Rosen Law Firm opened a securities investigation into Strategy Inc., examining whether the Bitcoin treasury company issued materially misleading disclosures to investors across its entire capital stack, including common shares and all four series of preferred stock.
The investigation notice, published via Business Wire on June 24, covers Strategy's MSTR common shares and its STRF, STRC, STRK, and STRD preferred securities. Rosen said it is preparing a class action to recover investor losses and is seeking a lead plaintiff. The notice is not a filed complaint. Rosen attorney Phillip Kim named the firm's case page at rosenlegal.com/cases/strategy-inc as the contact point for shareholders.
The probe landed as Strategy's stock hit its weakest level in roughly two years. MSTR fell about 8% on June 25 to approximately $86, its lowest level in roughly two years, according to Unchained. The stock has shed roughly 78% over the past year. Bitcoin traded near $60,162 on Friday, per CoinGecko, down more than 50% from its October 2025 peak above $126,000.
Strategy holds 847,363 BTC, per the company's own purchases page, representing roughly 4% of the asset's total 21 million fixed supply. CEO Phong Le highlighted that figure on Thursday, framing continuous accumulation as deliberate positioning through a downturn. At current prices that stake is worth roughly $50.9 billion, against a total cost basis of approximately $56.3 billion, based on an average purchase price previously reported at $66,384 per coin — leaving the position underwater by several billion dollars at current prices.
