Bitcoin MagazineWhy Is Michael Saylor’s Strategy (MSTR) Down Today?Shares of Strategy (MSTR) are down about 3.6% today, weighed by a slide in Bitcoin.The broader crypto market is under pressure. Bitcoin slipped roughly 2% over the past 24 hours, retreating from recent highs. That drop is rippling into crypto-linked equities — Strategy is one of the most exposed.Strategy (MSTR) is currently trading at $319.84Strategy, co-founded by Michael Saylor, reported $3.9 billion in fair value gains for the third quarter of this year. The company holds roughly 640,000 Bitcoin, with an average purchase price of $73,983 per coin.Investors see Strategy now as nearly a pure Bitcoin play. Its multiple relative to its Bitcoin holdings has decreased compared to its BTC value. That means when Bitcoin falls, Strategy feels it hard.Recently, in a wide-ranging conversation with Bitcoin Magazine, Saylor sketched out an “endgame” where his firm builds a trillion-dollar bitcoin balance sheet — and then uses that capital base to help reinvent the global credit system.Like Strategy, institutional adoption of digital assets is expected to surge, with State Street research showing average portfolio exposure was expected to rise from 7% to 16% within three years. Nearly 60% of surveyed executives by State Street plan to boost digital asset allocations, reflecting a shift toward strategic crypto shift — much like Strategy.Analysts are bullish on StrategyBut analysts remain bullish. Benchmark’s Mark Palmer kept a Buy rating and a $705 target, arguing that recent pressure is more about a contracting premium and macro volatility than a flawed strategy.A $705 price target is more than double the stock’s current price. Palmer said the company’s bitcoin-linked perpetual preferred shares provide permanent, non-dilutive capital and eliminate refinancing risks tied to bitcoin’s volatility. Despite some stock drops, Benchmark highlighted Strategy’s 640,031 BTC treasury and structural advantages as key long-term strengthsBut the market mood is fragile. With Bitcoin under stress, Strategy stock is following closely — down roughly 3.6 % on the day.This post Why Is Michael Saylor’s Strategy (MSTR) Down Today? first appeared on Bitcoin Magazine and is written by Micah Zimmerman.