Strategy’s stock fell to its lowest since February after selling Bitcoin for $2.5 million amid a broader crypto decline.
Strategy’s shares slumped to a four-month low on Friday, closing at $120 after dipping as low as $114, a near 7% decline. The drop followed the company’s sale of 32 Bitcoin for $2.5 million, its first such transaction since 2022, leaving its holdings $13.7 billion underwater.
Bitcoin’s price fell below $60,000 for the first time this year, hitting a low of $59,227 before recovering to $60,311. Strategy’s preferred stock, STRC, also declined 3.6% to $93, extending its deviation from its $100 par value.
Analysts downplayed concerns, noting the firm could raise dividends to support demand. Strategy’s flagship product, Stretch, offers an 11.5% annual dividend, but its recent volatility reflects broader crypto market pressures.