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Crypto

Peter Brandt says Strategy sale is only the beginning, warns of chain liquidations in bitcoin

Market tension is rising after Strategy, a large bitcoin holder, secured a legal basis that could allow it to sell up to $1.25 billion of bitcoin, although it has not announced an immediate sale plan. Trader Peter Brandt warned that any sale could be only a first round of supply and could lead to further selling. He cited weaker finances, large unrealised losses and debt costs, and highlighted $58,000 as a key support level.

Crypto

Strategy common and preferred shares hit 52-week lows on bitcoin slump and securities probe

Strategy, led by Michael Saylor, saw its common stock and preferred shares fall sharply as bitcoin weakened and a securities investigation emerged. The stock hit a 52-week low and the dividend preferred STRC traded well below par, stoking concern over its fundraising model. Dividend obligations rose to about $1.2 billion a year as cash holdings fell. The firm holds about 847,363 BTC, with unrealised losses estimated at $10.6 billion.

Crypto

Strategy buys 1,587 more bitcoins, total holdings rise to 846,842 BTC

Strategy bought an additional 1,587 bitcoins for $100 million, bringing its total holdings to 846,842 BTC, funded through sales of its Class A common stock, MSTR. An SEC 8-K filing cited by Cointelegraph said the purchases were made from June 8 to June 15 at an average price of $63,024 per bitcoin, lowering the overall average purchase price to $75,656. The company has spent $64.07 billion on bitcoin purchases to date.