Strategy falls below $100 for the first time in a year

Strategy Inc. built its entire identity around one trade: buy Bitcoin, hold Bitcoin, never sell Bitcoin. On June 23, 2026, that identity got expensive. Shares of the company, formerly known as MicroStrategy, touched an intraday low of $100.03 before closing at $103.84, marking the first time the stock has traded at that level in nearly a year.

The drop is not just a number. It represents a decline of more than 70% from the stock’s 2025 peak above $450, a collapse that tracks almost perfectly with Bitcoin’s own retreat from record highs.

What broke the floor

Bitcoin was the original pressure point. The asset that Strategy built its entire treasury around was trading below $65,000 in late June 2026, a steep fall from the highs above $126,000 it reached earlier in 2025.

The company relies heavily on STRC perpetual preferred shares as a funding mechanism. These instruments carry a par value of $100, meaning they’re supposed to trade at or above that level to function as intended. In early June 2026, they were trading as low as $89 to $95. When preferred shares fall below par, the dividend obligations automatically escalate, and the company loses the ability to issue new shares at favorable terms.

The practical consequence: Strategy’s preferred share structure, which was designed to continuously raise capital for Bitcoin purchases, effectively jammed. New issuances halted.

Then came the moment that would have been unthinkable eighteen months ago. Strategy sold 32 BTC for approximately $2.5 million, its first Bitcoin sale in several years. The company had built its brand on an absolute commitment to holding. Selling even a small position to meet financial obligations is the kind of policy reversal that investors notice, regardless of the dollar amount involved.

How far MSTR has fallen

MSTR shares peaked somewhere in the $450 to $543 range during 2025, a period when Bitcoin was breaking records and Strategy was being treated as the cleanest institutional vehicle for BTC exposure. The stock traded at a meaningful premium to the net asset value of its Bitcoin holdings, a premium that reflected investor enthusiasm for the strategy itself, not just the underlying asset.

That premium has largely evaporated. The stock had already set a 52-week low of $104.17 on February 5, 2026, before the June 23 session pushed it even lower intraday.

Strategy’s position is unique in the corporate world. The company holds hundreds of thousands of Bitcoin as its primary treasury asset, making it less of an operating business and more of a leveraged Bitcoin fund with a stock listing.

What this means for investors watching the space

Strategy has long served as a proxy for investors who want Bitcoin exposure through a traditional brokerage account without holding the asset directly. The preferred share situation is worth watching closely. If STRC shares remain below par, Strategy cannot efficiently raise new capital to buy more Bitcoin. A company that cannot acquire more of its primary asset, and has already been forced to sell some, is operating in a meaningfully different mode than the one investors originally underwrote.

For anyone using MSTR as a Bitcoin barometer, the current situation adds a second variable to the equation. The stock’s performance now reflects both Bitcoin’s price and the operational health of Strategy’s financing structure, with those two things currently compounding each other in the wrong direction.

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