Strategy, the Bitcoin treasury company led by Michael Saylor, saw its stock fall below $100 for the first time since March 2024. The decline comes as Bitcoin trades near $61,000, reflecting the tight link between the share price and the cryptocurrency that dominates its balance sheet. Strategy holds 847,363 Bitcoin, making it the largest corporate holder, but the retreat in Bitcoin from 2025 highs has pressured the stock. Additional concerns include the drop in its preferred stock vehicle STRC below its $100 par value, raising financing costs, and the symbolic sale of 32 Bitcoin to fund distributions, which challenged the company's long-held 'never sell' philosophy. The leveraged nature of MSTR as a Bitcoin proxy has amplified the selloff, creating a feedback loop that could mark a turning point for the Bitcoin treasury trade.
MicroStrategy IncorporatedStock falls below $100, preferred stock STRC drops below par raising financing costs, and symbolic Bitcoin sale challenges 'never sell' philosophy.