Grayscale's research head Zach Pandl said Strategy should sell $3 billion in Bitcoin to cover its cash obligations, but CryptoQuant argued the company has other ways to support STRC. Zach Pandl, head of research at Grayscale, said he hopes Strategy will sell at least $3 billion in Bitcoin to cover most of the company’s cash obligations for the next two years. In a Saturday X post, Pandl argued that the move may restore market confidence in the company's capital structure. Contrary to his hopes, Pandl said he expects a 50-basis-point increase to the dividend rate on Strategy’s preferred stock, STRC, adding roughly $100 million in annual obligations over two years. Pandl added that this scenario “probably does not help market confidence.”
Michael Saylor’s Strategy boosted its USD Reserve to $1.4 billion and added 520 Bitcoin, funded through $335.5 million in MSTR share sales. Michael Saylor’s Strategy has expanded its Bitcoin holdings and increased its US dollar reserve after its perpetual preferred stock STRC slipped below $90. Strategy acquired 520 Bitcoin (BTC) for $34.9 million between June 15 and Sunday, according to a Monday 8-K filing with the US Securities and Exchange Commission. The purchase was made at an average price of $67,068 per BTC, bringing Strategy’s total Bitcoin holdings to 847,363 BTC. Strategy's cumulative purchases now total $64.1 billion, giving the company an average acquisition cost of $75,651 per Bitcoin.
STRC’s slide below par has emboldened critics, slowed Strategy’s Bitcoin buys and sparked debate over whether Michael Saylor’s BTC flywheel is still fine. Bitcoin (BTC) has fallen roughly 50% since Michael Saylor’s Strategy launched Stretch (STRC), its flagship Bitcoin-funding vehicle, in late July 2025. BTC/USD monthly chart. Source: TradingView Key takeaways:
Bitcoin circled $65,000 after downside BTC price pressure into the FOMC meeting as analysis warned over the impact of Strategy potentially selling more BTC in the future. Bitcoin (BTC) bounced off week-to-date lows into Wednesday’s Wall Street open as corporate sell pressure returned to the radar. Key points: Bitcoin sees a new low for the current weekly candle with the Fed FOMC meeting due in hours.
“It appears traders are seeing the latest BTC acquisition as an unsustainable path for STRC,” said 10x Research’s Markus Thielen. Strategy’s perpetual preferred stock STRC fell near record lows on Tuesday as investors seemingly balked at the company’s latest Bitcoin acquisitions. Michael Saylor’s variable-rate perpetual “Stretch” Bitcoin yield product declined by 3.58% to $91.79 on Tuesday, 8.2% below its target value of $100. Markus Thielen, CEO of 10x Research, said the dip is linked to Strategy’s recent Bitcoin buying. “The market would rather see [Strategy] not acquiring more BTC and rather keep the cash for dividend payments,” Thielen told Cointelegraph. “It appears traders are seeing the latest BTC acquisition as an unsustainable path for STRC.”
Strategy acquired 1,587 Bitcoin for $100 million last week, lifting holdings to 846,842 BTC after raising $209 million through MSTR stock sales. Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, added to its cryptocurrency reserves last week as BTC continued to trade below the company’s average cost basis of about $75,700. Strategy acquired 1,587 Bitcoin (BTC) for $100 million between June 8 and Sunday, according to Monday's 8-K filing with the US Securities and Exchange Commission.
Standard Chartered’s Geoff Kendrick tells clients “winter is over” as the analyst said crypto prices have likely seen the low for the cycle, ahead of Strategy’s Bitcoin purchase update. Standard Chartered analyst Geoff Kendrick on Friday told clients that he believes crypto asset prices have seen the low in the current cycle and he is looking for confirmation in three indicators: Strategy’s reporting that it bought more Bitcoin last week; crypto exchange-traded funds (ETF) saw positive inflows on Friday; and, oil prices continue to break lower. “We have now seen the low in crypto asset prices for the cycle. That would be USD59k for BTC (53% down from USD126k high),” Kendrick said in a brief note to clients on Friday. The biggest crypto was last trading on Sunday at about $63,704, according…
Strategy resumed Bitcoin buying by purchasing 1,550 BTC for $101.3 million, bringing its total holdings to 845,256 BTC after last week’s controversial sale. [Update 18:15 UTC June 8: Adds outcome of Strategy shareholder vote on change in preferred stock dividend payments in sixth paragraph.] Strategy purchased 1,550 Bitcoin for approximately $101.3 million last week, bringing its total holdings to 845,256 BTC. The company paid an average price of $65,332 per Bitcoin for the purchase, according to a Monday 8-K filing with the US Securities and Exchange Commission. Strategy's aggregate Bitcoin holdings were acquired at an average price of $75,680 per BTC, for a total cost of about $63.97 billion.
