Bitcoin dropped to $110,000 as $700 million in crypto longs were wiped out, options markets turned defensive and volatility jumped ahead of U.S. macro data.
The trend of companies establishing crypto treasuries is gaining momentum, with Sharps Technology—a small player in the medical device and pharmaceutical sector—being the last to announce a plan to raise $400 million through a stock sale aimed at funding Solana (SOL) treasury. New Solana Treasury In The Makings The capital raise, which is set to close on August 28, will effectively transform Sharps’ stock into a proxy for the Solana price, attracting backing from crypto investment firms such as ParaFi, Pantera Capital, and CoinFund. This infusion of over $400 million positions Sharps to potentially become the largest holder of Solana among publicly traded companies, surpassing its nearest competitor, Upexi, which holds approximately $394 million in the cryptocurrency. Related Reading: Analyst Says It Doesn’t Matter What Analysis You Use, XRP Price Is Set To Explode To further strengthen its position in the crypto ecosystem, Sharps has appointed Alice Zhang, a venture capitalist and co-founder of the crypto smartphone maker Jambo, to its board as the new chief investment officer. James Zhang, another co-founder from Jambo, will serve as a strategic advisor. Alice Zhang expressed confidence in the new team’s capabilities, stating, “We will have a team with deep ties to the Solana ecosystem and proven founder-level experience in scaling institutional digital asset platforms.” However, Sharps’ frontrunner status in the Solana treasury market may be short-lived. Fortune reports that major crypto players, including Galaxy Digital, Multicoin Capital, and Jump Crypto, are in the process of raising $1 billion to launch their own Solana treasury company. Strategy Expands Bitcoin Holdings This investment into Sharps is part of a larger trend where small public companies are actively establishing digital asset treasuries, which are essentially pools of cryptocurrency held on their balance sheets. This trend extends to the market’s largest altcoins, including XRP, Binance Coin (BNB), and The Open Network’s (TON) native token. This strategy has taken even higher relevance under the US’s leadership in creating a supportive framework for digital assets in the country. Related Reading: Bitcoin CEX Netflows Still Green Despite Large Sellers Rotating To Ethereum In tandem with these developments, Strategy (previously MicroStrategy), the world’s largest corporate holder of Bitcoin (BTC), announced on Monday that it had acquired additional tokens, taking advantage of the current retrace. Between August 18 and August 24, the Bitcoin proxy firm disclosed it purchased 3,081 Bitcoin for approximately $356.9 million, averaging around $115,829 per token. Michael Saylor, the driving force behind Strategy’s crypto investments, revealed that the firm has achieved a Bitcoin yield of 25.4% year-to-date as of August 24, 2025. With 632,457 Bitcoins acquired for roughly $46.50 billion. As of this writing, Solana lost the $200 level in line with the broader market correction that led the cryptocurrency to retrace nearly 5% in the 24-hour time frame. It now trades at $196, meaning a 32% gap from its $293 record high. Featured image from DALL-E, chart from TradingView.com
Corporate demand for Bitcoin continues despite its volatile price performance, as Strategy and Metaplanet both expanded their holdings in late August. On Aug. 25, the two companies announced that they acquired more than 3,100 BTC, reflecting how institutional treasuries directly reduce available supply and shape market liquidity. Strategy’s first major purchase in August Strategy, the […]
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BitMine Immersion grew its ether holdings to 1.71 million ETH, with a balance sheet of over $8.82 billion as companies capture over 2% of Ethereum's supply.
Strategy added 3,081 BTC for $356.9 million at an average $115,829 per coin, taking holdings to about 632,457 BTC as Saylor touts stock performance despite recent lows.
