Strategy Sinks Amid Bitcoin Woes, Leaving $9.9 Billion Shortfall

Strategy's (NASDAQ:MSTR) stock is on an downward spiral, with shares down 36% year-to-date and 73% over the past year. This contrasts with the iShares Bitcoin Trust ETF (NASDAQ:IBIT), which has seen a decline of only 27% YTD.

The company's holdings sit at 840,447 BTC, purchased at an average price of $75,385. Strategy sold roughly 3,458,866 shares of common stock for $333.7 million in net proceeds, with the funds split between paying preferred dividends, repurchasing STRC shares, and building a dollar reserve.

The company's dollar reserve has grown to $4.8 billion, while its bitcoin holdings are worth approximately $53.4 billion at current prices, leaving a shortfall of around $9.9 billion from the $63.36 billion invested. This has led some to question whether Strategy's 'never sell' mantra is being tested.