Strategy’s top execs took to social media on Sunday to tout its Bitcoin strategy while shareholders cast final votes on a proposal for twice-monthly preferred stock dividend payments. Strategy watchers were not disappointed on Sunday as executive chairman Michael Saylor took to social media to signal pending news on changes in the company’s Bitcoin holdings, hours ahead of the final tally of shareholder votes on a proxy measure that would see the company pay dividends twice a month on its preferred STRC shares. “A good time to add more dots,” was the message Saylor posted on X.com along with a bubble chart tracking Strategy’s Bitcoin (BTC) purchases over the past nearly six years. That chart, from Iceland-registered StrategyTracker.com, has been consistently posted by Saylor in the days ah…
“Less Bitcoin on levered DAT balance sheets and more on diversified corporate balance sheets will be a positive,” said Grayscale’s head of research, Zach Pandl. Strategy’s leveraged Bitcoin model is stressed, which could limit the firm’s ability to keep buying BTC and potentially force further sales, according to Grayscale. “The shift in approach from one of the world’s largest BTC holders has weighed on market sentiment,” said Zach Pandl, Grayscale’s head of research, on Thursday. Michael Saylor’s Strategy sold 32 BTC on Monday, a tiny fraction of its total holdings of 843,706 BTC, but enough to rattle market sentiment as the asset has tanked by 16% since the sale.
Bitcoin price collapsed as Strategy faced tighter liquidity conditions and paused its BTC buying. Is it time to jump ship, or buy the dip? Key takeaways: Bitcoin (BTC) faced a 21% price correction in 10 days, retesting the $61,000 level for the first time in 4 months. This movement coincided with Strategy (MSTR US) company's decision to buy back some corporate debt, temporarily pausing its Bitcoin accumulation. Traders now fear that Strategy could be forced to liquidate some of its Bitcoin holdings.
Strategy’s Bitcoin paper loss tops $11 billion as Saylor pointed to ETF outflows and AI infrastructure spending as factors pressuring BTC. Strategy’s Bitcoin holdings fell deep into paper-loss territory as BTC traded below the company’s average purchase price, renewing scrutiny of Michael Saylor’s Bitcoin treasury model. Strategy holds 843,706 Bitcoin (BTC) acquired at an average price of $75,699 per coin, with a total cost basis of $63.8 billion. However, the latest Bitcoin downturn sank the value of Strategy’s Bitcoin reserve to $52.6 billion, pushing its unrealized loss to $11.2 billion, according to the company’s dashboard. Strategy’s variable-rate perpetual preferred stock, STRC, has also declined below its intended $100 value and is traded at $94.6 at the time of writing. Strategy's…
A Polymarket contract on whether Strategy sold Bitcoin by May 31 resolved to no after traders disputed how the sale should count. A disputed Polymarket contract on whether Strategy sold Bitcoin by May 31 resolved to “No” after two dispute rounds, despite Strategy later disclosing that it sold 32 BTC during the market’s covered window. UMA Optimistic Oracle (UMA) token holders voted to settle the market in “no” following a second resolution cycle that closed at 12:34 am UTC on Thursday, blockchain data shows. An overwhelming 98.6% of the 607 participants voted for the market to resolve in “no,” while only 1.4% voted “yes,” data from Betmoar shows.
The move comes as Ether prices slumped to a 14-month low below $1,750 on Thursday. Ethereum treasury company Bitmine Immersion Technologies is launching a $300 million perpetual preferred stock offering, borrowing a page from Strategy’s financing playbook. Bitmine told the SEC on Wednesday that it intends to offer 3 million of its 9.5% Series A perpetual preferred stock at $100 per share, which will trade under the symbol BMNP within 30 days of issuance. Preferred shares are a hybrid of stocks and bonds. Investors are not directly betting on the company’s growth but lending it money in exchange for regular payments. For every $100 share, Bitmine will pay dividends on a weekly basis, amounting to $9.50 per year.
