Michael Saylor’s MSTR in Rebound Mode

Strategy (MSTR), may be nearing a tradeable bottom, not because of technical signals or a specific fundamental change, but because the sheer volume of anger, mockery and victory laps directed at the stock has reached classic capitulation levels.

Spurred by a Sunday night/Monday morning plunge in the price of bitcoin and MSTR, critics over the past 24 hours have become unusually loud. Angel investor Jason Calacanis, host of the All In podcast, told his followers on X last night to sell MSTR and buy bitcoin directly, adding “Told y’all this would happen.” Strategy, continued Calacanis, is “a stunning pyramid [scheme].”

Peter Schiff, who needs no introduction in his disdain for crypto, posted multiple messages on Monday calling the stock broken and labelling Michael Saylor the biggest con man on Wall Street.

The FT chimed in Tuesday morning, taking its own victory lap over Strategy’s troubles. “What once looked bold and brilliant now appears erratic and chaotic,” wrote Craig Coben. “The gap between rhetoric and results has become difficult to ignore, particularly as the stock price significantly lags the asset it is supposed to track and magnify.”

Needless to say, Strategy’s critics are the big winners in 2025 as the stock plunged more than 70% from record highs hit late in 2024. But no one is right forever, and there comes a point when long-standing detractors become so vocal, their tone shifting from criticism to arrogance, that it often reflects sentiment conditions that are consistent with a bottom forming or being close.

Indeed, as the critics took victory laps, Strategy quietly bottomed around $155 on Monday morning, but managed to close above $170. Shares have gained more on Tuesday, now trading north of $180 and in the green for the week.

The action came alongside a modest bounce for bitcoin BTC$90,996.21, which bottomed below $84,000 early Monday, but has reclaimed the $90,000 in Tuesday morning U.S. trade.

Whether this marks a definitive bottom for MSTR is uncertain, but the level of capitulation is becoming increasingly hard to ignore.