Bitcoin Slump Drags Strategy Shares Under $100

Strategy (MSTR) shares hit their lowest point in more than two years on Wednesday, dropping as low as $97.30 roughly 30 minutes after the opening bell, as Bitcoin slid to a two week low near $60,935. The stock last traded under $100 on March 1, 2024, when BTC was in roughly the same $61,000 to $62,000 range.

At a Glance

MSTR fell nearly 5.5% on Wednesday, recently trading around $98.05
The stock is down approximately 20% over the past week and more than 38% over the past month
Bitcoin dropped to $60,935, more than 50% below its all time high above $126,000
Strategy's preferred shares (STRC), designed to trade near $100, fell to $84.35, down 3.4% on the day after last week's low of $82.53
Strategy made its first BTC sale since 2022 in early June, breaking the firm's longstanding accumulation ethos

Two Years of Gains Erased in a Month

The numbers tell a stark story. MSTR peaked above $400 in early 2025, riding Bitcoin's post-election surge as President Donald Trump's crypto-friendly policy posture fueled optimism across digital asset markets. From that peak to Wednesday's intraday low of $97.30, the stock has shed roughly 75% of its value. The one-month decline of more than 38% is particularly sharp, reflecting a collapse in sentiment that goes well beyond Bitcoin's own pullback.

Bitcoin's decline, while substantial, is a different order of magnitude. BTC set an all time high above $126,000 and has since fallen more than 50%. Still, at $60,935, it sits near the same price level that prevailed in March 2024. MSTR is also back near March 2024 territory, but the symmetry ends there: Strategy's balance sheet is now far larger and more leveraged to BTC than it was 15 months ago, meaning the downside exposure per share is considerably greater.

What Is Driving Bitcoin Lower

Three forces are compressing BTC simultaneously. Investors have been rotating out of Bitcoin ETFs, removing a key source of institutional demand that helped propel the asset above $100,000. AI-related equities have absorbed significant speculative capital, offering the kind of asymmetric return profile that crypto attracted during the 2024 bull run. The Federal Reserve's increasingly hawkish tone has added macro pressure, reducing appetite for risk assets broadly.

Bitcoin struggled to recover after breaching the $70,000 level around the beginning of June, and the timing matters. That break coincided almost exactly with Strategy's disclosure of its first BTC sale since 2022, an event that carries outsized symbolic weight given how central the "buy and never sell" doctrine has been to Michael Saylor's public identity and to investor confidence in the strategy.

Strategy's preferred shares, ticker STRC, were structured to trade near $100 and have been the primary funding vehicle for the firm's Bitcoin purchases this year. The mechanics matter here: STRC carries dividend obligations, and if BTC prices stay depressed long enough, market participants start pricing in the probability that Strategy will need to liquidate Bitcoin to service those payments.

That fear is already visible in STRC's price action. The shares dropped to a low of $82.53 last week, well below their designed par value, and were trading at $84.35 on Wednesday, down 3.4% on the day. A preferred share designed to hold $100 trading nearly 16% below that level signals that the market is attaching a real probability to forced BTC sales, not just discounting them as a tail risk.

The first actual BTC sale, disclosed earlier in June, only reinforced that concern. Strategy has held roughly $52 billion in Bitcoin at peak valuations, making it the largest corporate holder of the asset by a considerable margin. Any sustained selling from that position would likely weigh on BTC prices, creating a feedback loop between the stock, the preferred shares, and the underlying asset.

Strategy's Role as Both Accelerant and Brake

Strategy invented the corporate Bitcoin treasury model, and a wave of other companies followed in 2024, extending the approach to other cryptocurrencies. In bull markets, Strategy's continued accumulation signals conviction and can draw in additional buyers. In downturns, its sheer scale cuts the other way: the possibility of forced liquidation acts as an overhang on BTC, and the firm's stock price becomes a sentiment barometer for the entire sector.

The firm did move to shore up its liquidity position, padding cash reserves to $1.4 billion following STRC's price stumble. That buffer matters, but it does not eliminate the structural tension between dividend obligations on billions in preferred shares and a Bitcoin price that has fallen more than half from its peak.

Key Metrics Compared

Metric	Recent Value	Prior Reference Point	Change
MSTR share price	$98.05	Above $400 (early 2025 peak)	Approx. 75% decline from peak
MSTR 1-month return	Down more than 38%	Down approx. 20% in past week	Accelerating selloff
Bitcoin price	$60,935	All time high above $126,000	Down more than 50% from high
STRC preferred share	$84.35	Designed to trade near $100	Down approx. 16% from par
Strategy cash reserves	$1.4 billion	Pre-STRC stumble level	Padded after preferred share drop

Frequently Asked Questions

Why did MSTR stock fall below $100?

MSTR dropped below $100 on Wednesday for the first time since March 1, 2024, driven by a combination of Bitcoin falling to a two week low near $60,935, investor concern about Strategy's first BTC sale since 2022, and pressure on the firm's STRC preferred shares. The stock's leverage to Bitcoin amplifies moves in the underlying asset in both directions.

What is STRC and why does its price matter?

STRC is Strategy's preferred share class, structured to trade around $100 and used to raise capital for Bitcoin purchases. Its decline below that target price reflects market concern that the firm may need to sell Bitcoin to meet dividend obligations, which would put additional downward pressure on BTC itself.

Has Strategy sold Bitcoin before?

Yes, but rarely. The company disclosed its first BTC sale since 2022 in early June 2025, breaking with the accumulation-only posture that co-founder and executive chairman Michael Saylor had publicly championed for years. The disclosure unsettled investors who had treated the "never sell" stance as a core part of the investment thesis.

What is Bitcoin's current all time high?

Bitcoin set an all time high above $126,000, reached last October. As of Wednesday, it was trading near $60,935, which represents a decline of more than 50% from that record level.

What Happens Next Depends on Bitcoin

Strategy's cash buffer of $1.4 billion buys time, but the fundamental pressure on MSTR and STRC will not ease until Bitcoin stabilizes or recovers. The firm's position as the sector's largest corporate holder means its next moves, whether further accumulation or additional sales, carry outsized implications for BTC price discovery. Investors watching this stock are effectively watching a leveraged real-time bet on where Bitcoin goes from $61,000.