Strategy sold another 1,690 bitcoin last week for $108.6 million and used the proceeds to repurchase STRC preferred stock. Combined with the prior week, Strategy has sold 3,328 bitcoin for $213.3 million in two weeks. The market’s response has been a shrug. Bitcoin was around $65,000 when the latest sale was disclosed and remains stubbornly near the low $60,000s despite Strategy selling, the Coldcard disaster, and a steady supply of bad headlines.
It increasingly feels like bitcoin simply does not want to go much lower. I am not calling the bottom because anybody who claims to know where bitcoin is going next is wrong, lying, or selling something. We can still speculate. Speculating is fun, and I am hopeful the next meaningful move is up.
Happy Friday.