You've probably seen the headlines. Michael Saylor buys more Bitcoin, the internet loses its mind, and everyone starts screaming about the price of MSTR stock.
It’s a wild ride. Honestly, calling it a stock feels like a bit of a stretch these days. It’s more like a high-speed rail attached to a rocket ship, and that rocket is fueled entirely by orange coins. As of mid-January 2026, we are looking at a market that is fundamentally different from the one we had even two years ago.
The Current State of the MSTR Price Tag
Right now, as we sit in the first few weeks of 2026, the price of MSTR stock is hovering around the $170 to $174 range.
Wait. Let’s look closer.
On January 16, 2026, the stock closed at approximately $173.71. That’s a decent jump—about 10% in a single day. But if you zoom out, the 52-week range is a total heart-attack inducer, swinging from a low of $149.75 all the way up to a staggering $457.22.
Why the massive gap? Because MicroStrategy isn't just a software company anymore. It’s a "Bitcoin development company." Basically, that means when Bitcoin breathes, MSTR runs a marathon.
What’s in the Vault?
To understand the price, you have to understand the hoard. Michael Saylor’s firm—now often just referred to as "Strategy"—kicked off 2026 by snagging another 1,286 BTC. This wasn't a small buy; it cost about $116 million.
As of January 14, 2026, the company sits on a mountain of 687,410 BTC.
Think about that number. That is nearly 3% of the total Bitcoin supply that will ever exist. They bought it at an average cost basis of roughly $75,353 per coin. Total spend? Over $50 billion.
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The "Saylor Premium" Explained Simply
Most stocks are valued based on their cash flow. You look at what they earn, you apply a multiple, and boom—there’s your price. With MSTR, that logic goes out the window.
The price of MSTR stock often trades at a significant premium to its Net Asset Value (NAV).
NAV is just a fancy way of saying: "If we sold all the Bitcoin today and paid off the debt, what would be left?"
Historically, investors have been willing to pay 1.5x to 2.5x the value of the underlying Bitcoin just to own the stock. You might ask why. Why not just buy the Bitcoin directly or get a spot ETF?
- Intelligent Leverage: MicroStrategy uses "low-to-no" interest debt to buy more Bitcoin.
- The 42/42 Plan: They are currently in the middle of a massive three-year plan to raise $42 billion in equity and $42 billion in debt.
- BTC Yield: This is a metric Saylor invented to show how much Bitcoin the company owns per share. In 2025, they hit a BTC yield of 26%.
Basically, by owning the stock, you are owning a company that is constantly figuring out ways to get more Bitcoin for you without you having to put up more cash. It’s a compounding machine.
Why the Stock Crashed from its 2025 Highs
If you bought at the top in mid-2025, you’re probably feeling a bit bruised. The stock hit nearly $460 before tumbling down to the $160s.
It wasn't just a Bitcoin correction, though that was a big part of it. Bitcoin slid from its October 2025 highs of $126,000 back down toward the $90,000 range. When Bitcoin drops 20%, MSTR—due to its leverage—often drops 40% or 50%.
There’s also the "Premium Compression" problem.
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In late 2025, the market started getting nervous. Analysts at firms like Mizuho and TD Cowen began trimming their price targets. Mizuho, for instance, recently cut their target from $484 down to $403. They are still bullish (that’s a huge upside!), but they’re acknowledging that the "Saylor Premium" can’t stay at extreme levels forever, especially as more institutional Bitcoin products hit the market.
The Software Business: The Forgotten Engine
Everyone talks about the crypto, but nobody talks about the software. Sorta weird, right?
MicroStrategy still runs a legitimate business intelligence platform. In 2025, they managed to pull in about $460 million in software revenue. While their old-school licensing deals are shrinking, their cloud subscription services surged by 65%.
It’s not enough to justify a $50 billion market cap on its own. Not even close. But it provides the "operating company" status that allows them to do things a standard Bitcoin Trust or ETF simply can't do, like issuing convertible debt.
What Really Happened With the Accounting Shift?
2025 was a landmark year for the price of MSTR stock because of a boring-sounding thing called ASU 2023-08.
Before this, if the price of Bitcoin went up, MicroStrategy couldn't show that profit on their books unless they sold. But if it went down, they had to "impair" it—meaning they had to report a loss. It was a "heads you win, tails I lose" situation for their balance sheet.
Now, they use Fair Value Accounting.
This means their quarterly earnings reports are now absolute chaos. In Q3 2025, they reported a net income of $2.8 billion. Then, in Q4 2025, they reported an unrealized loss of over $17 billion.
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If you’re a traditional investor looking at a P/E ratio, you’re going to get a headache. The "earnings" are now just a reflection of whatever Bitcoin did in the last 90 days.
What to Watch for the Rest of 2026
If you’re tracking the price of MSTR stock, the next big date is February 4, 2026. That’s when the next earnings report drops.
Wall Street is expecting an EPS (Earnings Per Share) of around $46 for the quarter. But honestly? The number that matters most is the Bitcoin acquisition total.
We also have to watch the debt. They have convertible notes maturing in early 2027. If the stock stays high, those note-holders will just convert to equity. If the stock tanks, the company has to find the cash to pay them back. With a $2.25 billion USD reserve currently sitting in the bank, they’ve built a decent cushion, but the risk never truly goes away.
Actionable Insights for Investors
So, what do you actually do with this information?
- Stop looking at P/E ratios. They are meaningless here. Look at the NAV premium instead. If MSTR is trading at 2.5x the value of its Bitcoin, it might be "expensive" historically. If it’s at 1.1x, it’s often considered a "steal" by the bulls.
- Size your position for volatility. MSTR has a beta of over 3.0. That means it’s three times as volatile as the S&P 500. If you can't handle a 50% drawdown in a month, this isn't the stock for you.
- Watch the 42/42 progress. The company's ability to keep raising money to buy Bitcoin is its "unfair advantage." If the market stops buying their debt or their new share offerings, the engine stalls.
- Monitor the "Key Man Risk." The strategy is Michael Saylor. If he were to leave the company for any reason, the premium would likely evaporate instantly.
The price of MSTR stock is no longer just a ticker symbol. It’s a proxy for a new kind of corporate finance. Whether it’s a genius move or a massive bubble depends entirely on your conviction in a digital, decentralized future.
To keep a pulse on the situation, track the weekly BTC purchases usually announced on Mondays via SEC filings. These filings are the clearest indicator of whether the company is maintaining its aggressive growth phase or moving into a defensive posture. Keep an eye on the $150 support level, which has acted as a floor during the recent Q4 2025 correction. Breaking below that could signal a deeper "re-rating" of the stock's premium.