Bitcoin began the week on a down note following Strategy's disclosure that it had sold approximately $216 million from its substantial Bitcoin holdings. That loss reversed when President Donald Trump said he became "a big crypto guy."
"Well ... I've become a big crypto guy," President Trump said at a news conference on Monday. His comment came at a moment when Bitcoin was under pressure from Strategy's sale.
Investors took Trump's words as a positive signal for the future of digital assets. The price jumped quickly after his statement. It erased the earlier decline and pushed Bitcoin back above $63,000.
Trump's current favorable view of digital currencies stands in stark contrast to his past skepticism. During his presidency, he had called Bitcoin a scam and expressed concern about its volatility. His current stance could signal a broader shift in political attitudes, potentially influencing future regulatory frameworks for digital assets.
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The sale came in two batches. The first batch of about $80.8 million sold at an average price of $59,256 per coin.
The second batch of about $135.5 million followed from July 1 to July 5. Despite the sale, the company still holds a massive pile - 843,775 Bitcoin worth about $52.1 billion.
The sale was significant because Strategy had previously built its reputation on a commitment to never sell. Barclays analyst Ajay Rajadhyaksha explained the damage: "Strategy's entire investment thesis was built on a public promise never to sell. When they sold - even a minuscule amount - and then announced a new policy framework allowing further sales for 'capital allocation purposes,' it was a significant hit to sentiment."
Strategy first announced in May that it had introduced a new policy permitting limited Bitcoin sales. On June 1, the company executed its first sale since 2022, offloading over $2 million worth of the cryptocurrency. Since then, Bitcoin's price has mostly stayed between $60,000 and $70,000.
It briefly fell to roughly $59,000 on June 24, the lowest level since October 10, 2024. Cantor analyst Ramsey El-Assal views Strategy's Bitcoin sale as a move to support its preferred stock, which he called the company's "center of gravity," rather than a signal about Bitcoin's prospects. "We fully expect the company to do whatever it takes to lift STRC to par, and we believe the Street should expect frequent, periodic actions," El-Assal wrote in a client note.
He also noted that Strategy's common stock (MSTR) follows the preferred stock. "The company rightly understands something that bears miss: where STRC goes, MSTR common shares follow."
The company now has a policy that allows sales for capital allocation. That gives it room to act.
If it keeps selling, Bitcoin could face more downward pressure. If it stops, the recent rebound may hold.
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