Why Pay $250K for a $115K Bitcoin? Welcome to Strategy (MSTR)This is already the third article I’ve written about Strategy (formerly MicroStrategy), and for good reason.
You don’t need to be a financial expert to ask: why buy a stock that simply mirrors Bitcoin’s price — but at a massive premium?
No matter how sophisticated the explanations may sound, or how many times you’re told that “if you don’t understand it, it must be brilliant,” the reality is much simpler — and much more absurd.
Buying Strategy today is like paying $250,000 for Bitcoin while the actual market price is $115,000.
It’s not about complexity. It’s about common sense.
I won’t dive too deep into it — no need to fight “financial sophistication” with even more sophisticated words.
The point is simple: buying Strategy is like paying me $10,000 just so I can hold your $10,000 and call it an “innovative capital deployment strategy.”
Sounds smart, right? Until you think about it for more than five seconds.
Now let’s look at the posted charts — simple and visual.
Strategy (MSTR) hit its all-time high in November 2024, right when Bitcoin first reached $100,000.
Then came a sharp correction of more than 50% for the stock.
Fast forward: even though Bitcoin went on to make new all-time highs, Strategy didn’t follow, it seems like people were finally starting to wake up.
When BTC peaked again in mid-July 2025, Strategy only managed to reach $455 — well below its November ATH.
Since then, BTC has pulled back about 10%, while Strategy dropped around 20%.
So much for the “outperformance” argument.
And here’s where things get even harder to justify:
In the past, some institutions bought MicroStrategy because they couldn’t hold Bitcoin directly. Fair enough.
But now? Spot Bitcoin ETFs are live, regulated, widely available, and charge tiny fees — without the leverage, dilution risk, or premium baked into Strategy.
So what’s the excuse now?
Where are we now?
At this moment, even though I’m not too happy about this week’s Bitcoin weakness, I remain cautiously bullish — emphasis on cautiously.
But let’s entertain a scenario.
If Bitcoin continues to correct, Strategy is sitting right on support. And if BTC breaks lower, Strategy will almost certainly follow — breaking support and heading toward the next level.
That next support? Somewhere around $240–250, depending on how deep the Bitcoin pullback goes.
But here’s the real question:
What happens if Bitcoin enters a true bear market?
Will Strategy — which just recently rebranded from MicroStrategy — be forced to rebrand again as…
NanoStrategy?
Just a Saturday thought.
