Strategy (MSTR), the company that holds more Bitcoin on its balance sheet than any other firm, watched its stock tumble to its weakest level in over two years on Wednesday, dragged down as Bitcoin slid to a two-week low and unease swirled around the $52 billion crypto hoarder.
Roughly half an hour into Wednesday's session, MSTR sank as low as $97.30 and was recently changing hands at $98.05, a fall of nearly 5.5% on the day.
The drop deepens a brutal stretch for the company's common stock, which has shed about 20% in the past week and more than 38% over the past month.
Back below $100 for the first time since 2024
Historical data shows the last time MSTR slipped under $100 was March 1, 2024, when Bitcoin was changing hands at roughly today's level, somewhere in the $61,000 to $62,000 range.
Both have soared and crashed in the time since. Strategy's stock climbed past $400 in 2025 as Bitcoin surged on the back of President Donald Trump's friendlier crypto policies and the wave of optimism that swept through crypto traders.
Bitcoin down more than 50% from its peak
Bitcoin notched a fresh all-time high above $126,000 last October, but has since cratered more than 50% to a recent $60,935, its lowest in two weeks. The leading digital asset has been pummeled as investors pull out of Bitcoin ETFs in favor of bigger potential payoffs in AI stocks, while the Fed strikes a more hawkish tone.
As the largest corporate holder of Bitcoin and the creator of the crypto treasury playbook that other coins copied last year, Strategy's own buying has propped up BTC during rallies, and arguably cooled the mood during downturns.
Saylor's 'never sell' mantra cracks
Bitcoin has failed to bounce back since dropping under $70,000 near the start of June, right around the moment Strategy revealed its first BTC sale since 2022, breaking the 'buy and never sell' creed that co-founder and executive chairman Michael Saylor had preached for years. The firm has since padded its cash reserves to $1.4 billion following STRC's stumble.
STRC shares take a beating too
Strategy's STRC preferred shares, which have bankrolled billions of dollars in Bitcoin purchases for the company this year, have also been hit hard amid mounting worry that the firm may need to offload more BTC to cover its dividend obligations.
Built to trade near $100, STRC sank to a low of $82.53 last week and is sliding again on Wednesday. It was last trading at $84.35, down 3.4% on the day.
