Strategy's enterprise market-to-NAV ratio crossed below 1 on Thursday for the first time, putting the combined weight of its debt, preferred stock, and equity above the value of its 847,363-bitcoin treasury and closing the equity-accretion channel that powered its buying spree.

Three Strategy officials published separate posts within hours Friday defending the company's balance sheet, as bitcoin fell to around $59,600 and STRC preferred shares traded near historic lows.

USDT has drawn level with ether for the second-largest cryptocurrency by market cap, briefly overtaking it earlier in June. Rising stablecoin issuance is meeting a falling ether price.

The Rosen Law Firm opened a securities investigation into Strategy and is soliciting shareholders for a potential class action, as MSTR hit a two-year low below $100 and its STRC preferred traded about 26% below par.

Strategy's Series A perpetual preferred stock has fallen to record lows around $73-78, down roughly 25% from its $100 par value in two weeks, as a leverage-driven selloff accelerates despite the company's bitcoin balance sheet staying intact.

Ether falls harder than Bitcoin in a market-wide risk-off move, while Aave bucks the selloff on V4 and Grayscale tailwinds; total DeFi value drops to about $69 billion

A wallet attributed to venture firm a16z withdrew $42.62M worth of ETH from Binance on Tuesday, per onchain intelligence tracker Lookonchain, as ETH trades near 30-day lows.

The break below $100 puts MSTR at a discount to its roughly $50 billion in Bitcoin and shifts the question from how much more Bitcoin Strategy can buy to which slice of its capital stack — the common stock, the preferreds, the debt or the coins themselves — is still worth owning, according to analysts at Arca and Zero Knowledge.

USD1's circulating supply expanded 9.7% over the past seven days to $4.85 billion, a 100th-percentile move that pushes the World Liberty Financial-issued stablecoin past Sky's USDS in net weekly inflows.

The Stretch preferred fell to about $85 on Thursday, roughly 15% below the $100 it is engineered to hold, extending a record-low close and tightening one of the channels Strategy uses to fund its bitcoin buying.