Strategy's stock closed at $94.13 (-9.26%), the first sub-$100 close since March 2024, making the company's market capitalization worth less than the 847,363 BTC (~$53B) it holds. CryptoQuant's head of research formally recommended Strategy pause Bitcoin purchases as annualized dividend obligations hit $1.2B with coverage collapsed from 7+ years to just 14 months.
Strategy's stock closed at $94.13 (-9.26%), the first sub-$100 close since March 2024, making the company's market capitalization worth less than the 847,363 BTC (~$53B) it holds. CryptoQuant's head of research formally recommended Strategy pause Bitcoin purchases as annualized dividend obligations hit $1.2B with coverage collapsed from 7+ years to just 14 months.
Strategy (MSTR) crashed 9.26% to $94.13 on Wednesday June 24, marking the first close below $100 since March 2024 — a span of over 15 months during which MSTR served as Wall Street's primary proxy for Bitcoin exposure. The breach extended an 81% drawdown from the stock's all-time high, erasing approximately $153 billion in market value.
The most striking consequence: Strategy's market capitalization now sits below the value of its own Bitcoin holdings. The company holds 847,363 BTC (roughly 4% of Bitcoin's total supply) worth approximately $53 billion at current prices of ~$60,770 per BTC. An investor could theoretically buy the entire company for less than the Bitcoin on its balance sheet.
At Bitcoin's September 2025 peak near $93,000, that same stack was worth $78.8 billion — meaning $25 billion in Bitcoin value has vaporized as BTC declined 34% from its high. Strategy's average cost basis is $75,651 per BTC, putting the current price of $60,770 approximately 20% underwater.
The funding model is breaking in real time. Strategy's perpetual preferred stock (STRC) trades near $84, well below its $100 par value. CryptoQuant head of research Julio Moreno published a formal recommendation that Strategy pause Bitcoin purchases and rebuild cash reserves. His analysis shows annualized dividend obligations have climbed to $1.2 billion, while dividend coverage has collapsed from over seven years to approximately 14 months. Strategy would need roughly $2.8 billion in reserves to restore 24 months of coverage — double the $1.4 billion it currently holds.
The selling showed signs of capitulation. Volume spiked to 39 million shares, roughly 4x the stock's average, as the break below the psychologically critical $100 level triggered stop-losses and forced position reductions.
The broader crypto selloff compounded the pressure. Bitcoin fell 3.03% to $60,770 (down 20.65% monthly), while Ethereum dropped 2.90% to $1,617 and Solana declined 2.82% to $67.56. Spot Bitcoin ETFs recorded $459 million in net outflows the same day, and looming Mt. Gox creditor distributions (~$9 billion in BTC expected in July) add another supply overhang.
Peter Schiff publicly warned that Saylor may need to liquidate Bitcoin holdings to cover obligations — a scenario Strategy has consistently dismissed but that the math increasingly pressures.
Securitize (NYSE: SECZ, ~$5B AUM) launched Securitize Stocks today at 13:00 UTC: 12 tokenized US mega-caps — including Apple, Microsoft, Nvidia, Tesla, Circle, Strategy and Palantir — each backed 1:1 by a real share, settling in USDC on Solana with Jump Trading running the proprietary AMM and clearing firm RQD* handling custody and settlement. It is the first product live under the SEC's five-year Innovation Exemption for onchain stock trading, granted September 17.
Anthropic's much-anticipated IPO prospectus — reported in detail by Reuters and the Financial Times — pursues a $2 trillion valuation while disclosing a $42 billion net loss for 2025 and plans to spend $518 billion on cloud, computing, and infrastructure in the coming year. Roughly 80 of the filing's 261 main-body pages cover risk factors, including that advanced AI could pose 'catastrophic or existential risks to humanity,' versus 48 pages describing the business. Nvidia separately disclosed that Anthropic has more than $180 billion in contracted compute commitments — 2.5GW of Nvidia infrastructure shipping through 2028.
Nvidia's board authorized an additional $150 billion in share repurchases on Monday — which the company says is the largest single authorization increase ever announced by a public company — lifting total remaining buyback capacity to $235 billion, expected to be spent through fiscal 2028. NVDA rose 2.8% to a $5.42 trillion market cap as Jensen Huang called AI 'a once-in-a-generation platform shift.'