Bitcoin Stocks, Led By Strategy (MSTR), Take a Beating as BTC Price Sells Off
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Bitcoin’s drop into the mid-$67,000s, driven by ETF outflows, Mt. Gox movements, geopolitical tension, and Strategy’s first BTC sale in years—triggered an outsized selloff in crypto-linked stocks.
Key facts
CEO Matt Cole, a former $70 billion portfolio manager at CalPERS, has grown Strive’s Bitcoin stack from zero to 19,000 BTC in under a year through a mix of equity offerings and its Variable Rate
Strategy (NASDAQ: MSTR) tumbled 9.15% on Tuesday, trading at $136.08 at close, with a session low of $134.11, dangerously close to its 52-week floor of $104.16
Bitcoin’s price sat in the mid-$67,000s at the time of writing, down more than 46% from its October peak above $126,000
The company also announced last week plans to expand its at-the-market fundraising programs by $4.2 billion, $2.1 billion in common stock and $2.1 billion in additional SATA preferred shares, to fund
Summary
Bitcoin’s drop into the mid-$67,000s, driven by ETF outflows, Mt. Bitcoin fell into the mid-$67,000s on Tuesday, dragging the entire ecosystem of crypto-linked equities with it. Bitcoin shed more than 11% over the past week, crashing below $67,000 for the first time since early April, according to Bitcoin Magazine Pro data. The drop hit crypto treasury stocks with full force. And Strive, Inc. (NASDAQ: ASST), the Vivek Ramaswamy-founded bitcoin treasury company, dropped 6.23% to $16.10, despite announcing one of the boldest Bitcoin purchases of the year.