Strategy Inc. (NASDAQ: MSTR) shares fell more than 10% on Tuesday to $92, a two-year low, as bitcoin cratered below $60,000 and an expert writing from CryptoQuant warned the company overextended itself and should stop buying bitcoin before the economy worsens.
Bitcoin it fell to about $59,000 per day, a drop of more than $6,700 or about 5%, its worst one-day loss in months. The selloff caused the crypto markets to be liquidated, and about $1.1 billion in securities were forcibly closed within a 24-hour window. The move pushed bitcoin below the average price for all of the Strategy’s purchases made in 2024, 2025, and 2026 – leaving the company at a cost of about $10.6 billion in unrealized losses.
The trend fell on the side of bitcoin, as it always does. Shares opened near $103 and shed $10.97 from Monday’s close of $103.84 – the first time has sold below $100 from March 2024.
CryptoQuant: Stop buying, rebuild money
The slide came on the same day that CryptoQuant published a note calling on Strategy to stop its bitcoin collection and reinvest its funds before buying more. The company’s research director, Julio Moreno, to be known numbers that tell the story of a company whose main model is in trouble.
Strategy’s annual requirements – recurring payments on preferred instruments to include The cost of STRCSTRK, STRF, STD, and STRE – have grown from about $300 million at the beginning of 2026 to about $1.2 billion now, an increase of about four times in six months.
Savings fees are down 38% this year. The distribution of shares, once more than seven years, has decreased to 14 months. CryptoQuant recommends that the company restore the investment of about $2.8 billion before starting to buy bitcoin.
The favorite parts are flashing a warning sign. STRC, the strategy’s constant volatility, has been trading at around $84, below its $100 price target.
Preferred shares sell below that, the way to get money to buy bitcoin is disrupted – the company can’t issue new shares if the existing shares are selling at a lower price.
A self-reinforcing strategy, in return
The Strategy model was built on value. When MSTR shares a product above the value of bitcoin on its pages, the company can release its favorite assets or instruments, use the funds to buy bitcoin, and push the NAV to a higher level – a cycle that rewards existing investors. The site is now trading at a discount to its bitcoin NAV, mNAV of about 0.80x. This means that both taps – the common currency and the preferred output – are pressed at the same time.
The company has 847,363 bitcoins, acquired at an average price of about $75,680 per coin. With bitcoin at $59,324, this gap has widened to more than $16,000 per coin across the board.
Peter Schiff, a long-time bitcoin critic who watched the Strategy, he said On Tuesday that if MSTR’s shares continue to fall, Saylor could face pressure to sell bitcoin to meet his demand — which could put pressure on the assets that manage the entire system.
Strategy first traded bitcoin in nearly four years in early June, download The price of 32 BTC The company planned the sale as a demonstration that it could repay the loan by removing the goods. Today’s market performance shows that investors remain uncertain.
Whether Saylor will stop buying, as CryptoQuant recommends, or find another way forward, the central question now is whether the model that was built to be successful with the high value and high value of bitcoin can hold together in an environment where both have changed.
At the time of writing, Bitcoin is trading at $59,300, and Strategy shares are close to $92.
