MicroStrategy shares lag bitcoin by 18 percentage points over the past month, marking the largest underperformance since early 2024.
MicroStrategy (MSTR) shares fell 36.5% over the past month, underperforming bitcoin’s 18.5% decline. The gap represents the company’s worst relative performance since March 2024, as its BTC-heavy treasury strategy weighs on equity valuations.
Year-to-date in 2026, the divergence has widened, contrasting with prior periods where MSTR often amplified bitcoin’s gains. The company, led by executive chairman Michael Saylor, holds over 200,000 BTC, tying its stock closely to cryptocurrency volatility.
No immediate market reaction was reported, though the underperformance highlights growing investor scrutiny of corporate crypto exposure amid broader macro uncertainty.