Strategy (NASDAQ:MSTR) shares have fallen 56.9% to around $138 despite the company continuing to buy bitcoin aggressively, holding 713,502 BTC after raising $25.3 billion in capital in 2025. The firm's BTC Yield, measuring bitcoin per diluted share, was 22.8% in FY2025, below its 30% target, while share count rose 52.6% due to dilution. Reddit sentiment is bearish, especially in options forums, focusing on risks from share dilution, preferred obligations, and bitcoin price drops. However, analysts remain mostly positive, with 13 of 14 rating it a buy and a consensus price target near $332.67. Investors will watch upcoming earnings to see if BTC Yield recovers and if bitcoin accumulation benefits common shareholders amid rising dividend costs and market uncertainty.
