Strategy Stock Falls Below $100 for First Time in Two Years as Analysts Pick Apart Its Bitcoin Bet

macro

MicroStrategy (MSTR) shares fell below $100 for the first time in two years, valuing the company at a discount to its roughly $50B in Bitcoin holdings. The drop shifts investor focus from whether MSTR will buy more BTC to which part of its capital stack—common equity, preferreds, debt, or the coins themselves—is worth owning, reflecting skepticism about the firm/financing structure rather than Bitcoin fundamentals. Key implication for Bitcoin: market participants could pressure monetization of BTC holdings or see the coins as the most conservative store of value within MSTR’s balance sheet.

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