Strategy, the largest corporate holder of Bitcoin, watched its stock fall below $100 on June 24, 2026, the first time MSTR has traded under that level in two years. The shares dropped roughly 10% on the day as Bitcoin slid under $60,000, according to reporting from CryptoPotato and a market update from BitcoinNews. The move leaves Michael Saylor's company carrying a paper loss of about $12.55 billion on the Bitcoin it has accumulated since 2020.
At the time of writing, Bitcoin traded near $59,632, down 4.6% over 24 hours and 9.5% on the week, per CoinMarketCap data. The Fear & Greed index sat at 16, deep in Extreme Fear. Ether was near $1,575 (down 5.1%), and the broader market followed Bitcoin lower.
A stock that trades like leveraged Bitcoin
Strategy's equity has always moved as a geared bet on Bitcoin. The company funds its purchases with convertible debt and preferred stock, so when Bitcoin rises, MSTR tends to rise faster, and when Bitcoin falls, MSTR tends to fall harder. The drop below $100 is the clearest sign yet that the trade runs in both directions. The shares last sat at this level in mid-2024, before the run that took the stock to its highs.
The $12.55 billion figure is an unrealized, mark-to-market loss, not a forced sale. Strategy has not sold any Bitcoin to cover it, and the company has repeatedly said it intends to hold through drawdowns. The number matters because it tests the premise that a public company can keep raising capital to buy Bitcoin while its own securities trade above the value of the coins they fund. When that premium compresses, the funding machine gets harder to run.
The STRC discount tells its own story
The sharper warning sits in Strategy's preferred stock. The STRC discount has widened, meaning those shares now trade further below the terms investors were promised. Preferred instruments like STRC were sold to fund Bitcoin buys at a fixed cost, and a widening discount signals that the market is demanding a higher return to hold Strategy's paper. That raises the real cost of the next capital raise and narrows the room Saylor has to keep adding to the position on the same terms.
Earlier this month, Strategy moved to build a cash reserve of about $1.4 billion, partly to manage the costs tied to its STRC structure. The latest stress puts that buffer in context: it exists precisely because servicing preferred dividends and convertible obligations gets more demanding when the stock and the underlying coins fall together.
A selloff that is hitting the whole stack
Strategy is not falling in isolation. The decline tracks a broader risk-off move that has pulled equities and crypto down in tandem. Spot Bitcoin ETFs have posted heavy outflows over recent weeks, and exchange and OTC balances have been draining as holders move coins off venues. With Bitcoin under $60,000 and sentiment at Extreme Fear, leveraged positions across the market have been unwinding, and corporate treasuries built on the same thesis as Strategy face the same math.
For now, the company's position is a paper loss rather than a liquidation event. Strategy holds its Bitcoin outright, not on margin against a Bitcoin price that triggers automatic sales, which is the structural difference between a treasury holder and a leveraged trader getting liquidated. The pressure shows up instead in the cost of capital: the price of MSTR, the discount on STRC, and the willingness of investors to keep funding the next purchase.
Overview
Strategy's MSTR fell about 10% below $100 on June 24, 2026, its first sub-$100 print in two years, as Bitcoin dropped under $60,000. The company is sitting on a roughly $12.55 billion unrealized loss, and its STRC preferred shares are trading at a widening discount that raises the cost of future capital raises. None of this forces a sale, since Strategy holds its Bitcoin outright. The signal to watch is funding cost, not liquidation: as long as the discount on Strategy's paper keeps widening, the model that turned a software company into the market's largest Bitcoin treasury gets more expensive to sustain. This is reporting on a market move, not financial advice.
