

Strategy aims to maintain a balance sufficient to cover at least 12 months of dividends, with long-term plans to extend that coverage to 24 months or more. The goal is to have enough liquidity to withstand Bitcoin’s volatility.

Last week, Strategy increased its U.S. dollar reserve by $747.8 million, using proceeds from the sale of its MSTR common stock to fund the cash raise.

With the latest accumulation, the company’s USD reserve reached $2.19 billion as of Dec. 21. Strategy said it may adjust the reserve “from time to time based on market conditions, liquidity needs, and other factors.”

“2025 was a year to forget for $MSTR holders,” wrote Shay Boloor, Chief Market Strategist of Futurum Equities.

On the last day of the year, MSTR stock fell to $153.26 on Dec. 31.

But its long-term performance gives the bigger picture.

Shares have lost over 50% in the last three months, now trading at roughly 1x Bitcoin net asset value and underperforming spot Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust (IBIT).

In the past six months, the drop is even sharper, a 62.19% decline at current prices, largely driven by share dilution from aggressive Bitcoin purchases.

Bulls view $155 as a prime entry point, with technical indicators hinting at a potential rebound, while skeptics cite high debt, volatility, and lagging performance, debating whether the stock is washed out or a value trap as Bitcoin eyes $100,000.

Crypto investor Crypto GEMs said:

“I was bullish with $MSTR at $300. More bullish at $200. And now I’m extremely bullish at $155. Patience will pay.”

Meanwhile, trader and analyst Jake Wujastyk noted that there is a potential “big 1–3 day short squeeze” on the horizon.

Related: MicroStrategy breaks into Nasdaq 100, amplifying Bitcoin’s reach

This story was originally published by TheStreet on Dec 31, 2025, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.