Michael Saylor recently touched on his growing concerns about MicroStrategy’s share price decline. He gave a very accurate explanation. Saylor reports that Bitcoin has been in a bear market for the past four months. MSTR was following the decline in Bitcoin. This framework eliminates confusion. Saylor has no execution issues. He did not mention any operational failures. Rather, he pinpoints it directly on the Bitcoin market cycle.
Saylor explains why $MSTR is down. $BTC It has been in a bear market for the past four months.
do you agree? pic.twitter.com/sIwDjf7yZv
— Stacker Satoshi (@StackerSatoshi) February 11, 2026
Bitcoin’s decline is rapid and prolonged
Bitcoin peaked at over $110,000 in late 2025, but has since lost momentum. The price continued to fall to the 70,000 yen level. Months of bullishness disappeared with the drop. Volatility has increased. My confidence has weakened. Risk assets were hurt as fear instead of optimism emerged. The first shock had to go through Bitcoin-led stocks. MicroStrategy was at the center of that exposure.
MicroStrategy is no ordinary company in the market. The company’s stock price has not kept pace with its revenue growth. Does not work with multiple software. Rather, it is leverage based on Bitcoin price movements. As of early 2026, the company has more than 250,000 employees. $BTC. The company used debt and equity to finance these acquisitions. Therefore, Bitcoin’s decline had a greater impact on MSTR than spot exposure.
Why MSTR falls faster than Bitcoin
Results are magnified through leverage. MSTR tends to do very well when Bitcoin is rising. However, the opposite is also true. When Bitcoin goes into a drawdown, MSTR blows out the negative. Debt obligations are fixed. Concerns about dilution of shareholder equity will reoccur. Risks are reviewed by market participants. As a result, selling pressure is faster than Bitcoin itself.
The cryptocurrency market’s reaction to Saylor’s explanation was largely positive. Many investors think that explanation is self-evident. Emotional whiplash is called out by others. Bitcoin hit an all-time high of 126,000 just a few weeks ago. My feelings have changed. Fear dominates the discussion. Nevertheless, the majority of analysts agree that the decline in MSTR represents macro Bitcoin factors and not a business-related misfortune.
What this means for investors now
Thaler did not hide his plans. He publicly certified MSTR as a Bitcoin finance company. There was asymmetric risk in that decision. In a bull market, MSTR grows. In a bear market, you bleed. That was the tradeoff that investors who bought MSTR implicitly accepted. Thaler’s observations only reaffirm reality, not reconstruct it.
We must have realistic expectations for the future. MSTR will not be delinked from Bitcoin. It’s not stable if it stays like this $BTC Struggling. Regaining Bitcoin’s momentum will lead to Bitcoin’s recovery. MSTR can explode during a Bitcoin consolidation or rebound. If Bitcoin falls further, it could create downward pressure. Risk management is more important than the story.