Strategy Shares Drop Over 9 Percent While Company Holds 845,000 Bitcoin

Michael Saylor posted on X on Friday that volatility tests capital structure and that Strategy remains focused on bitcoin, disciplined capital allocation, credit quality and long-term value creation. Forbes reported the statement came as shares of the company fell more than 9 percent on Thursday to their lowest level since February 2024.

Shares of Strategy are down more than 8 percent from their record intraday high of $543 reached in November 2024.

The company's preferred stock has dropped nearly 25 percent since January 13 to a new record low. Bitcoin reached an intraday low of $58,131 on Thursday, its lowest level in 21 months, and has lost more than half its value since peaking above $126,000 in October 2025. CryptoQuant published a report on Thursday stating Strategy should halt bitcoin purchases and rebuild cash reserves.

JPMorgan analysts issued a note earlier this month recommending Strategy rebuild dollar reserves. Saylor founded Strategy, then known as MicroStrategy, in 1989. His net worth stood at $3 billion as of Thursday's market close.

Strategy holds 845,256 bitcoin valued at an aggregate market price of $63.9 billion, or roughly $75,680 per token, according to a regulatory disclosure earlier this month. The company purchased 1,550 bitcoin for $101.3 million on June 8 at an average price of $65,332 per coin. Strategy's cash reserves totaled $1.4 billion as of Friday.

The company executed its first bitcoin sale in years late last month. Ten billion dollars in bitcoin options are set to expire on Friday on Deribit.