On November 5, 2026, Michael Saylor, founder and executive chairman of Strategy Inc. (NASDAQ: MSTR), used his X account to compare the sharp equity sell‑off that sent the Nasdaq Composite down 5.5% with Bitcoin’s roughly 5% decline. The comparison came as Strategy’s variable‑rate preferred stock (STRC) traded just below its $100 stated value following a shift to daily dividend accruals.

BTC / USD
Source: CoinGecko. Prices are indicative.

Equity Markets Experience a 4‑Sigma Drop

According to Bitcoin.com News, the Nasdaq closed at 24,315, down 1,421.52 points, marking a 5.52% decline—the first move of this magnitude in about 19 months, a “4σ day” for equities. The S&P 500 fell 4.4% on the same session, underscoring broad‑based weakness in technology and growth stocks.

Bitcoin Mirrors the Downturn

Saylor reported that Bitcoin slipped below $77,000 earlier Thursday, retreating from Wednesday’s $81,105 peak to around $76,059, a drop of roughly 6.2%. He framed the movement as part of a broader market correction, noting that the cryptocurrency was still trading about 21% above its 200‑week moving average, a level he previously cited as supportive of a new bull market.

STRC Nears Par After Daily Dividend Change

Strategy’s preferred shares closed at $99.56, just 44 cents shy of the $100 par value. The company had moved to a daily dividend accrual system on November 1, with the first cash distributions issued on November 2, replacing its earlier twice‑monthly schedule. The daily dividend carries a 12% annualized rate based on the $100 stated amount, though payments are not guaranteed and the shares are not collateralized by Strategy’s Bitcoin holdings.

Saylor explained that trading near or above $100 could enable Strategy to issue additional STRC shares through its at‑the‑market offering program, potentially raising capital for further Bitcoin purchases. Year‑to‑date buybacks of the preferred stock totalled roughly $2.04 billion as of October 25.

What to Watch Next

Investors will be monitoring whether Bitcoin can hold above its 200‑week moving average as equity markets stabilize, and how Strategy’s daily dividend model impacts the liquidity and pricing of STRC. Further commentary from Saylor on institutional demand for Bitcoin, as well as any new capital raises by Strategy, could also influence market sentiment in the coming weeks.