Strategy (previously MicroStrategy), the software firm co-founded by Bitcoin (BTC) bull Michael Saylor has seen its stock, MSTR, take a considerable hit plummeting by nearly 20% since last month, in line with the broader market correction. This downward trend is expected to persist, according to Gus Galá, an analyst at Monness, Crespi, Hardt, who recently reiterated a Sell rating on the stock with a price target set at $175. Analyst Cautions Against Long Positions In Strategy On Thursday, shares of Strategy fell an additional 2.4%, closing at $336.48. The company has attracted considerable attention for becoming the largest corporate holder of Bitcoin, with its Bitcoin treasury surpassing the 600,000 figure. Related Reading: Analyst Sounds The Alarm—Bitcoin Could Slide Toward $88K Despite the recent selloff, Strategy’s stock has seen major growth, climbing over 140% in the past year, primarily due to Bitcoin reaching new highs beyond $120,000. However, Galá warns that the volatility associated with Bitcoin poses significant risks. He argues that companies with large Bitcoin treasuries are indicative of a later stage in the Bitcoin market cycle. For Strategy’s stock to defy this trend, Bitcoin would need to break free from its historical pattern of boom-and-bust cycles and sustain a prolonged bull run. Historically, there have been times when Strategy’s market capitalization exceeded its actual Bitcoin holdings by more than double. Currently, with a market cap-to-Bitcoin ratio of 1.34-to-1, Galá suggests that while investors shouldn’t increase short positions, they should also refrain from taking long positions. He believes that the market cap multiple is likely to decline, driven in part by skepticism in the credit markets regarding the debt Strategy has issued to finance its Bitcoin acquisitions. Crypto Stocks Suffer Setbacks Galá also expressed doubt that credit rating agencies will be inclined to assign investment-grade ratings to Strategy’s treasury strategy, especially in the near term. This skepticism stems from the fact that the company’s profits are largely unrealized gains from its Bitcoin holdings. Securing an investment-grade rating could potentially allow Strategy to issue and repay its debt under more favorable terms, but this would require Bitcoin to be perceived as a more stable digital asset, akin to gold. Related Reading: XRP On-Chain Activity Explodes By 500%, What’s Going On? After reaching a new record price just above $124,000, the market’s leading cryptocurrency has seen its valuation drop 9% from all-time high levels currently attempting to consolidate between $112,000 and $113,000. Beyond Strategy, crypto stocks have also seen their valuations drop. On Thursday, shares of USDC issuer Circle (CRLC) dropped 4% after the initial excitement following the firm’s initial public offering (IPO). US-based cryptocurrency exchange Coinbase (COIN) saw its shares drop toward the key $300 support, meaning a 2.5% decline compared to Wednesday’s trading session. Featured image from DALL-E, chart from TradingView.com
Bitcoin has cemented itself as a trillion-dollar asset class, and institutional adoption is gathering momentum, and pressure on the world’s largest companies is mounting. What started as a fringe bet is rapidly turning into a strategic necessity. In a recent Swan Bitcoin presentation, Adam Livingston laid out a simple yet powerful case for why passive index mechanics will eventually force S&P 500 companies to incorporate BTC exposure the moment MicroStrategy qualifies for inclusion. What An S&P 500 Bitcoin Allocation Could Look Like According to the update on X, Livingston explains that once Strategy qualifies for inclusion in the S&P 500, the index’s rules will take effect. This is not about taste or ideology. Rather, it’s about floats, weights, and formulas. Related Reading: Institutional Bitcoin Holdings Near 20% Of Supply—Wall Street’s New Playground? When the index updates, trillions of dollars in benchmark trackers will follow. This means that BTC exposure will be piped directly into every 401(k), pension fund, and institutional portfolio that mirrors the S&P 500. The inclusion checklist is that Strategy now meets the exact criteria required for S&P 500 entry. These include passive funds like SPY and VOO that collectively move trillions and are compelled to buy new entrants, without questioning why a small initial index weight can trigger billions in inflows. Spot Bitcoin ETFs amplify the same flows with