# Michael Saylor’s Strategy stock falls below $100 as Bitcoin slides

**Published:** 2026-07-02T19:28:23.695Z  
**Topic:** Microstrategy Bitcoin  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/3bcf5274-3cc3-4e55-9f92-9908e0fa2f8a

Strategy shares tumble >9% to a multi‑year low and preferred stock drops 25% below $100 amid Bitcoin’s $58,131 dip, raising questions on the treasury model.

Michael Saylor’s MicroStrategy (now Strategy) saw its common stock plunge more than 9% on Thursday, hitting the lowest level since February 2024, while Bitcoin briefly slipped to a 21‑month low of $58,131 — a move that has reignited scrutiny of the company’s bitcoin‑centric treasury strategy【1】.

| At a glance | |
|---|---|
| Common stock price | $82 (≈ 9% drop) |
| Preferred‑stock price | ≈ $75 (≈ 25% below $100 target) |
| Bitcoin price | $58,131 (21‑month low) |
| Catalyst | Bitcoin dip & analyst warnings to halt purchases |

## Share price pressure and bitcoin’s tumble
Strategy’s common shares closed around $82, a steep fall from the $543 intraday high recorded in November 2024 and the lowest since early 2024【1】. The decline coincided with Bitcoin slipping below $59,000, where it briefly hit $58,131, erasing more than half of its value since the October 2025 peak above $126,000【1】. Crypto‑analytics firm CryptoQuant warned that the firm’s “buy‑the‑dip” approach has generated rapid unrealised loss growth and urged a pause on further purchases to rebuild cash reserves【1】. JPMorgan analysts echoed the sentiment, recommending a rebuild of dollar reserves to restore confidence and reduce concerns that future bitcoin sales might be needed to fund dividend payments【1】.

## Preferred‑stock model under fire
Strategy’s preferred‑share vehicle (ticker STRC), which carries an 11.5% annual dividend and is engineered to trade near $100, fell about 25% below par to a record low, prompting criticism from Ripple CEO Brad Garlinghouse. He described the model as “financial engineering” that distracted the market and called its collapse a “damning indictment” of Saylor’s approach【2】. Garlinghouse noted that the cushion behind the dividend has thinned from over seven years of coverage to roughly 14 months, meaning the engine for issuing shares and buying bitcoin is effectively stalled【2】. Benchmark‑StoneX analyst Mark Palmer argued the funding engine is “less efficient” rather than broken, but the market reaction suggests the model’s credibility is waning【2】.

## Treasury balance and on‑chain exposure
Strategy still holds 845,256 BTC, valued at about $63.9 billion based on a recent regulatory disclosure, with an average cost of $75,680 per token【1】. The latest purchase added 1,550 BTC for $101.3 million at an average price of $65,332 per coin on June 8【1】. However, cash reserves have shrunk to $1.4 billion, a fraction of the bitcoin holdings, underscoring the liquidity strain highlighted by analysts【1】. The broader crypto market also faces $10 billion of options expiring on Deribit on Friday, a factor that could amplify price volatility【1】.

## What to watch
- Bitcoin price breaking and holding below $59,000, a key psychological level for Strategy’s buying model.  
- STRC preferred‑share price staying under $100, which would keep the dividend cushion below the 14‑month coverage threshold.  
- Upcoming Deribit options expiry on Friday, which may add further pressure to bitcoin’s price trajectory.

The twin blows of a plunging common share price and a collapsing preferred‑share premium put Saylor’s long‑term treasury thesis under intense pressure, leaving investors to watch whether the firm will rebuild cash reserves or double down on bitcoin purchases amid a volatile market.

## Sources
1. Forbes — [Billionaire Saylor ‘Focused On Bitcoin’ As Strategy Shares Plunge And Analysts Caution Against Buying](https://www.forbes.com/sites/tylerroush/2026/06/26/billionaire-saylor-focused-on-bitcoin-as-strategy-shares-plunge-and-analysts-caution-against-buying/)
2. CoinDesk — [Ripple CEO stays bullish on bitcoin but says Saylor's strategy has hurt crypto](https://www.coindesk.com/markets/2026/06/27/ripple-ceo-stays-bullish-on-bitcoin-but-says-saylor-s-strategy-has-hurt-crypto)
3. The Business Journals — [Strategy to sell up to $1.25B in bitcoin, reversing Michael Saylor's longtime policy](https://www.bizjournals.com/washington/news/2026/06/30/strategy-bitcoin-sale-usd-reserves.html)

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Cite as: TrendWatcher, "Michael Saylor’s Strategy stock falls below $100 as Bitcoin slides", https://www.trendwatcher.in/article/3bcf5274-3cc3-4e55-9f92-9908e0fa2f8a