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Strategy (MSTR) fell below $100 on Wednesday, trading around $99.50 and down roughly 4% intraday. It is the first time the stock has dropped under the $100 mark since March 2024, a level that has functioned as a psychological floor for more than a year.
Why it matters
Strategy remains the largest corporate Bitcoin holder, with 847,363 BTC on its balance sheet, equal to about 4% of total supply. The company's average acquisition cost sits near $75,651 per coin, so even at a sub-$100 share price the treasury is still well in the green on a mark-to-market basis. The break below $100 matters less for the balance sheet than for sentiment: the round number had held through multiple Bitcoin drawdowns and now signals that equity investors are pricing in fresh BTC weakness rather than treating MSTR as a pure beta proxy.
Market impact
The move widens the gap between MSTR's equity premium and the underlying Bitcoin stack, a spread that has compressed meaningfully since the October 2024 peak. Traders watching the NAV premium will treat the $100 break as a technical trigger, with options flow likely to rotate around that strike into the next session.
Source: [Strategy Inc (MSTR) Stock Price, News, Quote & History - Yahoo Finance](https://finance.yahoo.com/quote/MSTR/)
Frequently asked questions
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Why did MicroStrategy stock fall below $100?
MSTR slid under the $100 mark on Wednesday, trading around $99.50 and down about 4% intraday. It is the first time the stock has traded below $100 since March 2024.
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How much Bitcoin does MicroStrategy hold?
Strategy holds 847,363 BTC on its balance sheet, equal to roughly 4% of total Bitcoin supply, acquired at an average cost of about $75,651 per coin.
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Is MicroStrategy still profitable on its Bitcoin holdings?
Yes. With an average cost near $75,651 per coin, the treasury remains well in the green on a mark-to-market basis even with MSTR trading under $100.
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When was the last time MSTR traded below $100?
The last time MSTR traded below $100 was March 2024, making this break the first under that level in roughly a year.
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What does the MSTR-NAV premium look like now?
The premium of MSTR shares over the value of its Bitcoin stack has been compressing since the October 2024 peak, and the break below $100 is being read by traders as a fresh technical trigger.
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