Strategy's STRC perpetual preferred stock, the primary engine behind its recent bitcoin accumulation, slid to a record low on Thursday, falling as much as 26% below its $100 par value. Alongside this, Strategy's common shares dropped to their lowest levels since February 2024 as bitcoin sank to $58,000.
STRC traded as low as $74 before recovering to around $77.50, while MSTR dropped below $87, extending a decline of more than 50% in just over a month, according to The Block's crypto equities page.
This came as bitcoin (BTC) briefly returned to the $58,000 level for the first time since October 2024 ahead of a massive $10.6 billion quarterly options expiry on Friday.
STRC price chart. Source: STRC.live
Strategy, and its Chairman Michael Saylor, is no stranger to being criticized for its bitcoin-focused business model. Before Strategy began issuing preferred shares, skeptics often argued that (MSTR) was little more than a leveraged proxy for bitcoin and that a prolonged bear market would eventually cause everything to unravel.
