Strategy (MSTR) shares have fallen 30% since its executive chairman and former CEO, Michael Saylor, was featured on the cover of Forbes, according to stock price data from Yahoo Finance.

Between Jan. 30 and March 10, Strategy’s shares dropped from $340.09 to $238.25. The tumble includes a 17% decline on March 10 amid the wider sell-off in the tech stock market.

Strategy one-day stock price. Source: Yahoo Finance

According to Yahoo Finance, the Nasdaq Composite, to which Strategy belongs, has fallen over 4% on March 10. Renewed fears of a recession, with the Atlanta Fed projecting a negative -2.4% gross domestic product growth for the first quarter of 2025, along with the increased rhetoric of trade wars, have sparked fear among investors in the equities market. CNN’s Fear & Greed index sits at “16” for the day, which signifies “Extreme Fear.”

Despite a falling stock price, Strategy remains unwavering in its commitment to a Bitcoin (BTC) strategy. The company announced on the same day plans to raise an additional $21 billion for “general corporate purposes, including the acquisition of Bitcoin and for working capital.” On Feb. 24, Strategy purchased 20,356 Bitcoin for nearly $2 billion.

Related: MicroStrategy, now ‘Strategy,’ records $670M net loss in Q4

Although Bitcoin recorded the largest weekly decline in the asset’s history on March 10, Strategy’s Bitcoin investment is still profitable by 18.9%. The company has purchased its BTC at an average cost of $66,423, well below the price of the asset at this time of writing.

While countless entrepreneurs have graced the Forbes cover over the years, some featured individuals have also fallen into controversy after the spotlight. One of those includes former FTX CEO Sam Bankman-Fried, who was sentenced to 25 years in prison for a bevy of financial crimes.

Strategy sparks debate, spawns copycats

Strategy’s move to acquire more Bitcoin by issuing stock and using debt has been met with its fair share of proponents and critics in the crypto space. Some believe it is a stroke of genius, a bet on the digital asset’s track record that has caused it to rise from nothing to a market cap of $1.56 trillion in 15 years.

Others have not been so kind, likening the company to a ticking time bomb or a Ponzi. In November, crypto investor Hedgex.eth called it the latter, writing on X that Saylor “will do more damage to Bitcoin than anyone else using endless leverage.” Haralabos Voulgaris wrote on X that “at some point, the next ‘unexpected’ BTC implosion will likely be tied to MSTR.”

Still, Strategy’s move has spawned copycats throughout the business world, with some companies buying Bitcoin for their treasuries and seeing a surge in investor enthusiasm. One of those companies is Metaplanet, whose share price rose 4,800% in 12 months after it announced its BTC buying strategy.

Magazine: Asia Express: ‘China’s MicroStrategy’ Meitu sells all its Bitcoin and Ethereum