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Strategy Inc. (NASDAQ:MSTR) is down to $280 on Thursday, extending its weekly decline as slowing Bitcoin (CRYPTO: BTC) accumulation and weakening technicals put the stock at risk of a breakdown.
New data from Protos shows that the company, the world's largest corporate Bitcoin holder, added only 388 coins so far in the fourth quarter — the slowest pace in five years.
That represents a 0.1% increase from the 640,031 Bitcoin held at the end of the third quarter, far below the double-digit growth rates recorded in previous years.
In 2024, Strategy's Bitcoin growth peaked at 77% as markets rallied on optimism tied to Donald Trump's campaign.
But each quarter of 2025 has seen further deceleration: 18.3% in Q1, 13.1% in Q2, 7.1% in Q3, and now near zero in Q4.
The sharp slowdown highlights how the company's once-aggressive accumulation strategy has lost momentum.
Investor enthusiasm around the firm's Bitcoin-per-share growth has also cooled.
Protos data shows MicroStrategy's multiple-to-Net Asset Value (mNAV) has fallen from a peak above 3.2x to just 1.2x.
Even using the enterprise mNAV, which adjusts for debt, the figure only rises to 1.4x — still more than 50% below late-2024 levels.
The compression underscores how closely the stock's valuation is now tied to its ability to expand Bitcoin holdings.
With accumulation slowing, the premium investors assign to its treasury strategy has eroded sharply.
MSTR Price Dynamics (Source: TradingView)
Technically, MSTR continues to trade inside a descending channel that began in July.
The stock has failed to reclaim the 20-day and 50-day exponential moving averages near $299 and $314, which continue to act as dynamic resistance.
Momentum remains bearish as the Supertrend indicator caps recovery attempts.
A sustained break below $280 would likely accelerate losses toward the next key support at $260, where a long-term ascending base sits.
Bulls must secure a daily close above $313 to reset sentiment and open upside targets near $344.
In recent interviews, executive chairman Michael Saylor said Strategy is exploring credit-linked products such as the company's 10.25% yielding preferred share STRC, which targets high-yield bond investors.
Saylor suggested similar structures could be offered in euros, yen, and pounds to attract global demand.
While such initiatives could eventually reignite treasury growth, none have yet translated into meaningful Bitcoin additions in the current quarter.
For now, the firm's strategy remains under scrutiny as both holdings growth and share price momentum stagnate.
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