3 Reasons MicroStrategy (MSTR) Stock Could Climb While Bitcoin Remains Flat

Strategy (MSTR) stock is climbing back toward $100, closing Monday near $97.68 after a 5% jump, even though the Bitcoin behind it has barely moved near $64,000. The stock is down about 38% in 2026, a steeper fall than Bitcoin’s 28% slide.

Yet almost every analyst covering MSTR stock still rates it a Strong Buy. Three forces explain that gap, and they all trace back to one number, a premium called mNAV.

The Disconnect Between MSTR Stock and Its Rating: BeInCrypto MSTR Stock Has Fallen Faster Than Bitcoin First, the damage. MSTR has dropped roughly 38% so far in 2026, while Bitcoin, the asset that fills its treasury, is down about 28%.

The stock fell harder than the thing it owns. MSTR vs Bitcoin in 2026: BeInCrypto That is the opposite of what buyers signed up for. Strategy was built to act as leveraged Bitcoin, rising more in rallies, so trailing the coin in a slump is the puzzle the bull case has to solve.