strategy

According to Bloomberg, the three types of investors under Michael Saylor's Strategy—Bitcoin holders, leveraged equity traders, and preferred shareholders—are all under pressure. Strategy sold 32 Bitcoins this week, marking the first sale since the end of 2022, breaking the "never sell" promise. Bitcoin has fallen to a four-month low, and Strategy's stock price has dropped about 70% from last year's peak, with STRC preferred shares falling below the $100 par value. STRC has an annualized dividend of 11.5%, and if the market continues to weaken, the pressure to pay dividends will continue to rise.Analysts point out that increasing the dividend rate will add a $1.7 billion burden, while keeping it unchanged will lead to further price declines. Strategy will vote on Monday to change the dividend to bi-monthly payments to stabilize the price. The Chief Investment Officer of Arca stated that unless Bitcoin rebounds before the cash buffer is exhausted, it will be nearly impossible to protect all stakeholders. StoneX believes that this sale indicates that Strategy can fulfill its obligations without materially reducing its holdings.

Grayscale's research director Zach Pandl stated that after Strategy disclosed the sale of 32 BTC on June 1, it triggered a new round of volatility in the BTC market. He pointed out that the scale of the sale itself is not important, as Strategy still holds approximately 840,000 BTC on its balance sheet, valued at about $5.5 billion. However, as one of the largest digital asset treasury managers in the world, its strategic shift puts pressure on market sentiment.Pandl believes that more importantly, the recent volatility affects the price of Strategy's variable rate preferred stock tool STRC. STRC is designed to maintain a price of about $100 per share, with a current dividend yield of 11.5%. If the stock price falls below $100, it means investors are demanding a higher return. Strategy can increase dividends, but this will increase future cash flow obligations and may lead to more BTC sales, further suppressing BTC prices. Strategy's leveraged business model is under pressure, increasing volatility across the entire BTC market.At the current levels of STRC and MSTR stock prices, Grayscale believes that Strategy's ability to continue accumulating more BTC is limited. However, Grayscale believes that in the long term, reducing the BTC on the leveraged digital asset treasury balance sheet and allowing more BTC to be distributed across diversified corporate balance sheets will benefit the health of the Bitcoin ecosystem. But before a sustainable bottom for BTC prices is formed, other buyers need to enter the market. Grayscale expects BTC prices to recover in the coming months, but in the short term, BTC's performance may lag behind other segments of the crypto market that directly benefit from regulatory clarity.

According to Yu Jin Detection, looking back, after Strategy's previous test sale of 32 bitcoins (approximately $2.47 million), market sentiment quickly deteriorated. In the following three days, the price of bitcoin fell by approximately $11,400, a decline of 15.6%, with a total market value evaporating by about $228 billion.In terms of funds, bitcoin spot ETFs experienced a cumulative net outflow of $1.45 billion within three trading days following Strategy's announcement of the sale, recording continuous outflows for 13 trading days, with a total scale reaching $4.37 billion. Meanwhile, several on-chain and institutional movements further intensified market concerns. Mt. Gox transferred some bitcoins to the Bitstamp trading platform; bitcoins from Tether's reserves were transferred to the Bitfinex trading platform for the first time; and the crypto asset management firm Abraxas Capital also began to reduce its bitcoin holdings.Market analysis suggests that although Strategy's sale was limited in scale, as one of the largest corporate bitcoin holders globally, its selling behavior had an amplifying effect on market sentiment, triggering a chain reaction of institutional fund outflows and multiple parties reducing their positions.

According to CoinDesk, Citi analyst Alex Saunders stated in a recent report that the recent sale of Bitcoin by Strategy has caused market volatility, but the bigger issue is the lack of demand from new investors.The report pointed out that this sale by Strategy is part of a previously disclosed tax optimization plan and not a strategic shift. What is truly concerning is that the spot Bitcoin ETF has seen net outflows for 11 consecutive days, which is an important signal of weak investor adoption. Analysts estimate that ETF fund flows can explain about 45% of Bitcoin's weekly price fluctuations.In addition, the likelihood of the U.S. crypto market structure bill passing this year is decreasing, reducing potential positive catalysts. The bank believes that in the absence of regulatory progress and new capital inflows, Bitcoin market sentiment will remain subdued.

