#我的Gate交易时刻

The stock price of Strategy fell below $100, hitting a new low since March 2024, possibly indicating that its cycle of financing by issuing shares to buy coins is nearing collapse.

On June 24, data showed that Strategy's stock price dropped below $100, reaching a new low since March 2024, currently trading at $99.8, down more than 3%.

Strategy's stock price breaking below $100 reflects the market's ongoing skepticism and liquidation of its core business model—as a "Bitcoin treasury." Since Q4 2025, its stock has fallen sharply from a high of $543, accompanied by Bitcoin prices repeatedly falling below its holding cost line (about $76,037), exposing the company to massive unrealized losses. Recently, its financing tool, preferred stock STRC, has severely decoupled to $82.7, and in early June, it broke its "never sell coins" promise by selling Bitcoin, both revealing dual pressures on its cash flow and market confidence.

Most notably, the current stock price is below the $88.8 closing price of its preferred stock STRC on June 19. This means that the market's valuation of Strategy's common equity is even lower than the residual value of its interest-bearing preferred stock, reflecting extreme pessimism about its equity value and possibly indicating that its cycle of financing by issuing shares to buy coins is nearing collapse. #btc