Strategy (formerly MicroStrategy) was once one of the most aggressive Bitcoin buyers in the market, long known for its "never sell" stance. However, the company has recently begun selling Bitcoin to replenish its dollar reserves, pay preferred stock dividends and interest, and repurchase Digital Credit Securities. This means that one of the key structural buyers that previously underpinned the Bitcoin market is now turning into selling pressure.
Meanwhile, the macro environment is improving. At the FOMC meeting in late July, only 3 of the 12 voting members supported a rate hike, and a cooling labor market alongside easing inflation have further reduced the likelihood of a September rate increase. But unlike equities, which benefit from pension allocations and corporate buybacks, or gold, which benefits from central bank reserve diversification, Bitcoin lacks a similar stable structural buyer base. Strategy's ongoing selling has therefore become an important variable influencing short-term market risk appetite.
MicroStrategy: From Largest Buyer to Seller — Approximately $4.5 Billion in Bitcoin Still Potentially for Sale
Strategy has accumulated approximately $62 billion worth of Bitcoin, at times accelerating purchases even during price declines. Recently, however, this trend has reversed. According to analyst estimates, the company may be planning to reduce its STRC (Digital Credit Securities) balance from roughly $10 billion to $5 billion, with Bitcoin sales potentially serving as the primary funding source for this goal. If so, the company may still need to sell approximately $4.5 billion in Bitcoin, likely to be executed in tranches over the next two to four months.
While this selling scale is not enormous relative to the broader Bitcoin market, its impact is more pronounced at the level of risk sentiment. Strategy, which long acted as a structural buyer, is now gradually becoming a marginal seller. If the company maintains a selling pace of around $100 million per week, the selling pressure could persist for an extended period. Unless stronger macro catalysts emerge to drive a large-scale return of Bitcoin ETF buying, short-term rebounds may remain limited.
