Strategy Inc. declined. (MSTR) بأكثر من 9٪ في بعض الأحيان يوم الخميس إلى أدنى مستوى لها منذ مارس 2024، لتواصل انهيارًا دام خمسة أيام بنسبة 30٪ تقريبًا مع انهيار عملة البيتكوين. less A $60,000 filing and securities investigation targeting the company became public.
Shares of the Michael Saylor-led bitcoin treasury company reached $85 by midday Thursday, down from $117 at the start of the week. The stock is now down roughly 36% over the past month — nearly double Bitcoin’s 18.5% decline over the same period.
Furthermore, Rosen Law Firm to publish A press release says it is investigating potential securities fraud allegations against Strategy, alleging that the company “may have issued materially misleading trading information to the investing public.” The investigation covers all five of Strategy’s publicly traded securities: MSTR, STRF, STRC, STRK, and STRD.
The legal pressure is exacerbating the financial pressure that analysts say stems from Strategic’s capital structure.
Company He carries 847,363 Bitcoins – the world’s largest corporate stock – were purchased at an average price that now leaves the entire 2024, 2025 and 2026 acquisition tranche underwater. Unrealized losses in Bitcoin wallet are approximately $10.6 billion.
The strategy’s favorite stock collapses
The deeper concern for investors is strategy The preferred stock, which has fallen to an all-time low and is now trading at about $76 — roughly 24% below its par value of $100. The structure is important because the strategy relied on selling preferred shares to fund ongoing bitcoin purchases.
As the strategy has released more STRC over the past six months, its annual dividend commitments have swelled from $300 million at the start of 2026 to $1.2 billion — a four-fold increase. Meanwhile, cash reserves declined by 38% over the same period.
CryptoQuant, an on-chain analytics company, published a note on June 23 urge استراتيجية للتوقف عن شراء البيتكوين وإعادة بناء مركزها النقدي إلى ما يقرب من 2.8 مليار دولار قبل استئناف التراكم. Dividend coverage collapsed from more than seven years to nearly 14 months, the company said.
The strategy seemed to have gotten the message before the report arrived. In the week of June 22, the company Bought Just 520 bitcoins for roughly $35 million — a fraction of its previous pace — and directed $300 million of its $335.5 million common stock raise into its cash reserve, taking it to $1.4 billion.
Saylor has not commented publicly on the investigation or CryptoQuant’s warning.
