Strategy (MSTR) has been hit by the latest crypto and tech selloff, with the stock dropping 9.3% as chip shares tumbled and leveraged crypto positions were liquidated across the market.

The latest drop fits into a choppy year for Strategy, with the share price falling 15.9% over the past month but still delivering a 90 day share price gain of 28.9%. The 3 year total shareholder return of 153.2% points to a much longer boom and bust cycle driven by shifting sentiment on Bitcoin exposure and crypto related risk.

Position around Strategy’s Bitcoin exposure by scanning a curated list of crypto related plays and balance sheet heavy hitters through the 18 cryptocurrency and blockchain stocks.

Strategy now trades almost 45% below the average…