[DigitalToday reporter Yoonseo Lee] Strategy’s sale of 32 bitcoin (BTC) is shaking the market’s premise of “never selling” surrounding corporate bitcoin treasury strategies.

Cointelegraph, a blockchain media outlet, reported on June 5 that the sale was Strategy’s first disclosed bitcoin cash-out, excluding a 2022 tax-related transaction.

The amount sold itself is not large compared with the company’s total holdings. Strategy still holds hundreds of thousands of bitcoin. But investors reviewed their assumption that the company would only keep buying bitcoin, and MSTR shares fell sharply after the disclosure.

Research firm Delphi Digital said in a market analysis report that Strategy no longer looks like a pure investment company that accumulates bitcoin only in one direction. It also said the existing “never sell” slogan has been broken.

Strategy still maintains a strategy of increasing its bitcoin holdings per share. But the transaction showed that even aggressive corporate bitcoin holders cannot be completely free from financial realities.

Conflict surrounding the U.S. cryptocurrency market structure bill, the Clarity Act, also grew. JPMorgan CEO Jamie Dimon (제이미 다이먼) said banks would oppose the latest revision of the Clarity Act. He then argued that crypto companies are receiving preferential treatment without bearing the same regulatory burdens as traditional financial institutions.

He took issue in particular with a provision allowing crypto companies to offer interest-bearing products while avoiding capital regulation and compliance obligations applied to banks. Supporters of the bill see the Clarity Act as a framework to reduce regulatory uncertainty and promote innovation, but opponents believe competitive conditions could be distorted. As a result, the clash of interests between banks and the crypto industry is emerging as a key variable in the legislative process.

France’s bitcoin treasury strategy company Capital B took a more aggressive step. Capital B asked shareholders to approve issuing up to 5.0 billion euros (about 8.951 trillion won) in new shares and a credit-style funding limit of $116.0 billion (about 180.09 trillion won) to secure funds for future bitcoin purchases. The agenda item is to be put to a vote at a shareholders’ meeting on June 17.

The funding limit the company proposed far exceeds the amount it has raised so far. Capital B said it has raised $325.0 million (about 504.5 billion won) to date, including an investment round involving Blockstream CEO Adam Back and asset manager TOBAM. Capital B bought 192 BTC last month for $15.2 million, and on June 2 it added another 4 BTC, lifting total holdings to 3,139 BTC.

Investment flows also emerged around stablecoin reserve assets. Coinbase invested an undisclosed amount in the ProShares GENIUS Money Market exchange-traded fund (ETF), which holds assets recognized as stablecoin reserves under the GENIUS bill. The fund invests in cash, bank deposits and short-term U.S. Treasuries.

The GENIUS bill requires payment stablecoins to be backed by reserves with high liquidity. As stablecoin issuers increase, demand for short-term liquid assets such as U.S. Treasuries could also rise. Coinbase’s investment shows that as a federal-level stablecoin regulatory framework approaches, reserve assets themselves are emerging as a new investment target.

This week’s market issues converged into a single flow. Corporate bitcoin holding strategies have become harder to explain with a simple narrative of “buy and hold forever,” and in the United States, interests surrounding a market structure bill and stablecoin regulation have become clearer. Fundraising, regulatory design and how reserves are managed are emerging as variables that will shape the next phase of the crypto market.