MSTR had bounced off the $100 zone every time it dipped there for more than two years. Wednesday marked the first close below that level since early 2024, with both common stock and STRC preferred shares hitting 52-week lows on the same day. Monday’s $300 million cash raise was supposed to stabilize STRC. Three days later, the preferred stock printed a fresh low anyway, signaling the market doesn’t believe cash alone solves the underlying problem.