the daily rebalancing. Also, a reflexive loop is formed when BTC rises, Strategy’s weight rises, and more passive capital resumes buying. Real-world proof from prior inclusions shows how fast the index effect drives flows, and miners, exchanges, and treasury-heavy firms multiply BTC. Furthermore, he emphasizes that this is inevitable and not an opinion. Once the Strategy clears the inclusion hurdle, passive capital must flow. Presently, the index system has no ideological filter, and it simply executes rules. For finance professionals, CIOs, advisors, and analysts who live and die by benchmark risk, it’s the plumbing that matters. For Bitcoiners, it’s a clean, shareable explanation for skeptics who dismiss adoption as narrative hype. Once the index rules are triggered, the passive system cannot ignore BTC. By default, BTC exposure will be distributed across global portfolios. Parataxis Holdings Joins The BTC Treasury Trend In a strategic move, Parataxis Holdings has just joined the growing list of major institutions allocating corporate treasury funds to Bitcoin. Parataxis Holdings announced plans to purchase up to $640 million worth of BTC. According to market analyst Cryptoclub520, this signals an increase in institutional confidence in the digital asset as both a store of value and a hedge against market uncertainty. Related Reading: Bitcoin’s Macro Mirror: Global Liquidity Trends Hint At Bullish Continuation Additionally, the firm plans to deploy the funds gradually and adjust purchases based on market conditions to reduce volatility. However, Cryptoclub520 notes that BTC is becoming a serious reserve asset for investors. Institutional adoption continues to heat up, as more asset managers and corporate treasuries embrace BTC, marking a bullish signal for long-term holders. Featured image from Pixabay, chart from Tradingview.com
In a thread on August 19, analyst Miles Deutscher argued that MicroStrategy’s market-implied net asset value (mNAV) premium—the core gear in Michael Saylor’s Bitcoin acquisition flywheel—has compressed sharply, weakening the feedback loop that helped the company outpace Bitcoin through most of the cycle. “Michael Saylor built the craziest BTC flywheel in history. But his buying power is starting to fade. The market is now asking one question: ‘Is the BTC treasury bubble finally popping?’” MicroStrategy’s Bitcoin Premium Is Fading Deutscher grounds the discussion in how investors currently value MicroStrategy. “People often overlook that MicroStrategy has a legacy software business, which continues to generate revenue. However, MicroStrategy has essentially become a company whose valuation is primarily influenced by its BTC holdings. The entire system is powered by mNAV (Market-Implied NAV).” In practical terms, the mNAV multiple is the premium investors pay over the company’s look-through Bitcoin value to access leveraged BTC exposure via MSTR. “An mNAV of ~1.58x means the market is paying a 58% premium for their BTC.” According to Deutscher, that premium “was once a 3.4x mNAV” when Bitcoin was surging, but it has “now decreased to 1.58x. Demand is slowing down.” In other words, what had been a powerful flywheel—high premium enabling cheap equity issuance that funded more Bitcoin purchases, which in turn kept NAV rising and the premium elevated—now spins with much less torque. Related Reading: Crypto Founder Predicts The Collapse Of Bitcoin In This Timeframe That shift intersected with a contentious corporate action. “Recently, Saylor sparked controversy by revealing that Strategy had revised its MSTR Equity ATM Guidance to offer greater ‘flexibility’ in executing its capital markets strategy.” The implication, Deutscher argues, is that greater issuance flexibility “may dilute shareholder value and increase financial risk tied to Bitcoin’s volatility.” He notes that “the market is quite divided” on the change. On the constructive side, he quotes @thedefivillain’s take—“Slower concentration of supply in Saylor’s hands,” “Greater leverage to justify mNAV,” and “Reduced buying pressure for BTC in dollar terms”—as reasons the revision could ultimately be benign. But critics worry about “the possibility of a ‘death spiral.’ The removal of the 2.5x mNAV safeguard for equity issuance may allow MicroStrategy to sell shares at lower valuations.” Reflexivity, in Deutscher’s telling, is the operative risk factor: “Reflexivity is a brutal force that operates in both directions.” A Hypothetical Scenario Deutscher then sets up a stress-test to illustrate how that reflexivity could bite if Bitcoin weakens and the premium compresses to parity. “If BTC’s price drops 20% and MicroStrategy’s mNAV multiple falls to 1.0x, the stock might plummet by 46.5%.” He walks through the arithmetic from a notional baseline of $115,000 per BTC, which on a 20% decline would fall to $92,000. On MicroStrategy’s “226,331 BTC,” he calculates that would put look-through NAV at $20.82 billion. To align an mNAV of exactly 1.0x, he backs into enterprise value and market cap under that scenario: “Starting with an enterprise value of $20.82 billion, we subtract MicroStrategy’s $2.2 billion in debt and add its $0.1 billion in cash. This calculation unveils the company’s market cap, hitting $18.72 billion, a significant pullback from its original $35 billion market cap.” Related Reading: Bitcoin Bull Run Hinges On Trump’s Pick For Fed Chair: Analyst The conclusion he draws from the modeled path—BTC −20% to ~$92,000, mNAV → 1.0x, MSTR market cap −46.5%—is that MicroStrategy’s equity remains a leveraged instrument with an outcome path that can be materially worse than Bitcoin itself when the premium compresses. Beyond the scenario math, Deutscher links recent spot price action to changing marginal demand. “I think BTC’s recent weakness can be attributed to the market starting to price in reduced Saylor demand/tail potential risk of the revised ATM guidance.” In parallel, he highlights how the proliferation of spot ETFs erodes the original rationale for paying a large listed-company premium to own BTC “beta”: “Spot Bitcoin ETFs are plentiful now. Why would you pay a 58% premium for MSTR’s leveraged exposure when you can grab IBIT at a clean ~1.0x NAV?” By his framing, the mNAV premium itself “was indicative of the market’s view that MSTR was going to outperform BTC.” With that view fading, the premium looks less like an enduring structural feature and more like a belief-sensitive variable. “In my opinion, the MSTR premium is essentially a gamble. You’re betting on three fragile things: unwavering market confidence, open capital markets, and Saylor’s leadership. If any of those pillars start to wobble, the premium collapses.” At press time, BTC traded at $113,624. Featured image created with DALL.E, chart from TradingView.com
Bitwise’s Matt Hougan says BTC could deliver nearly 30% in annualized returns over the next decade and remain a low-correlation diversifier for investors.
Galaxy, SharpLink, BitMine were among the names that plunged nearly 10% as risk appetite faded and bitcoin sunk to $113,000.
In a groundbreaking move, BTCS has unveiled plans to distribute the world’s first blockchain dividend to its investors and pay out shareholders with Ethereum. By delivering shareholder rewards directly on-chain, the company is signaling a future where blockchain-native payouts could become the norm across the global financial sector. The Long-Term Signal For Institutional Crypto Adoption Nasdaq-listed BTCS Inc. has announced a landmark move in traditional finance and crypto integration to become the first publicly traded company in the world to issue dividends in Ethereum. According to the announcement on X, the company revealed that it will pay shareholders a one-time blockchain dividend or “Bividend” of $0.05 per share in ETH, breaking away from the traditional cash dividend model and signaling its deep commitment to blockchain adoption. Related Reading: Bitmine And Donald Trump Spent The Weekend Stacking Ethereum, Here’s How Much They Got BTCS is going further to reward loyalty and empower long-term holders, offering a one-time $0.35 per share ETH loyalty payment. Eligible shareholders who transfer their shares to book-entry form with the company’s transfer agent and hold them through January 26, 2026, will unlock this additional benefit. Combined, the bividend and loyalty shareholders could receive $0.40 per share in ETH, which is significantly designed as a reward and structural defense against short-selling. “These payments are designed to reward our long-term shareholders and empower them to take control of their investment by reducing the ability of their shares to be lent to predatory short-sellers,” BTCS stated. BTCS Inc. is excited to make history in the financial landscape with this key strategic move. The company frames this move as more than just a dividend, but also a statement of trust, loyalty, and shared vision for BTCS’s future. Bitmine Ethereum Hoard Signals