MicroStrategy stock crashes to 52-week low as Bitcoin recovers after Micron earnings
In brief
- MSTR dropped 9.35% to $94.13, hitting a 52-week low of $92.28 intraday
- STRC preferred shares fell 7.41% to $80.84 after a $300M cash raise failed to stabilize price
- Bitcoin recovered to $61k after sliding to $59.2k during the selloff, buoyed by Micron earnings
Treasury Model Under Stress
MSTR fell 9.35% to $94.13, touching a 52-week low of $92.28 intraday on Wednesday. The stock has collapsed from a 52-week high of $457.22, a staggering 79% drawdown. STRC, the dividend-paying preferred share Saylor has leaned on to fund Bitcoin purchases, dropped 7.41% to $80.84, also reaching a new 52-week low and falling below its $100 par value.
The timing is brutal. A $300 million cash raise on Monday was meant to steady STRC, but three days later it printed a new low anyway. Saylor does have approximately 10 months of debt covered with his current cash pile, so the runway exists—but the market isn't waiting patiently.
The treasury model Michael Saylor built is being stress-tested in real time.
Bitcoin's Brief Bounce
Bitcoin slid to $59,200 during the selloff, but recovered to $61k after Micron smashed earnings. The earnings beat lifted global equities, which in turn pushed crypto higher after yesterday's nasty sell-off had taken BTC below $60k. It's a reminder that even in crypto markets, macro sentiment still moves the needle.
The Bigger Picture
Elsewhere, Kalshi is in talks to raise fresh funding at a roughly $40 billion valuation, nearly double the $22 billion valuation from a $1 billion round closed in April. The prediction market platform has exploded: trading volume hit more than $17 billion last month and is pacing to $25B+ in June, up from under $5 billion a year earlier. Sports contracts make up about 65% of that volume.
Kalshi's crypto markets have grown to a $1B/week market sector, representing 20x growth since December 2025. The platform now has nearly 3x the open interest of Polymarket across market sectors—$1.1 billion compared to Polymarket's $484 million.
The fee picture is staggering. Last June, Kalshi made $8M in fees. This June, they already cleared $180M with 5 days left in the month, putting them over $800M in fees for H1 2026 with 10-20% month-over-month growth.
Frequently asked questions
Why did MSTR and STRC fall so sharply on Wednesday?
MicroStrategy's stock and its preferred shares (STRC) fell as Michael Saylor's treasury strategy faced renewed market pressure. Bitcoin itself slid to $59.2k during a broader selloff, putting stress on the capital-raising model Saylor has built around Bitcoin purchases.
How much runway does Saylor have before debt becomes critical?
Michael Saylor has approximately 10 months of debt covered with his current cash pile, according to recent reports. However, a $300 million cash raise on Monday failed to stabilize STRC, which hit a new 52-week low three days later.
What's happening with Kalshi's valuation and trading volume?
Kalshi is raising funding at a $40 billion valuation, nearly double its $22 billion valuation from April. Trading volume hit $17 billion in May and is pacing to $25B+ in June, up from under $5 billion a year ago.
