Shares in Bitcoin treasury giant Strategy (MSTR) fell below $100 on Wednesday for the first time since March 2024, as Bitcoin's price dropped to a two-week low. MSTR shares hit $97.30 in early trading, down about 5.5% on the day, and have fallen nearly 20% in the past week and over 38% in the past month. Bitcoin itself is trading around $60,935, over 50% below its all-time high of $126,000 reached in October 2025. The decline coincides with investor rotation from Bitcoin ETFs to AI stocks and a hawkish Fed stance. Strategy, the largest corporate Bitcoin holder with $52 billion in BTC, disclosed its first BTC sale since 2022 in June, breaking its long-held 'buy and never sell' ethos. The firm's STRK preferred shares, used to fund Bitcoin purchases, also fell to $82.53 last week, raising concerns about dividend obligations potentially forcing further BTC sales. The downturn reflects broader market uncertainty around Bitcoin and the sustainability of Strategy's leveraged Bitcoin accumulation strategy.

Key facts

• MSTR shares fell below $100 for first time since March 2024, hitting $97.30.
• Bitcoin dropped to $60,935, a two-week low and 50% below its all-time high.
• Strategy broke its 'buy and never sell' ethos with first BTC sale since 2022 in June.
• STRK preferred shares fell to $82.53, raising fears of forced BTC sales for dividends.
• Investor rotation to AI stocks and hawkish Fed stance pressure Bitcoin and MSTR.

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