Breaking
Bitcoin Falls Below $59,000; Strategy’s STRC Hits Record Low $75, MSTR Breaks $90
Summary
- Bitcoin fell below $59,000 after the US stock market opened, marking a roughly 4% decline.
- Strategy’s preferred stock hit a record low at $75 for STRC, while its common stock MSTR broke below $90.
- The drop in Bitcoin prices and the simultaneous weakness in STRC and MSTR kept markets cautious on Strategy’s Bitcoin exposure and funding structure.
Bitcoin fell below $59,000 as losses accelerated after the US stock market opened. Shares tied to Strategy, the largest publicly traded corporate holder of Bitcoin, also declined.
Crypto media outlet BlockBeats reported on June 25 that Bitcoin extended its drop after the US market open and fell below $59,000. The token touched as low as $58,894.23, taking its cumulative decline since the US open to about 4%.
Strategy-related stocks also weakened. Crypto outlet Odaily reported that Strategy’s preferred stock, STRC, fell to $75, a record low. Its common stock, MSTR, also dropped below $90.
Strategy is the Bitcoin-holding public company led by Michael Saylor. STRC is a floating-rate perpetual preferred stock that the company has used to help fund Bitcoin purchases.
With Bitcoin falling below $59,000 and both STRC and MSTR declining, caution over Strategy’s Bitcoin exposure and funding structure continued in the market.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.