Bitcoin Treasury Firms Are ‘Textbook Bubble Chart’ as Strategy’s MSTR Breaks $100

Bitcoin treasury companies are showing signs of a popped bubble after Strategy’s common stock MSTR fell through the $100 support level. The move has also hit Strategy’s preferred shares and threatens the funding model used across the sector, according to BeInCrypto. Charles Edwards, founder of Capriole Investments, called the group “the textbook bubble chart,” citing a mid-2025 buying spike that later collapsed. Strategy holds 847,363 BTC, far more than Twenty One Capital (43,514 BTC) and Metaplanet (40,177 BTC), and its mNAV is 0.70. STRC (“Stretch”) broke below its $100 par value in June 2026, and Strategy has begun selling small amounts of Bitcoin to help fund preferred dividends.