Strategy shares hit lowest level since March 2024

Shares of Strategy (MSTR) fell 5% in early Wednesday trading, slipping below $100 for the first time since March 2024. The stock traded at around $98, extending losses to 34% year-to-date and roughly 74% over the past 12 months.

Source: Yahoo Finance

What broke the floor

The decline comes as Bitcoin remains under pressure, with the crypto falling below $61,000 this morning and trading roughly 52% below its all-time high.

At the same time, Strategy’s STRC perpetual preferred shares dropped below their $100 par value, increasing dividend costs and effectively halting a key funding mechanism for additional Bitcoin purchases.

Strategy’s Bitcoin treasury totals 847,363 BTC, currently valued at about $52 billion. Continued weakness in Bitcoin has left the company with more than $12 billion in unrealized losses on its holdings.