Analysts say MSTR acts as a "buffer" for Bitcoin's current cycle, preventing pullbacks under pressure.

According to ChainCatcher, CoinDesk analyst James Van Straten wrote, "In this cycle, Strategy (MSTR) absorbed about 75% of the retracement, thus preventing Bitcoin itself from experiencing an equivalent decline, as volatility shifted from spot Bitcoin to MSTR common stock."

Meanwhile, Michael Saylor issued a large number of shares at approximately 1 times mNAV, acting as a buyer of last resort and thus mitigating the formation of a bear market to some extent.