Strategy Inc. built its entire identity around one trade: buy Bitcoin, hold Bitcoin, never sell Bitcoin. On June 23, 2026, that identity got expensive. Shares of the company, formerly known as MicroStrategy, touched an intraday low of $100.03 before closing at $103.84, marking the first time the stock has traded at that level in nearly a year.
The drop is not just a number. It represents a decline of more than 70% from the stock’s 2025 peak above $450, a collapse that tracks almost perfectly with Bitcoin’s own retreat from record highs.
What broke the floor
Bitcoin was the original pressure point. The asset that Strategy built its entire treasury around was trading below $65,000 in late June 2026, a steep fall from the highs above $126,000 it reached earlier in 2025.
The company relies heavily on STRC perpetual preferred shares as a funding mechanism. These instruments carry a par value of $100, meaning they’re supposed to trade at or above that level to function as intended. In early June 2026, they were trading as low as $89 to $95. When preferred shares fall below par, the dividend obligations automatically escalate, and the company loses the ability to issue new shares at favorable terms.
