Bitcoin Slides to $76K as Strategy Buys $2B in BTC, Bitcoin Depot Files Chapter 11

Bitcoin News

Strategy executed its largest weekly Bitcoin acquisition in nearly a month, scooping up 24,869 BTC for roughly $2 billion last week at an average price of $80,985 per coin. The buy was bankrolled almost entirely by a fresh tranche of Stretch (STRC) perpetual preferred stock, which crossed its ex-dividend date last Friday while offering an 11.5% annualized yield. The Tysons Corner-based firm now holds 843,738 BTC valued near $64.4 billion, with chief executive Phong Lee touting a year-to-date BTC Gain of $6.6 billion. The transaction expands a treasury playbook that increasingly leans on dividend-bearing securities rather than common equity.

Filing data shows STRC sales accounted for approximately 97% of the funding mix, generating about $1.95 billion from 19.5 million shares, while Class A MSTR stock contributed only $83.7 million across 430,344 shares sold. The structure mirrors the firm's 34,164 BTC haul earlier this year, its third-largest single purchase on record. Strategy's average cost basis now stands at $75,700, leaving the treasury narrowly above water at current spot prices. With $26.27 billion in MSTR and $17.51 billion in STRC capacity remaining under existing at-the-market programs, the company retains substantial firepower for additional accumulation regardless of near-term price action.

The latest haul represents Strategy's sixth-largest weekly accumulation ever and pushes its circulating supply ownership above 4% of Bitcoin's 21 million hard cap, eclipsing BlackRock's roughly 817,000 BTC held on behalf of clients. Michael Saylor previewed the disclosure on Sunday with a cryptic "big dot energy" social post alongside the company's acquisition tracker, his customary signal of an incoming announcement. Saylor has logged 109 separate purchase events since 2020 and recently floated, during the firm's earnings call, the possibility that selectively selling BTC could ultimately protect long-term holder value better than a rigid never-sell stance.

Elsewhere in the sector, Bitcoin Depot filed for voluntary Chapter 11 bankruptcy protection in the Southern District of Texas, taking its global network of more than 9,000 kiosks offline as it pursues an orderly wind-down and asset sale. The Atlanta-based operator's stock cratered from roughly $3 to $0.75 on the news. Chief executive Alex Holmes blamed a hostile regulatory shift, citing stricter transaction limits and outright bans in Indiana, Tennessee and Minnesota. Federal fraud complaints tied to crypto kiosks reached 13,460 in 2025, with reported losses of $389 million, a 58% year-over-year jump that accelerated state-level crackdowns.

Geopolitical strain delivered the sharpest macro shock, with Iran's Revolutionary Guard Corps promoting Hormuz Safe, a maritime insurance platform that settles cargo cover in Bitcoin for vessels transiting the Strait of Hormuz. Iranian officials estimate the scheme could generate more than $10 billion in marine policies and financial responsibility certificates. The proposal extends an earlier model in which authorities reportedly demanded BTC tolls from oil tankers, citing the difficulty of tracing or seizing crypto under sanctions. Observers warn the platform may remain limited to niche, sanctioned trade lanes given weak commercial insurer participation and elevated on-chain traceability risk.

Spot BTC fell to three-week lows near $76,500 as US-Iran tensions resurfaced and bond market volatility broke higher, triggering $607 million in long liquidations over 24 hours. The 10-year Treasury yield reached 4.6% while the 30-year crossed 5% for the first time since May 2025, with rate-hike odds for 2026 climbing to 40%. US-listed spot Bitcoin ETFs bled roughly $1 billion in net outflows last week, snapping a six-week inflow streak. WTI crude briefly spiked above $104 per barrel before easing to $101, intensifying inflation concerns and pressuring the entire risk complex including altcoins like ETH, which slid nearly 10%.

From a technical lens, BTC trades near $76,217 with a sideways candlestick structure that has already lost the 21-week EMA near $78,660. Immediate support sits at $75,171, with deeper buyers expected around $73,925 and $72,673 if liquidation cascades extend. RSI at 43.48 sits in neutral-to-weak territory, while the bearish MACD signal aligns with the rejection from $80,590 resistance. A reclaim of $77,505 followed by a daily close above $79,036 would invalidate the bearish setup and reopen $80,590 as the gateway back toward the recent $82,500 high. A weekly close below $75,000 would confirm a deeper leg toward $72,000.