According to BBX data, yesterday the intertwining news of traditional finance's entry into cryptocurrency and corporate reserve exits presented the following core dynamics:SoFi Technologies, Inc. (NASDAQ: $SOFI) announced through a BusinessWire official press release that its SoFiUSD stablecoin has officially opened to approximately 14.7 million members within the SoFi app, supporting buying, selling, holding, and conversion, becoming the first national bank in U.S. history to embed its own stablecoin within a banking app (the issuer is SoFi Bank, N.A., regulated by the OCC). SoFiUSD (on-chain code SOFID) is pegged 1:1 to the U.S. dollar and can be used on the Ethereum and Solana networks, with reserves backed by liquid assets and subject to regular independent CPA audits; in the coming weeks, tokenized deposits and 24/7 cross-border transfer functions will be launched, and an institutional trading channel will be opened in collaboration with Bullish exchange. SoFi CEO Anthony Noto stated, "Users no longer have to choose between blockchain technology and regulated bank products." The company's Q1 2026 crypto trading revenue reached $121.6 million, with a net income of approximately $852,000 after costs; SoFiUSD is not insured by FDIC or SIPC, does not constitute legal tender, and on-chain transactions are generally irreversible.Coinbase Global, Inc. (NASDAQ: $COIN) and the prediction market platform Kalshi announced that the two platforms have received approval from the CFTC to launch cryptocurrency perpetual contract products for U.S. customers, becoming the first exchanges approved to offer such products within the U.S.; this move by the CFTC officially brings perpetual contracts from a regulatory gray area into the federal derivatives legal framework, and a policy statement was released simultaneously, indicating that future applications for perpetual contracts in other asset classes will be reviewed on a case-by-case basis. In 2025, the global trading volume of cryptocurrency perpetual contracts reached $61.7 trillion (up 29% year-on-year, according to CryptoQuant data), and the U.S. previously lacked regulated domestic trading venues. This approval is expected to drive a significant amount of institutional and retail funds back from offshore platforms to compliant channels in the U.S., with several other exchanges expected to follow suit with applications.Sequans Communications S.A. (NASDAQ: $SQNS) CEO Georges Karam clearly announced during the recent Q1 2026 earnings call that the company has completely terminated its previously initiated Bitcoin treasury reserve strategy. The company began its cryptocurrency layout in June 2025, raising approximately $384 million through debt and equity financing, and quickly accumulated 3,000 BTC by the end of July 2025; however, the crypto market crash in October 2025 triggered the company to deleverage, selling 970 BTC in November 2025 and another 1,025 BTC in Q1 2026; as of now, it holds approximately 658 BTC (completely debt-free, worth about $46.8 million), and the company stated it will gradually liquidate over time, with all funds returning to its core chip business. Sequans is an IoT/5G semiconductor company, and this case is one of the most significant "failed corporate Bitcoin reserve strategy cases" in 2026.

Notable gold supporter and cryptocurrency critic Peter Schiff posted on X, stating: "Most STRC investors may ultimately lose most of their funds, as once Michael Saylor is forced to cancel the dividend distribution, the price of STRC will eventually crash.At that time, a large number of lawsuits are likely to further exacerbate the problems faced by Strategy (MSTR). Those investors who suffered losses due to misleading promotions are expected to seek compensation through legal means to recover their investment losses."

