Bitcoin slid below $88,000 on Monday, dragging shares of bitcoin treasury companies lower and sending Strive (ASST) deeper into record-low territory.

Strive’s common stock fell as much as 9% to around $0.78, extending a prolonged downturn for the sector as bitcoin slipped under $87,000 in early U.S. trading. At the peak of the bitcoin treasury trade earlier this year, Strive shares had climbed above $13.

In an effort to replicate Michael Saylor’s Strategy model, Strive last month issued a perpetual preferred stock series, SATA, raising $160 million with a 12% dividend. The structure is designed to keep SATA trading close to its $100 par value. With the preferred shares drifting and holding in the $90 range, the company announced on Monday that it is increasing the dividend rate to 12.25%.

Strive currently holds 7,525 bitcoin, and at current prices its common shares imply a multiple of net asset value (mNAV) of roughly 1.09, underscoring how sharply the stock has sold off.

Losses were widespread across bitcoin treasury companies. Strategy (MSTR) was down about 6.6%, while KindlyMD (NAKA), XXI (XXI), American Bitcoin (ABTC) and ProCap (BRR) declined between 5% and 10%.

Semler Scientific (SMLR), which has agreed to merge with Strive pending a shareholder vote in January, was also under pressure, falling roughly 8%.