On the peak of the Dot Com bubble within the yr 2000, Michael Saylor’s MicroStrategy (now simply referred to as ‘Technique’) appeared unstoppable. The inventory had gone from a small software program IPO to one of many wildest names in tech.
Technique went public on June 11, 1998, and the IPO worth was about $6 per share after later splits. Through the late Nineties tech frenzy, cash poured into web and software program shares, so the MSTR inventory went on a monster rally akin to the one we’ve seen in 2024-2025.
By early March 2000, Saylor’s inventory had reached round $3,130. How loopy is that? For context, Technique is value $134 as of press time.
MSTR’s Dot Com crash started on March twentieth, 2000.
You see, Saylor and his workforce had simply introduced that they’d restate monetary outcomes as a consequence of accounting issues. That day, the MSTR inventory fell about 62% in a single day. Costs dropped from the 1000’s into the $120 to $140 vary throughout that panic selloff.
The crash didn’t cease there. As the broader tech crash unfold by means of 2000 and into the early 2000s, the inventory stored falling. By 2002, shares traded close to $0.40 to $0.50. A former excessive flying tech inventory had turn into a penny stage identify. The Dot Com period ended with huge losses locked in for long run holders. And Saylor gained a horrible repute on Wall Road and Silicon Valley alike.
Bitcoin guess deepens Technique’s trendy crash
As you seemingly know, in August 2020, MicroStrategy modified course. The corporate invested $250 million in bitcoin as a treasury reserve asset, with administration pointing to weak money returns, a softer greenback, and international macro stress.
After all extra bitcoin purchases adopted. In a brief time frame, the corporate turned the biggest company holder of bitcoin. And Saylor gained the nickname ‘Bitcoin King,’ dressing up as Bitcoin for two Halloweens in a row, and even internet hosting extravagant Bitcoin-themed events. He’s obsessed in methods which are in all probability unhealthy.
If you wish to get me a birthday present, purchase some bitcoin for your self. pic.twitter.com/ZbaIdIpj10
— Michael Saylor (@saylor) February 4, 2026
Anyway, as bitcoin pulled again, the inventory sank with it. Over the previous 52 weeks, MicroStrategy shares dropped 67.03%, and it’s down precisely 26.94% yr up to now. In July 2025, shares hit a 52 week excessive of $457.22. Since then, they’ve fallen 71.8%.
The corporate added extra threat in 2025. It launched 4 credit score devices in the course of the second and third quarters. The overall worth reached $4 billion. Saylor informed Bloomberg in a stay interview that the securities had been excessive yield perpetual devices designed to decrease bitcoin threat for buyers. The market response stayed detrimental.
By late November 2025, Forbes reported the shares had been down 60% from the prior yr. Market worth fell to $49 billion. That was under the $56 billion value of bitcoin on the steadiness sheet. Across the identical time, CEO Phong Le stated the corporate may promote bitcoin. Quickly after, bitcoin fell under $86,000 in early December.
Analysts in the meantime have adjusted expectations. Canaccord Genuity analyst Joseph Vafi (MSTR’s largest bull by the best way) lower his worth goal from $474 to $185 however stored a Purchase ranking. He stated bitcoin not behaves like digital gold and is dealing with an identification disaster.
Mizuho analysts additionally diminished their goal from $484 to $403 whereas holding an Outperform ranking. They pointed to fintech stress and a rising divide between bitcoin and greenback backed stablecoins.
Even now, MicroStrategy stays closely watched. Sixteen analysts cowl the inventory. 13 fee it Sturdy Purchase. One charges it Average Purchase. Two fee it Maintain. The consensus goal is $464.36, implying 324% upside. The best goal sits at $705, suggesting 544% upside.
