Strategy’s Bitcoin sale may give BTC a ‘durable bottom,’ Grayscale says
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Strategy sold 3,588 BTC worth $216 million on Monday to fund preferred stock dividend payments and replenish cash reserves.
- The sale brought Strategy's dollar reserves to $2.55 billion, equivalent to roughly 17 months of dividend coverage.
- Bitcoin dropped 2.4% within hours of the announcement but recovered to $64,400 in late Monday trading.
- Grayscale Research said the move should "restore market confidence" in Strategy's financing structure and help BTC find a "more durable bottom" by relieving pressure from further BTC sales.
- STRC, Strategy's yield-bearing preferred stock, rebounded above $91 for the first time in three weeks, suggesting investors are "more confident about the instrument," per Grayscale's Zach Pandl.
- Bitrue Research's Andri Fauzan Adziima called the sale a "smart, stabilizing move" that "reduces forced-selling risks" and represents prudent balance-sheet management rather than capitulation.
- In late June, Strategy clarified it would issue shares and sell Bitcoin as needed to maintain sufficient USD reserves for its dividend obligations.
Why it matters: Strategy's sale triggered a sharp 2.4% BTC drop within hours, but the $2.55 billion in new reserves covering 17 months of dividends means the company likely won't need to sell more BTC soon — and the STRC rebound past $91 shows preferred shareholders agree. For Bitcoin holders, the key swing factor is whether the market accepts Grayscale's reframing: that a forced seller voluntarily front-loading liquidity is structurally bullish rather than a sign of distress.
