Shares of Strategy (previously known as Microstrategy), the bitcoin-accumulation firm founded by Michael Saylor, fell sharply on Tuesday and were on track for their lowest close in more than two years. The stock dropped 4.8% in afternoon trading and is now down more than 30% this year, reflecting renewed pressure across both its equity and preferred securities. The decline comes as concerns build around the company’s funding model, which relies heavily on issuing equity and preferred stock to finance continued bitcoin purchases. Strategy currently holds 847,000 bitcoin, roughly 4% of the total supply, with total holdings valued at over $50 billion.
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