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Strategy, a U.S.-listed company, sees its stock price fall below $100 for the first time in nearly two years, prompting the market to re-examine its Bitcoin treasury strategy. Peter Schiff warns of potential financing and selling pressure.

Strategy Stock Drops Below $100, Market Reevaluates Bitcoin Treasury Model

As Bitcoin continues to weaken, the stock of U.S.-listed company Strategy (formerly MicroStrategy), which holds a large amount of Bitcoin ($BTC), has also plunged, falling below $100 to a two-year low. This has triggered a market reassessment of the company's Bitcoin treasury strategy.

Source: Google Finance. Strategy (formerly MicroStrategy) stock has plunged below $100 to a two-year low.

After Bitcoin recently fell below $60k, Strategy's stock decline accelerated. Since the company has continuously raised funds through convertible bonds, preferred shares, and common stock over the years, and then invested most of the funds into Bitcoin, the company's valuation remains highly correlated with Bitcoin's price. As Bitcoin's price continues to correct, the market has begun to reassess Strategy's financing ability, balance sheet structure, and overall financial risk.

Related news: Bitcoin breaks below $60K! Four-year cycle theory questioned, watch the $57.3K liquidation level.

Peter Schiff Questions Financing Model, Warns of Potential Selling Pressure

Long-time Bitcoin critic and gold advocate Peter Schiff has once again publicly criticized Strategy's business model. He believes that if the stock price continues to fall and Bitcoin's price fails to stabilize, the company may face greater financing pressure in the future and could even sell some of its Bitcoin holdings to maintain financial flexibility.

Source: X/@PeterSchiff Peter Schiff again publicly criticizes Strategy's business model.

Schiff points out that Strategy's ability to continuously expand its Bitcoin holdings has largely relied on the market's willingness to subscribe to the company's stock and various financing instruments. Once the stock price remains depressed for a long time, the cost of obtaining funds through additional capital raises or bond issuances will increase, potentially affecting its ability to continue buying Bitcoin.

Schiff has long opposed Bitcoin and repeatedly predicted major market corrections, so this latest comment has once again sparked heated debate between bulls and bears.

Market Begins to Focus on Strategy's Capital Structure

In addition to the stock price decline, the market is also paying more attention to Strategy's overall capital structure.

In recent years, in addition to issuing common stock, the company has also launched various preferred shares and convertible securities, raising funds through different financing tools and then continuously increasing its Bitcoin holdings. As market conditions turn weak, the prices of these financing instruments have also fallen, leading investors to reassess future fundraising efficiency and the risks of a high-leverage strategy.

On-chain analysis firm CryptoQuant recently suggested that Strategy may consider increasing its cash position to improve liquidity management. Researchers believe that maintaining a higher proportion of cash amid increased market volatility can help reduce short-term financial pressure and enhance the company's ability to respond to market corrections.

• Related news: Bitcoin unrealized losses reach $10.6 billion! Analyst warns: MicroStrategy should not increase positions further, should replenish cash.

On the other hand, the market has also noticed that a higher proportion of the new funds raised by Strategy has recently been kept as cash rather than fully invested in Bitcoin, reflecting that the company is beginning to balance liquidity with asset allocation.

Bitcoin Price Remains Key Factor Affecting Strategy

Currently, Strategy remains the publicly listed company with the largest Bitcoin holdings globally, so its stock price and market sentiment are still highly influenced by Bitcoin's price.

• Supporters believe that as long as Bitcoin returns to a bullish cycle, Strategy's long-term strategy of holding a large amount of Bitcoin could still drive the company's valuation recovery;
• Opponents argue that if Bitcoin continues to languish, the model that relies heavily on capital market financing will face greater challenges.

As of now, Strategy has not indicated any plans to sell Bitcoin and has repeatedly reiterated that its long-term strategy of holding Bitcoin remains unchanged. However, with the stock price breaking below a key psychological level and the market continuing to focus on the company's financing ability, cash position, and balance sheet status, how Strategy balances Bitcoin allocation, capital management, and financial risk control will become a key point for investors to watch.