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.

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.

Michael Saylor's firm paid an average $63,024 a coin this week, roughly 17% under the $75,656 it has paid across its entire 846,842-BTC treasury.

Strategy purchased 1,550 bitcoin for $101.3 million between June 1 and 7, one week after its first BTC sale since 2022. Cash reserve reached $1 billion.

MicroStrategy's Michael Saylor announced the company purchased bonds this week despite holding 843,738 BTC worth $65 billion, signaling a tactical shift in the corporate treasury strategy.

Meanwhile, the largest Ethereum DAT, Bitmine, made its smallest ETH purchase since January, announcing it will slow its weekly purchase pace.

The largest Ethereum treasury company now holds 4.875 million ETH, while Strategy acquired nearly 14,000 BTC last week.

Strategy just bought nearly 6x more BTC than last week, while Tom Lee's Bitmine also purchased more ETH than usual.

Bitmine also continued adding to its crypto holdings with a fresh ETH purchase in the past week.

Expanding from Bitcoin to Ethereum, Solana, and other altcoins, public companies embraced crypto as a core treasury tool — and exposed new risks along the way.