{"id":30421,"date":"2026-06-24T19:18:45","date_gmt":"2026-06-24T18:18:45","guid":{"rendered":"https:\/\/investx.fr\/en\/2026\/06\/24\/mstr-crashes-10-percent-cryptoquant-warns-strategy-stop-buying-bitcoin\/"},"modified":"2026-06-24T19:18:49","modified_gmt":"2026-06-24T18:18:49","slug":"mstr-crashes-10-percent-cryptoquant-warns-strategy-stop-buying-bitcoin","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/mstr-crashes-10-percent-cryptoquant-warns-strategy-stop-buying-bitcoin\/","title":{"rendered":"MSTR Crashes 10% and Hits a 2-Year Low: CryptoQuant Urges Strategy to Stop Buying Bitcoin"},"content":{"rendered":"\n

Strategy (NASDAQ: MSTR)<\/strong> shares plunged more than 10% in a single session<\/strong>, falling back to $92 \u2014 their lowest level since March 2024. The culprit: a Bitcoin<\/strong> slide below $60,000, a cascade of liquidations exceeding one billion dollars, and a scathing alert published by CryptoQuant<\/strong>.<\/p>\n\n\n\n

The on-chain analytics firm pulls no punches: Strategy has dangerously overextended its balance sheet<\/strong>, its cash reserves are rapidly depleting, and its dividend obligations have quadrupled<\/strong> in less than six months. The model that built Michael Saylor<\/a><\/strong>‘s reputation is now turning against him.<\/p>\n\n\n\n

Behind the raw numbers lies a complex financial mechanism<\/strong> that is now beginning to seize up. Here is why the situation is far more concerning than it appears.<\/p>\n\n\n\n

Bitcoin Below $60,000: A Brutal Day That Brings Strategy to Its Knees<\/h2>\n\n\n\n

On June 24, 2026<\/strong>, Bitcoin<\/a><\/strong> dropped to approximately $59,000<\/strong>, a decline of more than $6,700 in 24 hours \u2014 its worst single-day performance in several months. This violent move triggered a wave of forced liquidations<\/strong> across derivatives markets, with $1.1 billion in leveraged positions liquidated<\/strong> within a single day according to CoinGlass<\/strong> data.<\/p>\n\n\n\n

For Strategy<\/strong>, the impact was immediate and severe. MSTR<\/strong> opened around $103 before closing at $92<\/strong>, wiping out nearly $11 per share from the previous day. It marks the first time since March 2024 that the stock has fallen below the symbolic $100 threshold. The correlation between MSTR and the Bitcoin price<\/a><\/strong> remains near-total \u2014 both on the way up and on the way down.<\/p>\n\n\n\n

\"MSTR<\/figure>\n\n\n\n

The BTC<\/strong> sell-off has also pushed all of Strategy<\/strong>‘s purchases made throughout 2024, 2025, and 2026 below their average cost basis<\/strong>. The company holds 847,363 bitcoins<\/strong> acquired at an average price of approximately $75,680 per unit<\/strong>. At $59,000, the company’s unrealized losses now stand at $10.6 billion<\/strong>.<\/p>\n\n\n\n

CryptoQuant Sounds the Alarm: The Saylor Model Backfires<\/h2>\n\n\n\n

In a note published the same day, Julio Moreno<\/strong>, Head of Research at CryptoQuant<\/strong>, paints an alarming picture of Strategy<\/strong>‘s financial health. The company’s annual dividend obligations<\/strong> tied to its preferred instruments \u2014 STRC, STRK, STRF, STRD, and STRE \u2014 have risen from $300 million at the start of 2026 to approximately $1.2 billion<\/strong> today, a fourfold increase in less than six months.<\/p>\n\n\n\n

At the same time, cash reserves have declined by 38%<\/strong> since the beginning of the year. Dividend coverage<\/strong>, which previously exceeded seven years, has compressed to approximately 14 months<\/strong>. CryptoQuant<\/strong> is recommending that Strategy<\/strong> rebuild its liquidity to $2.8 billion<\/strong> before considering any further BTC<\/a><\/strong> purchases.<\/p>\n\n\n\n

A further warning signal is emerging on the preferred stock<\/strong> side. STRC<\/strong>, Strategy’s variable-rate instrument, is trading around $84<\/strong>, well below its par value of $100. When preferred shares trade below par, the capital-raising mechanism that funds Bitcoin<\/strong> purchases begins to break down: the company can no longer issue new instruments on attractive terms.<\/p>\n\n\n\n

mNAV Below 1x: Both Funding Taps Cut Off Simultaneously<\/h2>\n\n\n\n

Strategy<\/strong>‘s model is built on a premium. As long as MSTR<\/strong> trades above the net asset value of its Bitcoin holdings (NAV)<\/strong>, the company can issue shares or preferred instruments, use the proceeds to buy more BTC<\/strong>, and mechanically drive up the value per share \u2014 a well-documented virtuous cycle<\/a>.<\/p>\n\n\n\n

Today, that cycle has reversed. Strategy<\/strong>‘s mNAV<\/strong> ratio has fallen to approximately 0.80x<\/strong>, meaning the stock is trading at a 20% discount to the value of its Bitcoin holdings<\/strong>. As a result, both financing levers \u2014 ordinary share issuance and preferred share issuance \u2014 are simultaneously blocked. Issuing equity under these conditions would mean diluting existing shareholders at a price below the intrinsic value of the portfolio.<\/p>\n\n\n\n

Strategy<\/strong> now finds itself in a position it has never faced since launching its accumulation strategy: unable to fund new purchases without destroying shareholder value<\/a><\/strong>, exposed to mounting dividend obligations<\/strong>, and sitting on a mountain of unrealized losses<\/strong>. The question is no longer whether the model can continue to function under these conditions \u2014 but how long the available cash reserves can absorb the shock.<\/p>\n\n\n\n

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