The Bitcoin strategy play just hit a rough patch. MSTR shares tumbled over 7% today, sliding to levels not seen since October 2024. What's catching eyes isn't just today's drop—it's the broader picture. Since peaking on October 6th, the stock has shed a staggering 55% of its value. That's one of the sharpest corrections this equity has witnessed in its trading history. For a company that's basically bet its treasury on digital assets, this pullback raises questions about how the market's pricing in Bitcoin exposure through traditional equities. The disconnect between crypto sentiment and stock performance is getting harder to ignore. Investors who jumped in during the rally are now sitting on substantial paper losses, while the company's core strategy remains unchanged.