Saylor's MSTR Plunges Below $100 for First Time Since 2024, Schiff Smells Blood 🩸

Shares in Bitcoin treasury giant Strategy (MSTR) fell to a more-than-two-year low on Wednesday, closing below $100 for the first time since March 2024. MSTR dropped 9.26% to $94.23, touching an intraday low of $92.28 after falling as low as $97.30 roughly 30 minutes after the opening bell. The decline extends a brutal stretch for the stock, which has lost roughly 20% over the past five trading days and more than 38% over the past month, according to Yahoo Finance data.

Bitcoin slid alongside the equity, dropping to $59,200 during the selloff before recovering to $61,246.22, a two-week low for the leading cryptocurrency. BTC is now down more than 50% from its all-time high above $126,000 set in October 2025. Strategy shares, which peaked above $400 in 2025 amid President Donald Trump's more crypto-friendly policies, have fallen more than 80% from their high.

The Treasury Virginia-based firm's preferred STRC shares fell to a 52-week low of $80.84, well below their $100 par value, as concerns mounted over Strategy's $52 billion Bitcoin accumulation and its ability to meet dividend obligations. STRC was last trading at $84.35, down 3.4% on the day. Crypto critic Peter Schiff weighed in on X, warning, "If short sellers push $MSTR's price low enough, they can put Saylor in a position where his best option would be to sell Bitcoin to buy back stock." He added that such a move "would reduce the discount" on MSTR stock but cautioned that "Bitcoin will crash" if the company is compelled to sell its holdings.

Strategy co-founder and executive chairman Michael Saylor has long championed a "buy and never sell" ethos for the firm's Bitcoin holdings, but that posture cracked in late May when the company disclosed its first BTC sale since 2022, offloading 32 BTC. Earlier this week, Strategy raised $335.5 million in net proceeds by issuing 2.71 million common shares, using $34.9 million of the funds to purchase 520 BTC at an average price of $67,068 per coin. The firm lifted its USD reserve to $1.4 billion with a $300 million allocation, though STRC printed a new low three days later.

Critics have grown louder as Strategy's holdings climbed to 847,363 BTC. CryptoQuant CEO Ki Young Ju said Strategy's BTC buying "looks more like a liquidity sink than a price catalyst," noting that Bitcoin's realized market capitalization has increased by $467 billion over the past two years while price has stayed relatively stable. Charlie Bilello, Chief Market Strategist at Creative Planning, pointed out that Strategy shares plunged roughly 99.86% during the Dot-com Bubble and cautioned that sharp declines can deepen further. The broader selloff came as investors fled Bitcoin ETFs and shifted toward AI stocks amid a more hawkish Federal Reserve tone, dragging both crypto and tech equities lower.