According to QCP Capital's latest market report, Bitcoin has fallen approximately 11.6% this week, continuing to be under pressure. Market sentiment has been affected by the rare news of Strategy selling 32 BTC, although the sale size was only about $2.5 million, which had almost no substantial impact on its holdings of over 840,000 coins. However, it broke the long-standing market expectation of Strategy's "never selling coins," weakening the confidence of some investors.On a macro level, the situation is also unfavorable. The escalation of the Middle East situation and the stagnation of US-Iran negotiations have driven oil prices up, with the risk premium in the Strait of Hormuz being re-emphasized. Meanwhile, US job vacancy data was stronger than expected, reducing the market's bets on a short-term rate cut by the Federal Reserve and reinforcing the expectation of "higher rates for longer." The options market shows a significant increase in defensive sentiment. The 30-day at-the-money implied volatility (ATM IV) rose to about 41.4%, with a weekly increase of about 7 volatility points. The risk reversal indicator remains biased negative, with a short-term inverted yield curve reflecting strong demand for downside protection in the market.QCP believes that the current market is not in a panic sell-off but is re-pricing downside risks. Weak spot demand, rising oil prices, increasing real interest rates, and macro uncertainty are collectively suppressing the performance of risk assets. Meanwhile, AI concept stocks and large tech companies continue to attract significant capital inflows, further diverting risk appetite from the crypto market. QCP points out that if BTC cannot regain a foothold in the $67,000 to $68,000 range, the rebound may still face significant selling pressure. The current market is more inclined to purchase downside protection rather than actively increase risk exposure, as investors await a clearer direction from the macro environment between the paths of "soft landing" and "high inflation, high interest rates, low liquidity."

According to Lookonchain statistics, as the cryptocurrency market continues to decline, the unrealized loss of Bitmine, an Ethereum reserve company supported by Tom Lee, has exceeded the unrealized loss of Strategy's Bitcoin holdings.Data shows that Bitmine currently holds 5,416,901 ETH, valued at approximately $10.03 billion at current market prices, resulting in an unrealized loss of about $8.9 billion compared to the purchase cost.Meanwhile, Strategy, led by Michael Saylor, holds 843,706 BTC, with a current market value of approximately $56.26 billion, resulting in an unrealized loss of about $7.6 billion.

According to PieShield's monitoring, the staking stablecoin sUSDat, fully backed by the digital credit asset STRC, once depegged, dropping about 7% to below $0.93, and then rebounded to $0.98. PieShield stated that this market fluctuation occurred after Strategy symbolically broke the "Never Sell" principle.During the reporting period, Strategy sold 32 BTC at an average price of approximately $77,135, with a total value of about $2.5 million, accounting for 0.0038% of its holdings of over 843,000 BTC. The funds raised will be used for distribution expenses. In addition, Strategy also sold 801,994 shares of common stock during the same period, raising approximately $128.3 million.

According to Bloomberg, Bank of America (BofA) has appointed its senior trading executive Adam Dixon to lead the bank's digital asset strategy. According to an internal memo, Dixon has been with the bank for over 20 years, previously serving as the head of global market financial resource management, and is now appointed as the global head of digital asset transformation, based in the London office, responsible for coordinating related initiatives across the company.In his new role, Dixon will help oversee several enterprise-level initiatives, including tokenized assets.

According to The Block, Standard Chartered Bank's Head of Digital Asset Research Geoffrey Kendrick stated that Strategy's decision to reduce its holdings by 32 bitcoins last week may mark the beginning of a new phase of "outperformance" for Ethereum relative to Bitcoin. Kendrick pointed out that although the scale of the reduction is "very small," against the backdrop of Bitcoin's decline on that day, ETH/BTC experienced a significant upward movement rarely seen in recent years. He expects ETH/BTC to rise to about 0.04 by the end of this year, currently around 0.028. Kendrick maintains his price targets of $4,000 for ETH by the end of the year and $40,000 by 2030, and stated that the Ethereum treasury can "sell coins with zero necessity" through approximately 3% staking yields, making it easier to achieve a higher net asset multiple (mNAV) and financing capability compared to the Bitcoin treasury.

According to official news, Strategy proposed to change the dividend distribution frequency of STRC from monthly to bi-monthly. The company stated that if the amendment is approved and implemented, it may reduce reinvestment delays, enhance liquidity, market efficiency, and price stability.This amendment requires approval from both MSTR and STRC shareholders to pass. Strategy stated that shareholders can vote through their brokerage accounts or contact their proxy solicitation firm, Alliance Advisors, for related inquiries.

