Strategy, the corporate bitcoin treasury heavyweight led by Michael Saylor, accelerated its selling last week, disposing of 3,588 bitcoin to raise $216 million in cash reserves. The proceeds are earmarked for dividend payments on the company's preferred stock, according to CoinDesk. Conflicting reports from U.Today peg the sale value at $219 million to $225 million, though the volume of bitcoin sold is consistent across sources.
The move marks a decisive shift from Strategy's long-standing buy-and-hold approach, triggering a bitcoin price decline and drawing scrutiny. The selloff comes as K Wave Media announced it had fully exited its bitcoin treasury position after a short-lived corporate push, highlighting the mounting pressure on smaller firms to abandon crypto strategies. Meanwhile, BitMine, a crypto mining firm tied to Tom Lee, bucked the trend by adding $73 million in ethereum, signaling divergent corporate bets on digital assets.
XRP's scarcity index on Binance hit its highest level since mid-2024, according to Crypto Briefing, potentially amplifying price volatility amid tightening liquidity. Separately, a dormant wallet absorbed 114 billion Shiba Inu tokens, though these moves are secondary to the bitcoin selloff rocking sentiment. Bitcoin's slide accelerated after the news, though the exact magnitude of the decline is unconfirmed across sources.
Analysts are split on whether Strategy's selling is a tactical capital-management move or a harbinger of broader institutional de-risking. Critics argue that if the largest corporate holder is liquidating, it undermines bitcoin's store-of-value narrative. Supporters note that Strategy is only selling to meet obligations, not exiting its core thesis.