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<p>MSTR stock price rose by over 1% on Boxing Day as Bitcoin and other cryptocurrencies staged a cautious rebound.&nbsp;</p>
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  <span>Summary</span>
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   <li>MicroStrategy’s shares jumped to $160, higher than this month’s low of $157. Still, the stock may be at risk of further downside.</li>
   <li>One reason for the loss of its premium is the ongoing Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) crash that has moved it from the year-to-date high of $126,200 to the current $88,800.</li>
   <li>Strategy’s stock price will likely continue to fall as sellers target the psychological threshold of $100.</li>
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<p>MicroStrategy’s shares jumped to $160, higher than this month’s low of $157. Still, the stock may be at risk of further downside as the company’s enterprise value net asset value (mNAV) turned negative for the first time.&nbsp;</p>
<p>Data compiled by <a href="https://bitcointreasuries.net/public-companies/microstrategy" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Treasuries</a> showed that the mNAV dropped to 0.988. This occurred as its enterprise value fell to $59 billion, while the valuation of its Bitcoin holdings stood at $59.7 billion.&nbsp;</p>
<p>The basic market capitalization-based net asset value dropped to 0.763. These numbers mean that the premium that the company had a few months ago has disappeared.&nbsp;</p>
<p>One reason for the loss of its premium is the ongoing Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) crash that has moved it from the year-to-date high of $126,200 to the current $88,800. This decline has led to a sharp decline in the value of its Bitcoin holdings.</p>
<p>You might also like: <a href="https://crypto.news/holiday-governance-war-aave-labs-vs-dao-as-revenue-surges-token-slides/" rel="noopener noreferrer nofollow"> Holiday governance war: Aave Labs vs DAO as revenue surges, token slides </a></p>
<p>Another risk is that the company has continued to dilute its shareholders through its at-the-market offerings. In a <a href="https://assets.contentstack.io/v3/assets/bltf8d808d9b8cebd37/blt5d076d61eebdec9e/6948cb2077fa9f36d375147a/form-8-k_12-22-2025.pdf" target="_blank" rel="noopener noreferrer nofollow">regulatory filing</a>, the company reported that it still has more than $11.8 billion remaining in its ATM offerings, indicating that further dilution is expected.</p>
<p>This dilution has brought its outstanding shares to over 267 million, up from 93.2 million in 2022.</p>
<p>The company may also remain under pressure as Bitcoin has formed bearish chart patterns, as we wrote in <a href="https://crypto.news/bitcoin-price-prediction-will-btc-crash-to-80k/" rel="noopener noreferrer nofollow">this prediction</a><strong>.</strong> It has formed a death cross and a bearish pennant on the daily chart. This means that the coin may drop to last month’s low of $80,000.</p>
<h2 class="wp-block-heading" id="mstr-stock-price-technical-analysis">MSTR stock price technical analysis&nbsp;</h2>
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  Strategy share price chart | Source: crypto.news
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<p>The three-day chart shows that the MSTR share price has been in a free fall in the past few months. It has now formed a death cross pattern as the 50-day and 200-day Weighted Moving Averages crossed each other.</p>
<p>The stock has moved below the important support at $230, its lowest level in March. It also plunged below the 61.8% Fibonacci Retracement level.&nbsp;</p>
<p>Therefore, the Strategy stock price will likely continue to fall as sellers target the psychological threshold of $100. This decline will be confirmed if it moves below the 78.6% Fibonacci Retracement level at $126.</p>
<p>Read more: <a href="https://crypto.news/changpeng-zhao-bets-on-stablecoin-2-0-as-bnb-chain-sheds-undervalued-label/" rel="noopener noreferrer nofollow"> SXP bulls face harsh reset as TWT rebounds over 10% on Binance spot </a></p>

MSTR stock forms a death cross pattern as enterprise mNAV turns negative

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