Another Week, Another Bitcoin Buy

Strategy Inc. (MSTR) just can't help itself. The company bought another 1,229 Bitcoin (BTC) last week for $108.8 million, paying an average of $88,568 per coin. The purchase was funded through the sale of Class A common stock, according to a Monday SEC filing.

That brings Strategy's total stash to 672,497 BTC, acquired for a cumulative $50.44 billion. The average purchase price across all those buys? About $74,997 per Bitcoin. The company reports a BTC Yield of 23.2% year-to-date in 2025, which sounds impressive until you look at what the stock itself has been doing.

Schiff Takes Out The Calculator

Gold advocate Peter Schiff wasn't about to let this purchase pass without commentary. He did the math on Strategy's five-year Bitcoin accumulation strategy, and the numbers aren't pretty by his calculation.

"Strategy has been buying Bitcoin for five years. With an average cost of 75K, the company has a 'paper profit' of just 16%. That's an average annual return of just over 3%," Schiff posted on X.

According to Schiff, MSTR would have been much better off had Saylor bought just about any other asset instead of Bitcoin. Ouch.

This isn't Schiff's first swing at Strategy's capital strategy either. Last month, he called the company's preferred stock playbook a trap for investors. "Dividends are only paid if MSTR decides to declare a dividend," Schiff warned. "Undeclared dividends don't accumulate. They are lost forever."

He predicted fund managers will eventually "dump the preferreds" once they realize dividends will never actually be paid, which would collapse Strategy's entire capital-raising machine.

When Your Assets Are Worth More Than Your Company

Here's where things get weird. Strategy's market value sits at approximately $45 billion, but its BTC holdings are worth around $59-60 billion. That's a massive discount, reflecting investor concerns about leverage, dilution, and Bitcoin's 30% drop since October 10.

The stock has been absolutely hammered, falling 50% since October 10. That's significantly worse than Bitcoin itself, which means investors aren't just worried about crypto prices—they're worried about Strategy's execution.

The Technical Picture Is Grim

The chart tells a brutal story. MSTR has collapsed from nearly $500 in July to current levels, representing a loss of over 68%. That's not a correction—that's a demolition.

The Supertrend indicator flipped bearish at $187.86 and has been acting as heavy resistance, while the SAR indicator at $179.77 confirms the downtrend is firmly in place. MSTR has been making lower lows consistently with barely any meaningful bounces, showing complete lack of buyer interest.

All EMAs are pointing downward with price well beneath them. There's currently no clear support level holding except the recent low of $153.70.

The stock desperately needs to reclaim $180-$190 to even hint at stabilization, but until Bitcoin itself finds a floor, MSTR will likely continue bleeding as institutional and retail investors head for the exits.