Long-Term Institutional Confidence While BTCS Inc. is becoming the first publicly traded company in the world to issue a dividend in ETH, Bitmine Immersion Technologies (BMNR), a leading treasury company, has cemented its place in history to become the largest ETH treasury holder in the world and the second-largest crypto treasury globally. Related Reading: SharpLink Poised To Dominate Ethereum Treasury Holdings At Record Pace — Here’s How Marty Chargin, a market expert on the social media platform X (formerly Twitter), highlighted that the treasury company disclosed that its crypto holdings now exceed $6.612 billion, led by a staggering 1,523,373 ETH, which is valued at $4,326 ETH each. According to Bloomberg data, BMNR also holds 192 Bitcoin in addition to its ETH stack, signaling a diversified strategy. The firm’s crypto strategy is substantial, with ETH being the company’s core bet. This positions BMNR Bitmine directly behind Michael Saylor’s Strategy (MSTR), which holds an industry-defining 628,946 BTC valued at $74 billion. Featured image from Pixabay, chart from Tradingview.com
KindlyMD, following its merger with Nakamoto, purchased 5,744 BTC for $679 million to launch its bitcoin treasury vehicle, joining the corporate BTC race.
Michael Saylor revealed on Aug. 18 that Strategy (formerly MicroStrategy) has revised its stock issuance policy amid the financial instrument’s current downward trend. The company had previously limited stock sales below 2.5x market-to-net asset value (mNAV) strictly to cover debt interest or preferred share dividends. Under the new rules, the firm can now issue stock […]
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TD Cowen holds its MSTR price target at $680, on the prediction that Strategy will accumulate 4.3% of Bitcoin’s total supply by 2027's end.
BitMine said it boosted its ether holdings to $6.61 billion after buying 373,110 ETH last week, as it eyes up to 5% Ethereum's supply.
It's another relatively modest weekly acquisition for the leading bitcoin treasury company.
Strategy acquired 430 BTC for $51.4 million, boosting holdings to about 629,376 BTC following record Q2 earnings and an mNAV-driven financing stack.
Bitcoin analyst and investor Mark Moss argues that Bitcoin treasury companies are positioning themselves for history’s biggest wealth transfer, following a sophisticated playbook for capturing value and managing volatility. In other words: “using gas pipes to fund your electric future.” Bitcoin treasury companies: history’s most obvious abritrage He compares Bitcoin treasury companies (firms holding large […]
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Norges Bank Investment Management increased its bitcoin-equivalent exposure from 6,200 BTC to 11,400 BTC in Q2, says Standard Chartered.
Michael Saylor, chairman of the largest public Bitcoin treasury company, Strategy (formerly MicroStrategy), is embarking on what could be his most daring financial venture yet: the introduction of perpetual preferred stock as a new funding mechanism. This new approach seeks to move away from traditional methods like common stock sales and convertible bonds, which have already helped Strategy amass $75 billion in Bitcoin assets. Saylor’s Bitcoin Credit Model The perpetual preferred stock, branded “Stretch,” offers a unique financial structure—these securities do not mature and can even defer dividend payments, providing flexibility for the issuer while potentially unsettling investors. Related Reading: Ethereum Faces The Level That Decides Everything: Analyst The Stretch offering features variable-rate dividends and lacks voting rights, positioning it as neither conventional debt nor typical equity. Saylor believes this could provide the company with the necessary capital to continue acquiring Bitcoin. According to Bloomberg, over the next four years, he plans to retire billions in convertible notes, reduce common stock sales, and rely more heavily on preferred offerings as his primary funding source. This ambitious plan aims to establish a “BTC Credit Model,” where Bitcoin underpins a new stream of income. Saylor envisions the potential to raise “$100 billion… even $200 billion” if demand for these securities is strong. High-Yield Risks So far this year, Strategy has raised approximately $6 billion through four perpetual preferred offerings, with the latest $2.5 billion tranche being one of the largest capital raises in the crypto space this year. As Michael Youngworth from Bank of