Shares of Strategy Inc. (NASDAQ: MSTR) crossed below $100 on Wednesday for the first time since March 2024, extending a collapse that has erased more than 80% of the stock’s value from its all-time high of approximately $474 reached in November 2024.

The breach of the $100 threshold carries weight beyond the number itself. Strategy, the Bitcoin treasury company led by Executive Chairman Michael Saylor, built its investment thesis around the premise that its leveraged exposure to Bitcoin would generate returns that outpace traditional assets.

That thesis is now under pressure as Bitcoin trades near $61,000 — well below the company’s average acquisition cost of roughly $75,656 per…

Read more on BitcoinMagazine