Strategy sold 3,588 BTC for $216 million Monday — days after buying 3,657 BTC at significantly higher prices — leaving a net gain of just 69 bitcoin despite $20 million in additional capital deployed, at an implied cost of over $289,000 per coin. The company also disclosed an $8.32 billion unrealized loss on bitcoin holdings for Q2. JPMorgan warned Strategy's shift to selective bitcoin sales has introduced an "avoidable" two-way flow risk to the market, and that the company would need two to three years of dividend coverage in reserve before investors feel confident it won't need to keep selling. Annual preferred stock dividend obligations have nearly quadrupled to $1.2 billion while the USD reserve has fallen 38% this year.
Bitcoin touched $63,882 overnight before retreating to $62,900 after Strategy's sale news hit. Thursday's soft jobs report — 57,000 positions added in June — had lifted crypto heading into the weekend by reducing Fed rate hike odds, but Monday's Strategy disclosure reversed most of that gain. AI stocks continue to absorb speculative capital: Nvidia was up 6.2% on the session while MSTR fell 8.2% and fellow bitcoin treasury companies dropped 4–6%. The Nasdaq is on track for another record; bitcoin is not.
Combined spot and derivatives trading on centralized exchanges fell to $4.41T in May — the lowest since September 2024 — while RWA perpetual futures rose 10.4% to a new all-time high of $211B.