America noted, this retail-driven approach is unique in the corporate preferred market, which is typically dominated by investment-grade institutions. However, there are concerns about the sustainability of this model. The perpetual preferreds require ongoing, substantial dividend payments, which could be a challenge given that Bitcoin itself does not generate income. Saylor’s push for perpetual preferreds is also a strategic response to the limitations of the convertible market, which tends to exclude retail investors. Related Reading: Analyst Says XRP Price Could Explode 44,000% To Cross $1,000 Strategy’s CEO, Phong Le, has framed this shift as a way to create a more resilient capital structure, particularly in light of the challenges faced during the 2022 “crypto winter.” Despite the potential advantages, the high yields associated with perpetual preferreds—often between 8% and 10%—could become burdensome, especially in a market downturn, according to experts. Critics like short-seller Jim Chanos have labeled these instruments as “crazy” for institutions to buy, given their non-cumulative nature and the issuer’s discretion over dividend payments. When writing, Bitcoin trades at $117,260, retracing over 5% from the recently achieved $124,400 all-time high earlier in the week. Year-to-date, the market’s leading crypto is up 101%. Featured image from DALL-E, chart from TradingView.com
Strategy (formerly MicroStrategy) and El Salvador showcased huge paper gains from their Bitcoin holdings after the flagship crypto surged to a new all-time high above $124,000. Strategy’s Bitcoin holdings reach ATH On Aug. 13, Strategy Chairman Michael Saylor announced that the company’s Bitcoin portfolio had reached a record high of $77.2 billion. This nearly doubles […]
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Some argue the "circular-economy optics" of some digital asset treasury deals raise ethical concerns all too familiar in crypto.
NBIM's Strategy holdings were worth over $1.1 billion as of June 30, and it has also held shares in Block, Coinbase, MARA, and Metaplanet.
The firm now holds a total of 2,395 BTC ($284.8 million), maintaining its place in the top 25 public bitcoin treasury companies.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Strategy, the world’s largest corporate holder of Bitcoin, has expanded its treasury with the purchase of 155 BTC for $18 million. The acquisition, announced on Aug. 11, came at an average price of $116,401 per coin, marking a 25% year-to-date yield on the company’s Bitcoin position in 2025. Notably, this is Strategy’s second-smallest purchase of […]
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Strategy's BTC holdings have nearly reached 3% of the total 21 million bitcoin supply — worth around $76 billion.
Michael Saylor, founder of Strategy, suggested this week that a rumored move by the US to impose tariffs on gold imports could push money out of the metal and into Bitcoin. Related Reading: Ripple-SEC Legal Drama Ends; XRP Skyrockets 13% According to a Bloomberg interview, Saylor argued that Bitcoin cannot be taxed at the border because it “lives in cyberspace, where there are no tariffs.” He said the coin’s lack of physical weight and its speed of settlement make it more attractive than gold in a world where import duties on bullion are being discussed. Saylor Frames Bitcoin As Tariff-Proof Asset Reports have disclosed that others in the industry agree. Simon Gerovich, president of Metaplanet, called gold “heavy, slow, and political,” and labeled Bitcoin “light, fast, and free.” Based on reports, Metaplanet — a Japanese company that manages a Bitcoin treasury — bought nearly $54 million in Bitcoin recently, bringing its total holdings to 17,595 BTC, roughly $1.78 billion at current values. Those numbers matter to investors watching whether corporate treasuries will switch allocation from stored metal to digital coins. Market Reaction And Price Moves Markets reacted in different ways. Gold futures hit an all-time high after the tariff news, as traders scrambled to price the possible cost impact of new import rules. Bitcoin, meanwhile, traded roughly sideways in the same period, moving down by less than 1% in the last 24 hours. The split response shows that a policy shock can push some capital into metal while other buyers may sit on the sidelines or look to crypto for a different kind of hedge. This is the purchasing power of the U.S. Dollar This is the ultimate chart pattern