As of September 2, 2025, the price of MSTRX on the Gate exchange is $337.18 (data source: Gate xStocks section). This article will analyze the latest developments of MSTR stock and provide a step-by-step guide on how to purchase MSTRX using the Gate xStocks section as an example.
Latest updates on MSTR stock
Stock price performance versus market expectations
Recently, MSTR stock has experienced some fluctuations. In August, it fell by 16.8%, and most of the premium that the company has long enjoyed compared to its Bitcoin holdings has been erased. As of the end of August, its stock price closed at $334.41.
Nevertheless, several institutions on Wall Street remain optimistic about its prospects. Canaccord Genuity reiterated its "Buy" rating for MSTR, with a target price of $464, indicating nearly 40% potential upside. Mizuho even raised its target price to $586, while BTIG and Benchmark are optimistic about a breakout above the $700 mark.
The "Bitcoin Flywheel Strategy" is facing a test.
MSTR’s core business model is to invest a significant amount of capital from its balance sheet into Bitcoin, treating it as its primary reserve asset. As of August 29, 2025, the company disclosed its Bitcoin holdings to be 632,457 BTC, making it the largest corporate holder of Bitcoin in the world.
The company has long raised funds through the issuance of stocks and convertible bonds, which are used to purchase more Bitcoin. This model is known as the "Bitcoin Flywheel Strategy" or "Recursive Leverage Long."
However, this "flywheel" faced challenges in August. The company had previously promised not to issue shares when the Bitcoin position leverage (mNAV) was below 2.5, but just two weeks later, it relaxed this guideline and issued nearly 900,000 new shares on August 25. This move triggered a crisis of confidence among investors, causing its mNAV premium to drop to 1.57 times.
The Bitcoin bull market remains the core driving force.
The stock price of MSTR is Bitcoin price Highly correlated, regarded as the "shadow stock of Bitcoin." Since Michael Saylor launched the Bitcoin investment strategy in 2020, the company’s stock price has increased by approximately 2,350%, far exceeding Bitcoin’s increase of about 700% during the same period.
Investors who are optimistic about Bitcoin believe that the cryptocurrency, which has both hedging properties and reserve value, is expected to surge towards $200,000 by the end of the year. If the Bitcoin bull market continues, the stock price of MSTR, as a "leveraged alternative," may also regain its upward momentum.
What is MSTRX? Why is it worth paying attention to?
Tokenized Stocks (xStocks) New Paradigm
MSTRX is a tokenized stock product launched by the Swiss compliant asset tokenization platform Backed Finance. Its core mechanism is that a regulated third-party custodian (such as Swiss InCore Bank) holds sufficient underlying MicroStrategy shares as support and issues corresponding tokens on the blockchain (mainly Solana) in a 1:1 ratio.
Each MSTRX token represents the value of a real MicroStrategy stock.
The difference between MSTRX and traditional stocks
| Characteristics | Traditional Stock (MSTR) | Tokenized Stocks (MSTRX) |
|---|---|---|
| Trading Time | Nasdaq Exchange opening hours | 24⁄724/7 Trading |
| Investment threshold | At least 1 whole share (approximately $337) | Fragmented investment (minimum starting at $10) |
| Settlement Speed | T+2 day | On-chain second-level settlement |
| Shareholders’ equity | Enjoy voting rights and cash dividends | Only price fluctuation gains, no voting rights, cash dividends are not directly applicable. |
The advantages and risks of investing in MSTRX
Advantages:
- Global access and flexibility: Breaks the limitations of geography and time, allowing users in regions such as Africa and Asia to invest without needing a local stock account, and supports24⁄7Trading.
- DeFi Integration Potential: MSTRX can be transferred into DeFi protocols such as Kamino Finance for staking or lending, exploring more on-chain yield strategies.
- High Transparency: The custodian bank will publish reserve proofs monthly, ensuring a 1:1 correspondence of tokens to stock reserves.
- Flexible Strategy: Supports long and short operations, breaking the traditional stock market’s limitation of only being able to "buy long."
Risks:
- Liquidity risk: Apart from popular underlying assets like MSTRX and TSLAx, most tokenized stocks have limited trading volume, and large transactions may face significant slippage.
- Regulatory uncertainty: The U.S. SEC has not yet recognized the legality of tokenized stocks, and regulatory policies around the world are still evolving, leading to uncertainty.
- Technical risk: Relying on blockchain networks (e.g., Solana), if the network experiences interruptions or congestion, it may affect the execution of trades and withdrawals.
- No shareholder rights: Holding MSTRX does not grant voting rights in MicroStrategy, and dividend distribution is also different from traditional stocks.
Practical Guide: How to Purchase MSTRX in the Gate xStocks Area
Gate Exchange will globally launch the xStocks section on July 3, 2025, becoming one of the first platforms to support MSTRX trading. Below is the detailed purchasing process:
Step 1: Account Registration and Preparation
- Visit Gate.com and complete account registration.
- Complete identity verification (KYC) as required by the platform; this is a necessary step for compliant trading.
- Ensure that there is enough USDT in the account, as the trading pairs in the xStocks area are all settled in USDT.
Step 2: Fund Deposit
- After logging into your account, go to 【Assets】 -> 【Spot】 page.
- Select USDT and obtain your deposit address. Gate supports multi-chain deposits, it is recommended to use Solana or the TRC-20 network to reduce transfer fees.
Step 3: Locate the MSTRX trading pair
- Click on the 【Trade】 in the top navigation bar.
- Select 【xStocks Zone】 from the dropdown menu.
- Enter "MSTRX/USDT" in the search box to find the corresponding trading pair.
Step 4: Place an order to buy
Gate provides two main trading methods:
Spot trading (directly holding MSTRX tokens)
- Market Order: Immediately execute at the best current market price, suitable for users who wish to quickly establish a position.
- Limit Order: Set a purchase price you desire (for example, $330), and it will automatically execute when the market price fluctuates to that level.
Contract Trading (with Leverage, High Risk)
- Support 1 - 10 times leverage for long (bullish) or short (bearish) operations.
- Note: Leveraged trading is extremely risky and may result in a total loss of principal; it is only suitable for experienced investors.
Large Transaction Notice: For users with large trading volumes, it is recommended to use Gate’s 【Alpha Zone】 for better liquidity and lower slippage.
Summary and Outlook
MSTR, as a unique presence in the "Bitcoin universe", has experienced short-term pressure on its stock price and is facing the challenge of premium contraction, but its fate is still deeply tied to the long-term trend of Bitcoin. For investors who are optimistic about the future of Bitcoin but are looking for potentially higher returns than directly holding the currency, MSTR and its tokenized product MSTRX offer an attractive option.
Tokenized assets like xStocks represent an important trend in the integration of traditional finance and decentralized finance (DeFi). They break down geographical and temporal barriers to investment, providing global investors with unprecedented flexibility and access opportunities.
Risk Warning: Investing in MSTRX also involves multiple exposures to Bitcoin price fluctuations, company-specific risks, and the inherent risks of new tokenized products. Before investing, please be sure to conduct thorough research and make cautious decisions based on your own risk tolerance. This article does not constitute any investment advice.
