Saylor Says MSTR Is Falling Because Bitcoin Is in a Bear Market

Michael Saylor has in the recent past touched on mounting anxieties of declining MicroStrategy share price. He gave a very precise explanation. Saylor reports that Bitcoin has been in its bear market over the last four months. MSTR had been trailing Bitcoin as it weakened. This framing eliminates confusion. Saylor does not put on problems of execution. He does not refer to operational failures. Rather, he puts it squarely on the market cycle of Bitcoin.

Saylor explains that $MSTR is down because $BTC has been in a bear market for the past 4 months.

Do you agree? pic.twitter.com/sIwDjf7yZv

— Satoshi Stacker (@StackerSatoshi) February 11, 2026

Bitcoin’s Pullback Has Been Sharp and Prolonged

Bitcoin peaked above $110,000 in late 2025. This has since lost momentum. Prices kept on dropping down to around the 70000 level. Months of bullishness were wiped out by that fall. Volatility increased. Confidence weakened. Risk assets were hurt as fear set in instead of optimism. The first shock had to go through the Bitcoin-led equities. MicroStrategy was the epicenter of that exposure.

MicroStrategy is not a normal company in the market. Its stocks are not following the increase in revenues. It does not run in multiples of software. Rather, it is leverage-based on the price action of Bitcoin. As of early 2026, the company has more than 250,000 BTC. It funded such acquisitions by use of debt and equity. Hence, the downside of Bitcoin affected MSTR more than spot exposure does.

Why MSTR Falls Faster Than Bitcoin

Outcomes are magnified by leverage. MSTR tends to do very well when Bitcoin is on a run. The converse of this is also true, however. MSTR blows out the negative as Bitcoin moves into drawdowns. The debt obligations are fixed. Fears of dilution of equity reoccur. Risk is re-examined by market players. As a result, the selling pressure is faster than the one in Bitcoin itself.

Reactions of the crypto markets to the explanation by Saylor have been favorable mostly. A lot of investors consider the explanation as self-evident. The emotional whiplash is indicated by others. Bitcoin printed a record high of 126,000 only a few weeks ago. Sentiment has changed the other way round. Fear dominates discussions. Nevertheless, the majority of analysts concur that the fall of MSTR represents macro Bitcoin factors and not business-related misfortunes.

What This Means for Investors Now

Saylor did not conceal his plan. He publicly made MSTR a Bitcoin treasury company. There was an asymmetric risk on that decision. In bull markets, MSTR thrives. In bear markets, it bleeds. It was that trade-off that investors who purchased MSTR implicitly accepted. The observations of Saylor merely reaffirm reality and not to reframe it.

In the future, one should be realistic in their expectations. MSTR will not be de-linked with Bitcoin. It is not going to stabilize as BTC struggles. The reclaiming of momentum on Bitcoin is what will help it recover. MSTR might explode in the event of Bitcoin consolidation or a rebound. In case of further weakening of Bitcoin, there is pressure in downsides. Risk management is more important than stories.