The largest cryptocurrency recently traded around $59,700, its lowest intraday level since earlier this month, when Strategy, the bitcoin accumulation firm founded by Michael Saylor, said it had unloaded a portion of its massive holdings for the first time since late 2022.
Shares of Strategy slumped about 10% Wednesday afternoon. The company has been facing pressure recently due to the declines in its biggest preferred stock, which has stoked investor anxiety that a market price well below the preferred stock’s $100 par value severely limits Strategy’s ability to issue new preferred capital to fund its bitcoin acquisitions.