Strategy Inc. (NASDAQ: MSTR) stock closed at $103.84 on June 23, 2026, marking the first time the mstr stock has traded below $100 since March 2024, according to market data from Macrotrends and Yahoo Finance. The decline reflects broader pressure on the Bitcoin-focused company as its core funding mechanism faces unexpected strain.
The drop in mstr stock price accelerated after the company’s preferred stock, STRC, fell to a record low of $89 on June 18, about 11% below its $100 par value, according to CoinDesk. That decline forced Strategy to pause its at-the-market issuance program, which has been the company’s primary vehicle for raising capital to purchase Bitcoin without diluting common shareholders.
STRC, the Variable Rate Series A Perpetual Stretch Preferred Stock, was designed to maintain a price near $100 through a variable dividend that adjusts monthly. When STRC trades above par, Strategy issues new shares through the at-the-market program and uses the proceeds to buy Bitcoin. With STRC now below par, that funding channel is blocked, limiting the company’s ability to continue its aggressive Bitcoin accumulation strategy.
The Dividend-Driven Bitcoin Sale
The pressure on STRC has created an unprecedented problem: Strategy sold Bitcoin for the first time since it began accumulating the asset in 2022. The company disclosed on June 1 that it had sold 32 Bitcoin for approximately $2.5 million in late May to fund STRC dividend payments, according to CoinDesk. This sale marked a stark reversal from founder Michael Saylor’s long-standing pledge never to sell the company’s Bitcoin holdings.
The STRC dividend crisis stems from the stock’s mechanics. STRC pays a variable dividend, currently at an effective rate of 12.9%, adjusted monthly to keep the price near $100. As Bitcoin’s price has declined—falling from a peak near $124,000 last October to around $61,000 to $65,000 in mid-June—the preferred stock has become increasingly difficult to support, according to CoinDesk.
Strategy holds about 846,842 Bitcoin, roughly 4% of the total supply that will ever exist, making it the largest corporate Bitcoin holder. In response to the preferred stock decline, the company said last week it had grown a dedicated U.S. dollar reserve to $1.1 billion to cover preferred dividends and debt while still buying 1,587 Bitcoin through separate sales of its common stock, according to CoinDesk.
The mstr stock decline comes as the company faces a narrowing path to fund its Bitcoin purchases. With the at-the-market program paused and dividend pressures mounting, Strategy’s ability to leverage its preferred stock structure—a key innovation that had allowed it to accumulate Bitcoin without traditional debt—has been tested by Bitcoin volatility and a broader shift in market sentiment away from crypto-related investments.
Sources
- CoinDesk — STRC preferred stock hitting record low of $89 below par, at-the-market program paused, first Bitcoin sale to fund dividends
- Macrotrends — MSTR stock price history and June 23, 2026 closing price of $103.84
- Yahoo Finance — MSTR stock price data and historical price information
