For years, Michael Saylor’s strategy has been one of the market’s favorite ways to gain exposure to Bitcoin. But after a 72% decline in Strategy (MSTR) shares over the past year, Interest in Google searches has begun to wane, and investors are increasingly debating whether Strategy’s aggressive fundraising model still benefits shareholders.
The biggest problem facing MSTR stock may not be Bitcoin
Despite the stock’s decline, the strategy continues to expand its Bitcoin holdings. This week alone, the company Purchased 520 BTC for $35 million, bringing its total holdings to 847,363 BTC, worth approximately $64.1 billion at current prices.
However, Strategy’s market capitalization has fallen to about $53.2 billion, meaning the stock market now values the entire company at about $11 billion less than the Bitcoin on its balance sheet.
The decline comes as bitcoin itself is trading near $62,000, down about 20% over the past month, putting additional pressure on companies closely tied to the asset’s price.
Read also: Michael Saylor: “I never said the (strategic) company wouldn’t sell its bitcoin.”
Google Trends indicate that excitement in retail is fading
Google Trends data shows that global interest in “MSTR,” “Bitcoin Strategy,” and “Michael Saylor” has declined significantly since the significant spikes seen in February 2026.
Of the three terms, MSTR remains the most searched with an average interest score of 40, compared to 13 for Bitcoin Strategy and only 6 for Michael Saylor. All three trends have weakened in recent weeks.
This decline suggests that retail investors who have been closely following the strategy’s Bitcoin-first playbook may turn their attention elsewhere.
Critics see the risk, supporters see the opportunity
The biggest concern for investors is not Bitcoin itself, but how the strategy continues to fund its purchases. The Company relies heavily on at-the-market (ATM) stock sales and preferred stock offerings. One such security, STRC (Stretch), recently fell to around $88 after trading near $100 in May.
Meanwhile, the strategy now holds approximately $15 billion in preferred stock obligations that require an estimated $1.7 billion in annual dividend payments.
Many prominent investors believe that this structure is becoming more difficult to sustain.
FullStack’s CEO was overwhelmed recently Argue,
“There is no floor until Saylor sells a few billion dollars in a massive V-shaped recovery.”
Next Gen Venture founder Jason Huang Repeat that concerns, claiming that Strategy recently issued new shares without significantly increasing exposure to Bitcoin per share. “The amount of Bitcoin held per share is decreasing.”
He warned that if MSTR continues to underperform Bitcoin while issuing additional shares, shareholder dilution could accelerate.
“Once MSTR underperforms Bitcoin by another 10% at negative alpha, every time they use ATM to issue shares, they will dilute Bitcoin per share even further. This is when the death spiral really begins.”
For now, proponents argue that the strategy remains the largest holder of Bitcoin and continues to attract capital.
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