Strategy shares slide below $100 as Bitcoin falls to $58,065

Shares of Strategy, the largest publicly traded corporate holder of Bitcoin, have plunged to their lowest level in more than two years, erasing billions in market value as a sharp decline in the cryptocurrency's price exposes severe financial strain in the company's capital structure. The company's common stock, MSTR, fell below $100 this week for the first time since March 2024 and has lost nearly 35% of its value over the past seven trading sessions, its worst weekly performance since late 2022.

The sell-off is directly tied to Bitcoin's price, which dropped to an intraday low of approximately $58,065 on Thursday, its weakest level since September 2024. Strategy holds a treasury of roughly 844,000 to 847,363 Bitcoin, acquired at an average cost between $75,500 and $76,000 per coin. With Bitcoin trading below $60,000, the company is sitting on unrealized mark-to-market losses exceeding $13 billion.

A separate and critical pressure point is the collapse of the company's preferred stock, STRC. Designed to trade near a $100 par value to fund Bitcoin acquisitions, STRC crashed to record lows this week, trading as low as $71.25. This steep discount severely impairs Strategy's...