Strategy Inc. (MSTR) shares have plummeted below $100: what is behind the collapse and what are the risks for holders
June 24, 2026, marked a landmark event for the market: shares of Strategy Inc. (MSTR) fell below the psychologically important $100 mark for the first time since March 2024. At the time this level was recorded, Bitcoin was trading around $61,300, highlighting the persistent, albeit non-linear, correlation between the price of the company's underlying asset and the value of its shares.
The drop below $100 is not just a technical signal. It is an indicator that the market is reassessing the premium that investors were previously willing to pay for access to a Bitcoin strategy through a public instrument. Amid increased uncertainty and general pressure on the cryptocurrency market, MSTR shares, which have traditionally traded at a premium to net asset value (NAV), have come under fire. In effect, we are witnessing a process of "premium convergence," where the market begins to value the company's assets more conservatively, ignoring its long-term strategy of accumulating the leading cryptocurrency.
It is important to note that the current situation reflects not so much fundamental problems at Strategy Inc., but rather the general sentiment of investors fleeing risk assets. MSTR shares have historically been a highly volatile instrument, amplifying Bitcoin's movements. While this previously worked in both directions (a rise in BTC led to an even stronger rise in MSTR), the mechanism has now worked in reverse, demonstrating a multiplicative effect on the decline.
My analysis shows that the key question for MSTR holders now is not so much the price of Bitcoin, but the company's ability to maintain its strategy without being forced to sell assets. As long as this risk is not realized, the current decline looks more like an emotional sell-off than a structural crisis. Nevertheless, the breach of the $100 level is a serious bearish signal, and restoring confidence will require both stabilization of the cryptocurrency market and a demonstration of the resilience of Strategy Inc.'s business model itself.