MicroStrategy (MSTR) has gained significant attention in the derivatives market since closely tying its corporate strategy to Bitcoin, becoming a "star asset" in the eyes of many traders, with popularity even surpassing traditional tech giants. However, reality is quite sobering—by 2025, MSTR's stock price has fallen by a total of 48%.

Looking at a longer time frame makes it even more frustrating. Over the past year, MSTR ranked last in return rates, and Bitcoin itself hasn't performed well either. In contrast, assets like Google, NVIDIA, and gold ETFs have all delivered positive returns. Some in the market have begun to mock this as a "money-burning warming game," and even question the underlying logic.

MSTR founder Saylor's approach is indeed unique—regardless of how much the stock price drops, he stubbornly clings to the belief that "Bitcoin is eternal," then digs into data to find points to hype. This style of operation is no longer new in the circle. High risk and high volatility can certainly generate buzz, but for the wallets of those holding the positions, the entertainment value is greatly diminished. For MSTR investors, this wave of market activity might be a mixed bag of feelings.