Preface

This article summarizes recent market moves involving Strategy, a major corporate holder of Bitcoin, and the cryptocurrency itself. It explains why Strategy's publicly traded shares fell below the $100 mark for the first time in over two years and how the decline in Bitcoin's price has amplified investor concern. The goal is to provide context on the relationship between the company's Treasury-driven business model and broader market sentiment, while highlighting key facts that matter to investors and observers.

Lazy bag

Key takeaways: Strategy's common shares dropped under $100 amid a sharp pullback in Bitcoin, which slid to roughly $60,900 — a two-week low. The company’s preferred shares have also weakened amid worries it may need to sell BTC to satisfy obligations.

Main Body

Shares of Strategy, the corporate Bitcoin treasury firm, fell to their lowest levels in more than two years on Wednesday as the price of Bitcoin declined to a two-week low. Early trading saw Strategy’s common stock trade as low as $97.30 roughly 30 minutes after the opening bell; by the latest available data the shares were trading near $98.05, representing an intraday decline of about 5.5%.

The drop in Strategy’s stock has accelerated a recent downward trend: the common shares are off roughly 20% over the past week and have lost more than 38% over the last month. Historical pricing shows the stock last traded below $100 on March 1, 2024, a time when Bitcoin’s price was in the low $60,000s — similar to current levels.

Both Strategy and Bitcoin experienced significant rallies and subsequent pullbacks since that March date. Strategy’s shares reached highs above $400 in 2025 as Bitcoin benefited from heightened bullish sentiment tied to crypto-favorable political developments and growing investor enthusiasm. Bitcoin itself hit an all-time peak above $126,000 last October before retreating more than 50% to a recent level near $60,935.

The drivers behind Bitcoin’s decline include outflows from Bitcoin ETFs, shifting investor interest toward high-conviction sectors such as AI, and a firming tone from the Federal Reserve. Those combined forces have weighed on demand for the leading digital asset, translating into weaker investor appetite for companies whose financial performance and market value are closely tied to BTC holdings.

As the largest corporate holder of Bitcoin and an early adopter of the corporate crypto treasury approach, Strategy’s buying and selling patterns have had notable market effects. During bullish stretches, the firm's accumulation supported BTC prices; conversely, when the company reduced holdings, it contributed to downward pressure and investor unease.

Bitcoin’s inability to reclaim the $70,000 level since early June coincided with Strategy’s disclosure of its first Bitcoin sale since 2022 — a move that undercut the company’s long-standing "buy and hold" reputation promoted by company co-founder and executive chairman Michael Saylor. That shift in behavior has intensified investor scrutiny.

Concerns have also focused on Strategy's preferred shares, which have been used to finance substantial Bitcoin purchases this year. Those STRC preferred shares were designed to trade near $100 but recently dropped to a low around $82.53 and were trading in the mid-$80s amid renewed declines. Worries that Strategy may be forced to liquidate additional Bitcoin to meet dividend or other obligations have pressured the preferred issue and fueled broader uncertainty about the firm’s balance-sheet actions.

In sum, Strategy’s stock decline below the $100 threshold reflects a combination of the broader downturn in Bitcoin, shifts in investor priorities, and market reaction to the company’s changed stance on BTC sales. For investors, the episode highlights the tight coupling between corporate balance-sheet strategies that centralize crypto exposure and the volatile nature of digital-asset markets. Observers will likely watch future disclosures from Strategy closely for signs of additional sales or changes to how the company manages its crypto treasury to gauge potential downstream effects on both the firm’s securities and Bitcoin itself.

Key Insights Table