Microstrategy Stock Falls Below Bitcoin Value Per Share, Breaking Its Growth Model

Published by James Harris on June 24, 2026June 24, 2026

Strategy’s stock hit a 23-month low on Tuesday, dropping to $103, as the gap between its market capitalization and the value of its Bitcoin holdings widens into something that is starting to look less like a premium and more like a structural problem. Peter Schiff, never one to miss an opportunity, called it a collapse, and for once the underlying mechanics partially support the framing.

The situation Schiff describes is a genuine feedback loop, not just commentary. Strategy holds 847,363 BTC valued at roughly $53 billion, but MSTR shares are now trading at a meaningful discount to the per-share Bitcoin value, a reversal from the sustained premium that made the entire model work. That premium was the engine: it let Strategy issue equity and convertible debt at favorable terms, use the proceeds to buy more Bitcoin, and watch the cycle reinforce itself. When the premium flips to a discount, the logic runs backward. Schiff’s argument is that short sellers could push MSTR low enough that selling Bitcoin to fund buybacks becomes the rational move, but Strategy holds enough BTC that a large sale would likely move the market against itself, eroding the value of remaining holdings faster than buybacks could recover it. The CryptoQuant CEO made a quieter version of the same point, saying Strategy’s continued purchases look “more like a liquidity sink than a price catalyst” and suggesting the company pause buying to rebuild cash reserves.

The preferred stock tells the sharper story: STRC is down nearly 13%, now yielding 13.2%, which is the market pricing in real distress, not just volatility.

This matters beyond Saylor. Strategy has functioned as the primary institutional bridge between equity markets and Bitcoin exposure for investors who cannot or will not touch spot BTC or ETFs directly. A sustained discount on MSTR doesn’t just hurt shareholders; it undermines the model that several other companies have begun copying, building leveraged Bitcoin treasury positions on the assumption that the premium would persist. If that assumption breaks, the imitation strategies face the same structural problem without Strategy’s scale or Saylor’s credibility with lenders. Between May 26 and May 31, Strategy sold 32 BTC for $2.5 million, its first sale, though Saylor characterized it as inconsequential to long-term direction. This week the company sold $335.5 million in MSTR shares to buy 520 BTC at an average of $67,068, which is either conviction or momentum carrying past the point where it should have stopped.

The next signal worth watching is whether MSTR’s discount to net asset value stabilizes or continues widening, because that number, more than Bitcoin’s price itself, determines whether the buyback pressure Schiff describes moves from theoretical to operational.