Strategy Wanted to 'Inoculate' the Bitcoin Market—Has Its BTC Sale Backfired?
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Strategy retired $1.5 billion of 2029 convertible bonds and used $2 billion from its STRC offering to buy 24,869 BTC, depleting its cash reserves before the monthly dividend.
- Strategy sold 32 BTC for about $2.5 million, overturning its “never sell” stance and prompting $1.76 billion of leveraged crypto liquidations on June 2, per CoinGlass.
- Bitcoin fell roughly 10 % in early June, sliding from $74,000 to $65,400 and briefly dipping below $66,000 after the BTC sale news.
- STRC fell from its $100 par value to $94.84.
- Michael Saylor had earlier said the firm would sell some Bitcoin to fund a dividend and “inoculate the market,” a plan that critics like Alex Krüger called a “tragicomic” misstep.
Why it matters: Institutional investors in Strategy’s dividend‑paying STRC lose cash as the firm’s BTC sale fuels massive leveraged liquidations, while the market’s $1.76 billion unwind deepens price pressure on Bitcoin and erodes confidence in the “never‑sell” narrative.
