Strategy's common stock (MSTR) and its preferred shares (STRC) both hit 52-week lows on Wednesday, with MSTR falling 9.35% to $94.13 and STRC dropping 7.41% to $80.84. Bitcoin slipped to $59,200 during the selloff before recovering to $61k after strong Micron earnings. The decline underscores stress on Michael Saylor's treasury model, with concerns over a potential 'doom loop' as falling MSTR reduces Saylor's ability to buy Bitcoin or raise cash. Kalshi is in talks for a $40 billion valuation, nearly double its April round, driven by surging sports betting volume and crypto markets. Crypto majors fell 1-2%, with Bitcoin at $61.2k, Ether at $1,630, and Solana at $68. The Bitcoin ETFs saw $469M in net outflows, the most in 3 weeks.

Key facts

• MSTR fell 9.35% to $94.13, hitting a 52-week low intraday at $92.28.
• STRC dropped 7.41% to $80.84, below its $100 par value.
• Bitcoin slid to $59,200 before recovering to $61k after Micron earnings.
• Kalshi targets $40B valuation, up from $22B in April.
• Bitcoin ETFs saw $469M in net outflows on Wednesday.
• Main altcoins down: ETH -3%, SOL -3%.

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