for all fiat currencies Some think Gold is a great store of value (preserving its purchasing power) – and it is But the ultimate store of value will prove to be Bitcoin $BTC pic.twitter.com/4rdar3TRtT — Peter Brandt (@PeterLBrandt) August 8, 2025 Brandt Highlights Dollar Decline Over Decades Veteran trader Peter Brandt added fuel to the debate by posting a long-run chart that traces the US dollar’s purchasing power from $1.00 in 1971 to about $0.031 in 2025, based on M2 money growth. Related Reading: Crypto Is Here To Stay—Even The SEC Can’t Do Anything About It, Analyst Says Brandt pointed to a roughly 95% decline in that period and said this trend shows fiat currency can lose value over decades. He argued that while gold has held value for many years, Bitcoin is now positioned to serve as a store of value going forward. According to market watchers, the tariff talk has changed the short-term mood but not resolved which asset is the better long-term refuge. Institutional buyers like Strategy and Metaplanet are making public bets on Bitcoin, and that shapes expectations. At the same time, gold’s record high reminds investors that demand for tangible stores of value can spike on policy risk. Featured image from Unsplash, chart from TradingView
Despite the recent Bitcoin (BTC) price correction after a significant rally that propelled the cryptocurrency to a record high of $123,000, some analysts remain optimistic about the potential for a renewed bull run. However, one expert has raised a concerning warning that could signal the end of this bullish cycle. Fears Of Mass Sell-Off According to market expert OxArtikal’s thesis shared on social media platform X (formerly Twitter), Michael Saylor’s Strategy (previously MicroStrategy), the largest corporate holder of Bitcoin, is reportedly planning to sell all of its Bitcoin holdings by 2025. This revelation comes amid movements of their substantial Bitcoin reserves to different wallets, raising alarms about the potential implications for the market. Related Reading: XRP Soars 35% in a Month: Will Ripple’s Legal Win and Whale Activity Send Price to New Highs? Strategy currently controls over 628,000 BTC, representing more than 3% of Bitcoin’s total circulating supply. For context, the collapse of FTX, which held approximately 20,000 BTC, triggered a significant downturn in the market. The expert believes that the potential sale of Strategy’s Bitcoin holdings could have a dramatically larger impact, estimated to be 30 times more severe. Notably, Saylor has long maintained that Strategy would never sell its Bitcoin. However, the expert identified that in late June, the company quietly transferred 7,382 BTC—valued at nearly $800 million—out of its wallets and into three new wallets with no prior transaction history. This Bitcoin was subsequently sent to Coinbase Prime, a sell-side custodian, without any public announcement or clarification during the company’s Q2 earnings report. If Strategy were to liquidate even a small portion of its holdings, the psychological ramifications could be profound, OxArtikal further stated. He shared that this could lead to a mass sell-off, while institutional investors could reconsider their BTC allocations. Bitcoin Could Crash Below $70,000 Historically, Strategy’s actions have coincided with significant market shifts. In 2022, the company transferred 34,000 BTC to secure a loan, shortly before a major market crash. Now, as they appear to be moving substantial amounts of Bitcoin again, the expert fears that a similar scenario could unfold. OxArtikal asserts that sell-off by Strategy could potentially drive the price below $70,000 within days, undermining the retail comeback and deterring new investors who view Bitcoin as a long-term safe haven. Related Reading: Bitcoin Stuck In Macro Purgatory—Top Analyst Says Q4 Or Bust While it is not confirmed that Saylor will sell his holdings, the signs are troubling: the recent wallet movements, the involvement of Coinbase Prime, and a lack of transparency during earnings calls all point to a potential shift in strategy. If Strategy were to exit the Bitcoin market, the expert claims that it wouldn’t merely result in a correction; it could trigger a market-wide reset, erasing years of built-up trust and confidence in Bitcoin as “digital gold.” Featured image from DALL-E, chart from TradingView.com
A Nickel Digital Asset Management survey says around 10% of S&P 500 companies will establish bitcoin treasuries at some point.