The firm sold roughly 800,000 shares for $128 million via its at‑market program during the week. Even though the bitcoin transaction was relatively modest, some traders questioned the necessity of the sale.
One possible explanation lies in the S&P 500.
Although Strategy satisfied the technical criteria for inclusion in the September 2025 index, it was ultimately excluded. Analysts note that the firm’s decision not to divest its bitcoin holdings may portray it as an investment‑focused entity rather than a treasury company, potentially diminishing its eligibility. A modest bitcoin sale could demonstrate its ability to treat BTC as a corporate treasury asset rather than a perpetual store of value.
Nevertheless, the market responded, as bitcoin was already under weak risk appetite amid rising oil prices driven by Iran tensions and renewed concerns about prolonged higher interest rates. Technology stocks faced pressure, and bitcoin behaved more like a high‑beta Nasdaq proxy than a pure store‑of‑value asset.
The rebound was driven by the same macroeconomic factors.
President Donald Trump asserted that the United States had effectively ended the conflict with Iran, and officials indicated that a negotiated agreement was advancing. Brent crude prices dipped toward $85 per barrel. Equities rallied, and SpaceX debuted on Nasdaq on Friday, closing at $161—a 19% increase from its $135 offer price—providing additional incentive for risk‑tolerant traders.
