Is It Worth Buying MicroStrategy (Strategy, MSTR) Shares? A 2026 Analysis

This page asks a question rather than answering it. "Is it worth buying" Strategy — the company formerly known as MicroStrategy (Nasdaq: MSTR) — has no single right answer, and nothing here is a recommendation or a price target. What follows is what the company is, how the past twelve months went, what investors argue on both sides, and the catalysts ahead, so you can weigh it yourself.

▶ On WEEX you can trade the MSTR-USDT perpetual — a derivative that tracks the share price, not the share itself — and Bitcoin, the asset behind the whole story, on the futures and spot markets.

What it is

The company was founded in 1989 as MicroStrategy Inc, an enterprise business-intelligence software maker. It began operating under the name Strategy on February 5, 2025, and its legal name became Strategy Inc effective August 11, 2025 (the brand change and the legal change are two separate dates). The ticker is unchanged — MSTR, on Nasdaq — and "MicroStrategy" is now only the historical name.

The model has two parts: a legacy analytics-software business (revenue of roughly $114–128 million per quarter) and the world's largest corporate Bitcoin treasury, funded by continuous at-the-market share issuance, convertible notes and five preferred-stock series. The market values the company almost entirely on the Bitcoin stack. Crucially, MSTR is not Bitcoin: it is a leveraged, dilution-exposed equity wrapper that adds equity-specific risks — dilution, the premium-to-NAV level, preferred-dividend obligations — on top of Bitcoin's own volatility.

As of July 5–6, 2026 the company held 843,775 BTC at an average cost of about $75,476–75,482 per coin (aggregate roughly $63.69 billion). At the research date that stack was worth around $52–54.5 billion — i.e. underwater by roughly $9–11 billion versus cost — and the company reported an $8.32 billion digital-asset loss for the second quarter of 2026. (Holdings should always be cited with their as-of date, because the company now both buys and sells.)

The past 12 months

The stock is down sharply — very roughly 75–80% — from a 52-week high of $457.22 on July 16, 2025 to a $97.58 close on July 14, 2026 (direction and dated endpoints, not a precise return). Several forces drove it:

• Accounting whiplash (fair-value rule ASU 2023-08): net income of +$10.02 billion in Q2-2025 and +$2.8 billion in Q3-2025 flipped to a net loss of $12.4 billion in Q4-2025 (including a $17.44 billion unrealised Bitcoin loss) and a $12.8 billion loss in Q1-2026. These GAAP swings are Bitcoin mark-to-market, not the software business — no single quarter is representative. Management guides on "BTC Yield" (BTC-per-share growth: 22.8% for FY2025; 9.4% year-to-date at Q1-2026), not EPS.
• The February 2026 Bitcoin crash: BTC fell from $84,513 (January 29) to $60,001 (February 6), and from mid-February 2026 traded below Strategy's own average cost.
• Premium (mNAV) collapse: the market premium to net asset value compressed from well above par in late 2024 to around par in early January 2026 and below 1.0× by June 27, 2026 (report the direction, not a single decimal — computations differ).
• First Bitcoin sales since 2022: the company sold 32 BTC (May 26–31, 2026) and then 3,588 BTC for about $216 million (June 29–July 5, 2026) to fund preferred dividends, and announced a "Digital Credit Capital Framework" permitting up to $1.25 billion of Bitcoin sales (June 29, 2026). "They never sell" is no longer true.
• Continuing issuance: Strategy raised $25.3 billion in FY2025 and set up a new $42 billion combined at-the-market programme (March 23, 2026), alongside a complex of preferred series (STRK, STRF, STRD, STRC, and the euro-denominated STRE).
• Short interest, with nuance: as of February 25, 2026 it was the most heavily shorted US stock by short interest as a share of market cap (~14%), but much of that is basis-trade hedging (long spot-Bitcoin, short MSTR) rather than pure bearish conviction; the well-known short-seller Jim Chanos exited his short-MSTR/long-BTC pair on November 10, 2025.

For index context: MSTR has been in the Nasdaq-100 since December 23, 2024, and is not in the S&P 500 — it was passed over at 2025 reviews (the reasons offered in the press are analyst inference; the committee publishes none).

What the forums discuss

On it.investing.com, Italian retail comments (the one venue read directly) trade MSTR as a Bitcoin proxy and complain when it lags the coin, express anger at dilution (hoping the company "won't dilute again," calling the practice heavy-handed), and voice capitulation. A Finanzaonline thread is indexed as calling it "Bitcoin under steroids," and a StockTwits poll reportedly saw a majority call the valuation "bubble territory" — both are search-indexed only and best treated as indicative. We never attribute sentiment to Reddit here, as no thread could be verified. These are observed views, summarised — not our recommendation, and never reproduced as posts.

The debate: does it "conviene"?

We do not answer that. The bull case, as argued: leveraged Bitcoin exposure, a premium at or below 1.0× reframed as "Bitcoin at a discount," basis-trade shorts that are not true bears, and Chanos's exit. The bear case, as argued: a dilution machine whose treasury is underwater versus a ~$75.5K cost, a premium flywheel now running in reverse, and forced Bitcoin sales to service preferred obligations. Both sides are real; the weighing is yours.

Catalysts to watch

• Q2-2026 earnings: Thursday, July 30, 2026, after the US close (company-confirmed).
• Preferred-dividend dates through the year (cadence for STRD is quarterly; other series' exact dates are less firmly fixed — treat as indicative).
• Index-review windows around September 18, 2026 are pattern-based estimates, not announcements; there is no pending S&P 500 decision on MSTR.
• The Bitcoin price itself, which drives the treasury's mark and the mNAV.

How MSTR connects to WEEX

If you want to own MSTR shares themselves, the route is a broker with US-market access — WEEX does not offer the equity, and there are no dividends, voting rights or ownership through WEEX. What WEEX does list is the MSTR-USDT perpetual — a USDT-margined derivative that tracks the share price (long or short, with leverage), not the stock. And because Strategy's entire story is leveraged Bitcoin exposure, the underlying asset — Bitcoin — trades on WEEX too, via the futures markets and, for newcomers, the how-to-buy-Bitcoin guide.

FAQ

Is MicroStrategy the same as Strategy? Yes — MicroStrategy rebranded to Strategy (operating name from February 5, 2025; legal name Strategy Inc from August 11, 2025). The ticker is still MSTR on Nasdaq.

How much Bitcoin does Strategy hold? 843,775 BTC as of July 5–6, 2026, at an average cost of about $75.5K per coin (~$63.69 billion aggregate). Always read that figure with its date — the company now both buys and sells.

Is MSTR just a way to own Bitcoin? No. It is a leveraged equity wrapper around Bitcoin, adding dilution, premium-to-NAV and preferred-obligation risks on top of Bitcoin's volatility.

Where can I see the MSTR forum? Italian retail discussion is most active on it.investing.com, with threads on Finanzaonline. We summarise and link; we never fabricate posts.

When does Strategy next report? Q2-2026 earnings are confirmed for July 30, 2026, after the US close.

This article is for information only and is not investment advice; nothing here is a recommendation to buy or sell. WEEX lists a perpetual derivative that tracks the MSTR price, not the shares themselves.