Bitcoin BTC Drags Strategy Shares Under $100

Bitcoin is sliding again, pulling Strategy (MSTR) shares deep into territory not seen since early 2024. The leading cryptocurrency has dropped to a two-week low around $62,658, and the company that holds more BTC than any other corporation is feeling the pressure from multiple directions at once.

At a Glance

• Bitcoin (BTC/USD) recently trading near $62,658, down about 2% on the day
• MSTR shares fell as low as $97.30 Wednesday, a drop of roughly 5.5% on the session
• Strategy stock is down about 20% over the past week and more than 38% in the past month
• MSTR last traded below $100 on March 1, 2024, when BTC was in the same $61,000 to $62,000 range
• Strategy's STRC preferred shares hit a low of $82.53 last week; they were changing hands near $84.35, off 3.4%, on Wednesday

Bitcoin Falls to a Two-Week Low

Bitcoin price today sits at $62,658.40, off 2.02% on the day. The token set an all-time high above $126,000 last October, so the current price represents a decline of more than 50% from that peak. The selling pressure has several identifiable causes: investors pulling money out of Bitcoin ETFs, fresh enthusiasm for AI stocks drawing capital away from crypto, and a more cautious tone from the Federal Reserve.

Bitcoin struggled to hold the $70,000 level after falling below it around the start of June. That also coincided with a disclosure that rattled the market: Strategy revealed it had sold Bitcoin for the first time since 2022, puncturing the "buy and never sell" philosophy that company co-founder and executive chairman Michael Saylor had championed for years. The crypto market took notice.

What Is Happening to MSTR Stock

Strategy shares opened sharply lower Wednesday and touched $97.30 about 30 minutes after the bell, their weakest point since March 1, 2024. At that earlier date, BTC was trading in almost exactly the same $61,000 to $62,000 range it occupies now. Between then and the start of 2025, both assets surged dramatically. MSTR climbed above $400 as Bitcoin rallied on optimism tied to President Donald Trump's crypto-friendly policy stance. Now both have given back a large portion of those gains.

The stock's recent skid is steep even by crypto-adjacent standards. A 20% drop in a week and a 38% decline over the past month reflect not just Bitcoin's price weakness but also specific concerns about how Strategy finances its accumulation strategy.

The STRC Preferred Share Problem

Much of Strategy's Bitcoin buying this year has been funded through its STRC preferred shares, which are designed to trade near $100. Last week STRC fell to a low of $82.53, and the selling continued Wednesday with the shares changing hands near $84.35, down 3.4% on the session. The concern driving that discount is straightforward: if STRC keeps trading well below its target price, investors worry the company could be forced to sell Bitcoin holdings to cover dividend obligations. That would contradict the accumulation model Saylor built the company's identity around.

As the largest corporate holder of Bitcoin and the originator of the crypto treasury model that other companies adopted last year, Strategy's behavior has an outsized effect on BTC sentiment. During bull markets, its aggressive buying amplifies enthusiasm. During downturns, fears about forced selling work in the opposite direction.

Broader Market Context

The macro backdrop is not helping. The Federal Reserve's more hawkish posture on interest rates has made risk assets broadly less attractive, and Bitcoin, despite years of maturation as an asset class, still behaves as a high-beta risk trade in that environment. The rise of AI stocks as the market's favored high-growth bet has also diverted speculative capital that might otherwise have flowed into crypto. Bitcoin ETF outflows in recent weeks underscore how institutional appetite has cooled from the frenzied pace seen earlier in the year.

Crypto markets remain highly volatile. Price swings of 10% or more in short periods are common, and assets that rise quickly can reverse just as fast. The gap between Bitcoin's current price and its October 2024 all-time high is a reminder of how severe those reversals can be.

Frequently Asked Questions

Why is MSTR stock falling along with Bitcoin?

Strategy holds roughly $52 billion worth of Bitcoin on its balance sheet, so its stock price moves closely with BTC. Additional pressure comes from concerns that its STRC preferred shares, used to fund Bitcoin purchases, may force asset sales to cover dividend payments.

What is the STRC preferred share and why does it matter?

STRC is a preferred share issued by Strategy, designed to trade near $100 and used to raise capital for Bitcoin acquisitions. When it trades well below that target, it signals investor concern about the company's ability to service its dividend without selling BTC.

Has Strategy ever sold Bitcoin before?

Yes, but rarely. The company disclosed a Bitcoin sale in mid-2025, the first since 2022. That disclosure was significant because Saylor had long positioned the firm as a perpetual accumulator that would never sell its holdings.

What drove Bitcoin to its all-time high above $126,000?

A combination of factors pushed BTC to a record in October 2024, including optimism around U.S. crypto-friendly policy signals from the Trump administration, strong institutional demand through spot Bitcoin ETFs, and broad risk-on sentiment in financial markets at the time.

Where Things Stand Now

Bitcoin is sitting at a price last seen two weeks ago, and Strategy stock is at levels not touched since before the 2024 to 2025 rally. The question hanging over both assets is whether the current support holds or whether ETF outflows, Fed policy, and STRC jitters combine to push them lower. Neither has found a clear floor yet.