By Vicky Ge Huang

Shares of Strategy, the bitcoin-accumulation firm founded by Michael Saylor, are on pace for their lowest close in more than two years.

-- The stock fell 4.7% Tuesday afternoon and is down more than 30% this year.

-- Strategy has been facing pressure in recent weeks. Stretch, Strategy's most popular preferred stock that pays an 11.50% annual dividend, fell to a record low last week. The declines have fueled investor anxiety because a market price well below the preferred stock's $100 par value severely limits Strategy's ability to issue new preferred capital to fund its bitcoin acquisitions.

-- Stretch has recovered from its record lows but continues to trade below par, hovering just under $88 Tuesday afternoon.

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June 23, 2026 14:34 ET (18:34 GMT)

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