According to @BullTheoryio, MicroStrategy’s MSTR has fallen 66% from $457 to $152 over the last six months as BTC declined from $126,000 to $87,000. According to @BullTheoryio, nearly $90 billion tied to the company’s Bitcoin strategy market cap has been erased. According to @BullTheoryio, heavy share dilution and an index delisting are cited as key drivers of the selloff.

According to the source, Michael Saylor said MicroStrategy’s 55 billion dollar Bitcoin BTC position remains undeterred by potential index delisting concerns, signaling no announced change to the company’s BTC accumulation strategy (source: X post dated Nov 21, 2025). This indicates MicroStrategy does not plan to adjust its Bitcoin exposure in response to index-related risks at this time (source: X post dated Nov 21, 2025).