The world's largest public Bitcoin holder reduced its stash to 843,706 BTC, while raising $128.3 million through Class A stock sales. [Update 1:57 P.M. UTC, June 1 -- Updates third paragraph with share price decline in Monday morning trading.] Strategy sold 32 BTC last week, its first reported Bitcoin sale since a 2022 tax-loss transaction, as the company moved to fund preferred stock distributions. Strategy sold 32 Bitcoin (BTC) for $2.5 million at an average price of $77,135 per BTC, reducing its holdings from 843,738 BTC to 843,706 BTC, according to a Monday 8-K filing with the US Securities and Exchange Commission.
Strategy’s capital structure may be under pressure as Arca’s Jeff Dorman highlights $15 billion in preferred stock obligations and CEO comments on possible Bitcoin sales. Strategy is facing renewed scrutiny over its preferred stock financing model as investors question whether dividend obligations could eventually pressure the company to sell some of its Bitcoin. The Strategy situation has “gotten out of hand,” Arca chief investment officer Jeff Dorman said in an X post on Thursday, referring to its roughly $15 billion in preferred stocks carrying around $1.5 billion in annual dividend obligations. Dorman warned that the structure may become increasingly difficult to manage if market conditions remain volatile, with Bitcoin (BTC) trading about 16% lower year-to-date at roughly $73,737 at t…
Strategy reduced aggregate convertible notes outstanding to $6.7 billion after repurchasing 2029 notes for $1.38 billion in cash. Michael Saylor's Strategy, the largest corporate Bitcoin holder, has repurchased $1.5 billion of its 0% convertible senior notes due in 2029 for $1.38 billion at an 8% discount to par, in a move that significantly cuts future debt obligations. The purchase reduces Strategy’s outstanding debt through convertible notes from $8.2 billion to $6.7 billion for 2029, the company announced on Tuesday. The notes were repurchased using the company's cash reserves. Strategy also reported an additional $15.5 billion in aggregate notional amount of outstanding preferred stock and a USD reserve of $871 million.
Smaller Bitcoin treasury companies bought about $46 million worth of Bitcoin below $80,000 last week as the largest corporate holder paused its weekly buys. Smaller Bitcoin treasury firms added 602.6 BTC worth about $46 million last week, even as the largest corporate holders appeared to pause their acquisitions. The purchases included a 381.6 Bitcoin (BTC) acquisition by asset manager and Bitcoin treasury company Strive, 200 BTC bought by global consumer food brand DDC Enterprise Limited, 19 BTC acquired by UK-based web design company The Smarter Web Company (SWC), and 2 BTC bought by AI data center company Hyperscale Data. The buying suggests corporate Bitcoin demand has not disappeared during the latest drawdown, but has shifted toward smaller treasury firms while market leader Strategy…
Strategy chairman Michael Saylor said the goal is to maximize Strategy’s Bitcoin per share by 2033. Strategy chairman Michael Saylor has not ruled out the company offloading some Bitcoin as early as this year, after recently softening his long-held “never sell” stance. “I think it's not unlikely that we'll sell some Bitcoin between now and the end of the year,” Saylor said during an interview with Natalie Brunell published to YouTube on Friday. Saylor said it is “also likely” that the company will sell a mix of equity and credit and manage its USD and cash holdings. “We do it in a very thoughtful programmatic fashion where we're running our multivariate models, and we're literally running them,” Saylor said, noting the company is focused on long-term outcomes out to 2033:
Michael Saylor’s Strategy bought 24,869 Bitcoin for $2.01 billion last week, lifting holdings to 843,738 BTC as STRC sales funded around 97% of the acquisition. Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, made another massive BTC acquisition last week as the crypto asset hovered around $80,000. Strategy acquired 24,869 Bitcoin (BTC) for $2.01 billion between May 11 and 17, according Monday's 8-K filing with the US Securities and Exchange Commission.
