# Strategy stock falls below $100 as Bitcoin price pressure mounts

**Published:** 2026-06-30T18:59:14.595Z  
**Topic:** Microstrategy Bitcoin  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/0eb5cefe-7d3f-45c7-a023-b837ca813dac

Strategy (MSTR) shares slipped to $98.83, breaking the $100 level for the first time since March 2024 amid Bitcoin’s dip to $61k and recent BTC sales.

Strategy (NASDAQ: MSTR) closed at $98.83 on Wednesday, slipping below the $100 psychological barrier for the first time since March 2024. The move follows Bitcoin’s slide to around $61,000 and a June 1 sale of 32 BTC, underscoring how the company’s equity value is tightly coupled to its Bitcoin treasury.

| At a glance | |
|---|---|
| Price | $98.83 |
| 24h change | –4.18% |
| Key level | $100 support broken |
| Catalyst | Bitcoin price at $61k; 32 BTC sale |

## Bitcoin price and treasury impact  
Strategy’s 847,363 BTC holdings are now valued at roughly $53 billion, a sharp decline from the $64 billion implied by its average cost basis of $75,656 per coin. The resulting unrealized loss exceeds $11 billion, a weight that has translated into a sub‑$100 share price [1]. Bitcoin’s current price is well below Strategy’s average acquisition cost, eroding the premium investors once placed on the stock as a leveraged Bitcoin proxy [2].

## Recent financing moves and market reaction  
In May, Strategy used cash reserves to buy back $1.5 billion of convertible bonds at a discount, cutting its dividend‑coverage buffer from a 24‑month target to roughly six months at the low point [1]. The June 1 sale of 32 BTC—its first since 2022—was intended to demonstrate liquidity for dividend obligations, but the announcement triggered an almost 6% drop in the share price [1]. Despite adding 1,587 BTC for $100 million earlier in June and another 520 BTC for $35 million on June 22, the continued purchases above market price have not restored investor confidence [1].

## Preferred stock pressure and broader market context  
Strategy’s preferred stock (STRC) fell to a record low of $83 in mid‑June, far below its $100 par value, highlighting stress in the company’s credit products even after the dividend frequency was increased to twice per month and cash reserves were rebuilt to about $1.1 billion [1]. The broader crypto market shows a shift: while Strategy’s shares slipped, other assets such as the Sui token rallied 18% on institutional staking news, and tokenized real‑world assets surpassed $20 billion on‑chain, indicating capital is flowing into diversified digital products [2].

## What to watch  
- **$100 level** – A retest could either provide support or confirm a new lower trading range.  
- **Bitcoin price** – A sustained move above $65,000 would narrow the gap to Strategy’s cost basis and could lift the stock.  
- **Convertible note conversion thresholds** – Continued sub‑$100 trading may pressure the terms of the low‑coupon convertible debt, potentially affecting future financing options.

The breach of $100 signals that the market is reassessing the premium attached to a corporate Bitcoin treasury. Whether Strategy can stabilize its share price will depend on Bitcoin’s trajectory and the company’s ability to manage its leveraged financing structure without further diluting shareholders.

## Sources
1. Bitcoinmagazine — [Strategy (MSTR) Stock Falls Below $100 for First Time Since March 2024](https://bitcoinmagazine.com/news/strategy-mstr-stock-falls-below-100)
2. Blockchainreporter — [Strategy Shares Slide Below $100 As Bitcoin Holdings Lose Their Shine](https://blockchainreporter.net/strategy-shares-slide-below-100-as-bitcoin-holdings-lose-their-shine/)
3. KuCoin — [Strategy Shares Fall Below $100 as Bitcoin Holdings Lose Luster | KuCoin](https://www.kucoin.com/news/flash/strategy-shares-fall-below-100-as-bitcoin-holdings-lose-luster)

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Cite as: TrendWatcher, "Strategy stock falls below $100 as Bitcoin price pressure mounts", https://www.trendwatcher.in/article/0eb5cefe-7d3f-45c7-a023-b837ca813dac