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    Strategy (MSTR) Back In The Bitcoin Buy Cycle With Valuation In Focus

    Simply Wall St·09/06/2026 01:25:31
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    Strategy (MSTR) is back in focus after resuming large scale Bitcoin purchases following a 10 week pause, coinciding with fresh Bitcoin focused research coverage that has sharpened attention on the stock’s crypto driven profile.

    At a latest share price of $142.8, Strategy’s recent move to resume large Bitcoin purchases and announce new AI partnerships with Google Cloud and Carahsoft has coincided with a sharp 30 day share price return of 45.17% and a 3 year total shareholder return above 3x, even though the 1 year total shareholder return is down 57.48% and year to date share price return is down 9.14%. This suggests that momentum has picked up again after a tougher stretch for longer term holders.

    Scan 21 cryptocurrency and blockchain stocks, which is hand picked for investors who want exposure to moves like Strategy's Bitcoin linked surge while keeping the focus on listed companies instead of tokens.

    After a 45.17% jump in 30 days, yet a 1-year return that is still down 57.48%, strategy now forces a sharper question: Is the major upside already in the rearview mirror or still ahead from here?

    Preferred Price to Book Multiple of 1.8x: Is it justified for Strategy?

    One clear reference point for Strategy right now is its P/B ratio of 1.8x compared with both its software peers and the wider US Software industry. This sits alongside a recent share price of $142.8 and a business that is still loss making while heavily linked to Bitcoin movements.

    P/B compares a company’s market value with its book value, which is essentially net assets per share. For a stock like Strategy that reports a loss of $31,367.134, traditional earnings based multiples such as P/E are not very helpful, so investors often look at asset based indicators instead. P/B can be particularly relevant where the balance sheet and capital structure play a key role in the investment case.

    On this measure, Strategy looks inexpensive against the benchmarks provided. Its 1.8x P/B is described as good value compared with the US Software industry average of 3.1x. It is also framed as good value relative to a peer group that trades at an average of 17.1x P/B. That gap is wide, which suggests the market is assigning a much lower multiple to Strategy’s equity base than to many software stocks with similar characteristics, despite the company providing AI powered enterprise analytics software alongside its Bitcoin treasury activities.

    The contrast between these ratios is stark. The description points to Strategy trading on a P/B level that is far below both its industry and peer averages, even as the company continues to be unprofitable and relies entirely on higher risk external borrowing for funding. For investors, that mix of a low asset based multiple and a volatile return profile highlights how sentiment can differ sharply from peers even within the same sector.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price-to-book of 1.8x (UNDERVALUED)

    However, Strategy’s heavy reliance on Bitcoin exposure and a business that remains loss making, with a reported net income of $31,367.134, highlight clear downside risks.

    Find out about the key risks to this Strategy narrative.

    Next Steps

    With Strategy presenting both clear risks and potential rewards, this is a moment to move quickly and test the data for yourself. Start by weighing the 1 key reward and 2 important warning signs.

    Looking for more investment ideas beyond Strategy?

    If Strategy has sharpened your focus on where to put fresh capital next, do not stop here. Use the Simply Wall St Screener to pressure test new ideas before committing.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.