Strategy Inc. (NASDAQ: MSTR) shares fell more than 10% Tuesday to $92, a two-year low, as bitcoin cratered below $60,000 and an analyst note from CryptoQuant warned the company has overextended itself and should halt bitcoin purchases before its financial situation deteriorates further.

Bitcoin fell to roughly $59,000 on the day, a drop of more than $6,700 or about 5%, its worst single-day loss in months. The selloff sparked a liquidation cascade across crypto derivatives markets, with roughly $1.1 billion in leveraged positions forcibly closed within a 24-hour window. The move pushed bitcoin below the average cost basis for all of Strategy’s purchases made in 2024, 2025, and 2026…

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