MSTR Plunges Below $100 as Bitcoin Bet Turns Bitter

Strategy's Bitcoin bet has turned sour as MSTR dropped below $100 for the first time in two years on Wednesday. The stock fell by 9.26% to $94.13, with a volume of 39 million shares, roughly four times its average.

The decline mirrors the broader crypto market downturn, with Bitcoin trading at $60,770, down 3.03% over the past 24 hours and 20.65% over the past month. The collapse of MSTR's stock price is directly linked to the deterioration in Bitcoin's value.

Strategy holds 847,363 BTC as of June 21, worth around $53 billion at current prices. At its peak near $93,000 in September 2025, this same stack was valued at approximately $78.8 billion, resulting in a $25 billion loss that has eroded the company's equity cushion.

Julio Moreno, head of research at CryptoQuant, urged Strategy to pause BTC purchases and rebuild its cash reserves. He estimated that Strategy would need around $2.8 billion in reserves to restore 24 months of dividend coverage, compared to its current holding of $1.4 billion.