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Strategy (MSTR) sold 32 Bitcoin between May 26 and May 31, 2026, raising about US$2.5 million to help fund preferred stock dividends, a rare sale that has drawn close investor attention.

See our latest analysis for Strategy.

The share price has reacted quickly to the first Bitcoin sale since 2022, with a 1 day share price return of down 5.85% and a 30 day share price return of down 15.46%. At the same time, the 90 day share price return of 12.89% and 3 year total shareholder return of about 4.4x show that longer term holders have still seen very large gains even as recent momentum fades.

If this Bitcoin linked pullback has you reassessing the crypto equity space, it may be worth scanning beyond Strategy and checking out 20 cryptocurrency and blockchain stocks

With Strategy’s share price down sharply over the past year and trading at a small discount to one set of intrinsic value estimates, the key question now is whether this pullback offers a mispriced Bitcoin proxy or if markets are already factoring in future growth.

Most Popular Narrative: 78.8% Undervalued

Against a last close of $149.78, the most followed narrative pegs Strategy’s fair value at $705.00, framing a very wide gap that leans heavily on Bitcoin centric growth and structured finance.

Scaling of Strategy’s digital credit factory, including STRC, STRK, STRD and STRF, is creating a differentiated, tax-deferred income platform that can capture flows out of traditional money markets and private credit, driving recurring dividend streams and structurally higher revenue from preferred offerings.

Read the complete narrative.

Want to see what justifies such a large jump from today’s price to that fair value? The narrative leans on earnings expansion, richer margins and a future multiple that still sits below many software peers. Curious which specific revenue and profit assumptions need to fall into place to support that number? The full story spells out the pathway in detail.

Result: Fair Value of $705.00 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, the whole setup still hinges on Bitcoin performance and complex global regulation, so weaker BTC economics or tougher rules on preferreds could quickly challenge that upside story.

Find out about the key risks to this Strategy narrative.

Next Steps

With such a split view between risks and rewards, do you want to rely on others or move quickly and test the data yourself using 2 key rewards and 1 important warning sign?