The Software-Crypto Trade Is Crumbling – Could Strategy Be Forced To Sell Bitcoin?
Once a cash-burning enterprise software firm, Strategy Inc. (NASDAQ:MSTR) – previously known as MicroStrategy Inc. – became the most extreme expression of the Bitcoin age.
Under the vision of Michael Saylor, the company reinvented itself as a publicly listed Bitcoin accumulation vehicle — part software, part crypto treasury, part financial engineering experiment.
For a while, it worked brilliantly.
Between February and November 2024, Strategy shares — still trading under the MicroStrategy name at the time — surged more than 1,000%, marking a 10x increase.
The playbook was simple: issue equity and convertibles, buy Bitcoin (CRYPTO: BTC), let rising prices do the rest.
Investors didn’t just buy software. They bought leverage to a narrative, and Strategy became the world’s biggest Bitcoin holder.
Fast-forward to late 2025, and the honeymoon is turning into a nightmare.
Between October 2025 and early February 2026, Strategy has already lost roughly 70% of its market value.
Over the same period, Bitcoin is down about 50%.
What’s different this time is how the selloff is unfolding — and who Bitcoin is falling with.
Strategy Inc. Price Chart – From Earth To The Moon And Back
Software And Crypto: Breaking Down Together
The crypto selloff is no longer an isolated event. It is accelerating in lockstep with a brutal unwind in software equities.
Over the eight trading sessions through Feb. 5, the iShares Expanded …
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