No other company has rattled crypto investors more in recent weeks than Strategy, the world’s largest corporate holder of bitcoin, with roughly $58.5 billion of it on its balance sheet.

Bitcoin’s June slide below $60,000 for the first time since October 2024 sent Strategy’s common shares from an all-time high close of $473.8 to as low as $82. The company’s market capitalization now stands at $28.5 billion. Its popular preferred stock, Stretch, which Strategy’s CEO, Phong Le, likened to a money market fund, fell to $74, $26 below its $100 par value….