Strategy Inc (MSTR) falls to $163

Strategy Inc. was reported trading at $163 on May 24 as scrutiny returned to the company’s Bitcoin treasury model, according to Foreign Policy Journal. The move put fresh attention on a company that has recast itself around holding bitcoin on its balance sheet and issuing securities tied to that strategy. Strategy, formerly MicroStrategy, says it is the world’s first and largest Bitcoin Treasury Company. Its own website showed MSTR at $159.89, with securities market data last updated at the May 22 close. ### Why does a drop to $163 matter for Strategy specifically? Strategy’s business model is unusually exposed to bitcoin because the company has made the cryptocurrency its primary treasury reserve asset. On its investor relations page, the company says it uses proceeds from equity and debt financings, along with operating cash flow, to accumulate bitcoin and to offer investors varying degrees of economic exposure through equity and fixed-income instruments. (strategy.com) Foreign Policy Journal said the latest decline came as commentators renewed criticism of that structure. The immediate issue for investors is not only the share price itself, but the fact that MSTR trades as a leveraged proxy for bitcoin in the public market, with additional complexity from debt and preferred securities layered on top. That characterization is also reflected in Strategy’s own investor materials, which describe MSTR as providing “amplified exposure” to bitcoin. (strategy.com) ### How large is Strategy’s bitcoin position now? Strategy’s purchases page showed holdings of 843,738 bitcoin as of a reported purchase dated May 18, 2026. The company listed an average acquisition cost of $75,700 per bitcoin and total acquisition cost of about $63.871 billion. Strategy’s market dashboard valued that bitcoin reserve at about $64.63 billion, based on bitcoin priced near $76,599. (strategy.com) The same dashboard listed market capitalization of about $56.2 billion, debt of $8.254 billion and preferred securities of $15.479 billion, figures that help explain why investors track not just bitcoin’s direction but also Strategy’s financing structure. ### What has Michael Saylor been saying as criticism builds? (strategy.com) Michael Saylor has continued to defend the treasury-company approach in public appearances and company materials. Strategy’s February 2025 rebranding announcement quoted Saylor, the founder and executive chairman, describing the new name as a simplification of the company around its strategic core. The company’s investor relations page also continues to center Saylor in shareholder communications, including a retail-investor Q&A announcement with Chief Executive Phong Le. (strategy.com) Recent public appearances tied to Saylor have also focused on bitcoin treasury companies and bitcoin-backed credit instruments. In a Bitcoin 2026 keynote posted to YouTube, Saylor described Strategy’s preferred-stock structure and broader credit-market ambitions around bitcoin, underscoring that the company is still publicly arguing for expansion of the model even as outside criticism persists. (strategy.com) ### Why are critics focused on the treasury model instead of the software business? Strategy still operates an enterprise analytics software business, but its public identity has shifted decisively toward bitcoin. The February 2025 press release announcing the name change said the company was both a publicly traded business intelligence company and a Bitcoin Treasury Company, while the branding, logo and messaging were all rebuilt around bitcoin. (youtube.com) The company’s own materials now foreground bitcoin metrics, bitcoin purchases and bitcoin-per-share data. That emphasis helps explain why criticism is centered on the treasury structure: investors and commentators are evaluating Strategy less as a conventional software stock and more as a listed vehicle for bitcoin exposure financed through multiple layers of securities. That is an inference from the company’s disclosures and website presentation. (strategy.com) ### What should investors watch next? May 18 is the latest bitcoin purchase date shown on Strategy’s holdings page, and May 22 is the latest securities-market timestamp shown on its public dashboard. Strategy’s investor relations page lists first-quarter 2026 financial materials dated May 5 and a May 13 notice for a live retail-investor Q&A featuring Michael Saylor and Phong Le. (strategy.com 1) (strategy.com 2)