Although Bitcoin (BTCUSD) rallied in August and Strategy (MSTR) recently resumed buying Bitcoin after a two-month hiatus, Strategy's strategy has mostly been a failure. As of Sept. 1, the average price at which the company acquired Bitcoin stood at about $75,412. Even after President Donald Trump boosted Bitcoin prices with positive remarks about crypto last month and Treasury Secretary Scott Bessent pitched in with his bond buyback plan, the cryptocurrency was changing hands overnight on Sept. 2 at about $77,275. In other words, after a big rally by Bitcoin, its prices are still only slightly below Strategy's average purchase price. And after all the company's compensation, interest, and dividend costs, it certainly appears to be losing a great deal of money, not only on paper, but also in terms of its overall investment approach.
Reflecting this situation, MSTR stock, despite its recent rally, has still slumped 19% so far in 2026 and 63% in the year that ended on Sept. 1. Further, Strategy Executive Chairman Michael Saylor, by repeatedly selling Bitcoin earlier this year and indicating that the company will start lending on a massive scale, has implicitly admitted that the firm's current business model, which is basically entirely dependent on buying Bitcoin and hoping it goes up, is broken.
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