Michael Saylor's $MSTR Stock Crashes to Six-Month Low as Bitcoin Stalls

Michael Saylor's Strategy has seen its MSTR stock price tumble recently after booming over the past year.

In a recent tweet, community analyst at on-chain platform CryptoQuant, Maartunn, highlighted MSTR's recent drop to $300, its lowest level in six months, describing it as a "painful move for the biggest corporate Bitcoin holder."

MSTR stock has largely consolidated since April, causing a decline in the multiple of its Bitcoin-to-market capitalization, known as mNAV.

According to statistics from the official Strategy website, the mNAV is currently at 1.44, while MSTR has seen -20% in three-month returns, currently trading for $309. MSTR's market capitalization is currently at $88.61 million.

Last Monday, Strategy bought a modest 850 BTC for nearly $99.7 million at $117,344 per Bitcoin. Currently, the company holds 639,835 BTC, acquired for $47.33 billion at nearly $73,971 per Bitcoin.

Bitcoin price action

Cryptocurrencies saw a major drop in the past week, battering the sector’s biggest tokens and dragging market sentiment to its weakest point since early summer. The downturn accelerated as billions of dollars in bullish bets were liquidated across crypto’s perpetual futures market.

Bitcoin was not spared either, seeing its sharpest drop since March, reaching a low of $108,623 on Sept. 25.

Bitcoin started rebounding on Friday after overall risk sentiment improved following a PCE report, which showed that inflation grew at a slower pace last month. The cryptocurrency saw a significant jump on Sunday, rising from $109,230 to a high of $112,385.

At press time, Bitcoin was up 2.35% in the last 24 hours to $112,111, after reaching an intraday high of $112,458.