Strategy’s Bitcoin sales pause lifts three‑month sentiment barrier, Bitfinex says

Bitfinex analysts note that Strategy’s recent two‑week halt in Bitcoin disposals has eased a three‑month negative sentiment trend. The company sold a total of 6,948 BTC from late May through early August, but reported no Bitcoin transactions for the weeks of Aug. 17‑23 and Aug. 24‑30.

Scale of the disposals

The 6,948 BTC sold represent a tiny fraction of Strategy’s 840,447 BTC treasury, which remains profitable as Bitcoin trades above the average acquisition cost of $75,385. Bitfinex calculated that the disposals generated roughly $432.5 million, a “rounding error” compared with daily spot volume, yet the sales carried symbolic weight because Strategy is the largest corporate Bitcoin holder.

Weekly sales and market perception

Each Monday filing during the period highlighted the narrative “the largest corporate holder is selling,” adding bearish pressure despite the modest supply impact. The sales were spread across several weeks: 32 BTC in late May, 3,588 BTC in early July, 1,638 BTC in early August, and 1,690 BTC later in August.

Shift to equity financing

Instead of further Bitcoin sales, Strategy raised about $2.01 billion by issuing roughly 18.26 million MSTR common shares between Aug. 17 and Aug. 23. Proceeds were allocated to preferred‑stock (STRC) repurchases ($136.4 million), a U.S. dollar reserve ($300 million), and a new cash account ($1.59 billion), bringing total cash holdings to approximately $6.69 billion.

Current stance on Bitcoin

With no Bitcoin purchases or sales reported in the last two weeks, Bitfinex describes Strategy as neutral rather than an active buyer. Management has indicated a possible resumption of Bitcoin accumulation in 2026, contingent on STRC trading near its $100 stated amount.

Risks and outlook

Analysts see dilution risk from continued MSTR issuance, especially if the stock trades at a premium to the company’s Bitcoin value. A further decline in Bitcoin price toward the low‑$60,000 range could also tighten financing options.