According to independent analyst Markus Thielen, Strategy recently made a small-scale sale of Bitcoin after the performance conference call in May, which the market interpreted as testing market reactions and the flexibility of capital allocation strategies.The analyst pointed out that although Strategy remains highly optimistic about Bitcoin, the success and expansion of the STRC preferred stock financing tool may take precedence in the overall financial arrangements. This move breaks the company's market image of "buying only, not selling" that has lasted for nearly six years. Considering Strategy's strong market influence on Bitcoin demand, this shift is quietly rewriting market expectations.

The Liberal Democratic Party's Blockchain Promotion Parliamentary Alliance in Japan submitted a policy proposal to Finance Minister Katsuyuki Kitayama, calling for the clear inclusion of blockchain and Web3 in the national strategy. The proposal covers multiple areas including tax reform, cryptocurrency ETFs, leveraged trading regulation, responses to unregistered operators, cryptocurrency strategy, and trade logistics. Among them, the proposal suggests further research on the choice mechanism for "declaration separation taxation" and "withholding separation taxation" for crypto assets, and explores the tax treatment methods for exchanges and inheritance of crypto assets.In terms of derivatives regulation, the proposal believes that the current 2x leverage limit for individual cryptocurrency trading is too low and suggests gradually increasing the leverage level in conjunction with margin management systems. At the same time, the proposal also calls for a clear positioning of the cryptocurrency ETF system and strengthening law enforcement cooperation with overseas regulatory agencies. Katsuyuki Kitayama stated that he will actively promote the construction of related systems, including facilitating the implementation of cryptocurrency ETFs and researching a new tax system to be implemented in January 2028.

According to BBX data, yesterday global giant listed companies experienced a historic turning point in the operation of digital asset treasury and compliance derivatives infrastructure, with the following core dynamics:Strategy's historic first sale of Bitcoin: Strategy Inc. (NASDAQ: $MSTR) officially disclosed that from May 26 to May 31, the company sold 32 BTC, with net proceeds of approximately $2.5 million (average net $77,135), to pay its preferred stock dividends. This marks the company's first sale of its held Bitcoin since establishing its Bitcoin treasury strategy in August 2020. After this adjustment, its remaining holdings are 843,706 BTC, with a total cost of $6.387 billion, average $75,699.CME officially announces the launch of 24/7 crypto futures and options: CME Group Inc. (NASDAQ: $CME) officially announced today (June 1) that its crypto futures and options officially launched 24/7 trading starting May 29. In the first weekend, over 7,200 contracts were recorded across the network, with a nominal value of $50 million, and Bitcoin volatility futures (BVI) launched simultaneously. Data reveals that the nominal trading volume of its crypto derivatives reached $30 trillion for the entire year of 2025, while the average daily trading volume from 2026 to date has surged by 46% year-on-year.Capital B continues to buy spot: French-listed company Capital B confirmed yesterday that its treasury has recently increased its holdings by 4 more Bitcoins, steadily raising its total holdings to 3,139 BTC.

According to The Block, Strategy disclosed in SEC filings that it sold 32 BTC between May 26 and 31, cashing out approximately $2.5 million to pay for preferred stock dividends, marking the company's first sale of Bitcoin since December 2022.This disclosure has sparked controversy over a prediction pool on Polymarket with a trading volume exceeding $20 million—where the market bets on whether Strategy will sell Bitcoin before May 31. The crux of the dispute lies in: supporters of "yes" argue that the sale occurred before the deadline; supporters of "no" contend that the information had not been publicly disclosed by the time the market closed and should not be counted.The market is currently in the final review stage, with Polymarket adding that "results confirmed after the deadline will not be recognized," leaning towards supporting the "no" side. If the dispute escalates further, it will be decided by a vote of UMA token holders, but previous reports have indicated that UMA voting power is highly concentrated, with over 60% of active voters having ties to Polymarket accounts, raising questions about its fairness.

According to monitoring by Catcher Predict, in the event of "MicroStrategy selling Bitcoin" on the prediction market Polymarket, the "Yes" option in the sub-market "May 31, 2026" experienced a dramatic fluctuation in winning probability, soaring from 11.5% an hour ago to the current 72.2% (a fluctuation of 60.7%). Please note the impact of related breaking news.