Strategy Sells 3,588 Bitcoin (BTC) for $216M in First Major Reserve Sale

Bitcoin News

Strategy, the corporate treasury vehicle formerly known as MicroStrategy, sold 3,588 Bitcoin (BTC) for roughly $216 million — its first major reserve sale since adopting the asset in 2020. The company's own disclosure puts the average exit near $60,200 per coin, well below its blended cost basis of about $75,700, leaving the position at 843,775 BTC alongside $2.55 billion in cash reserves. Chief executive Michael Saylor said the proceeds fund dividend obligations on the firm's Digital Credit preferred securities. The sale followed a 52% drawdown from Bitcoin's October 2025 all-time high, marking a decisive break from the never-sell narrative that long underpinned the vehicle's premium valuation.

American Bitcoin Corp (Nasdaq: ABTC), a majority-owned subsidiary of Hut 8 and backed by the Trump family, said its treasury has climbed past 8,000 BTC. The company's investor-relations disclosure shows the stack has grown from roughly 5,401 BTC at the end of 2025, a gain approaching 50% in six months. Co-founder Eric Trump framed the accumulation as disciplined and large in scale. Unlike miners pivoting toward artificial-intelligence data centers, American Bitcoin has doubled down on both production and open-market purchases, tying its fortunes directly to the price of the asset it collects. At current holdings the firm ranks among the larger corporate holders of Bitcoin.

On-chain data shows BlackRock withdrew an additional 300 BTC, worth about $18.77 million, from Coinbase Prime — the custody venue that services its spot exchange-traded fund. The transfer extends a pattern of steady institutional accumulation even as headline sentiment has soured. Withdrawals from Prime brokerage wallets typically signal coins moving into cold storage rather than toward sale, a distinction our reading of the flow supports. The timing — landing the same session as heavier corporate selling elsewhere — underscores a divergence between passive fund demand and active treasury management. For large holders, softer prices during the current drawdown have opened a window to accumulate at a discount.

Riot Platforms deposited 500 BTC, valued near $30.9 million, into NYDIG Custody, a movement on-chain analysts flagged as likely preparation to sell. The transfer was split into two tranches — 413.793 BTC worth about $25.57 million and 86.207 BTC worth roughly $5.33 million. Deposits into custodial venues used for liquidation often precede miner distribution, a recurring pressure point during a bear market when block rewards fail to cover operating costs. Riot's move fits a broader trend of publicly listed miners converting freshly produced coins into cash to fund expansion and service debt, adding incremental supply to a market already absorbing corporate sales.

A decade after Wall Street executives publicly dismissed Bitcoin as a fraud, the institutional posture has reversed entirely. Grayscale Investments, founded in 2013, engineered an early regulatory workaround by wrapping physical coins into the Grayscale Bitcoin Trust (GBTC), giving funds a familiar, exchange-traded vehicle to gain exposure without touching a crypto exchange directly. JPMorgan — whose chief executive once threatened to fire any employee trading the asset — now ranks among the largest authorized participants creating and redeeming spot Bitcoin ETF shares. The arc illustrates how legacy finance moved from open ridicule to becoming the plumbing behind regulated Bitcoin products, quietly building exposure through compliant channels.

American Bitcoin also reshaped its capital structure, with a 1-for-15 reverse stock split taking effect after the June 22 shareholder vote and shares trading on a split-adjusted basis from July 6. The company's operational data points to improving mining economics: first-quarter production reached 817 BTC, and its all-in cost to mine a single coin fell to about $36,200 — down 23% from $46,900 the prior quarter. A deployment of 11,298 new ASIC miners in Drumheller, Alberta lifted capacity by roughly 3.05 EH/s. Even so, the firm reported a first-quarter net loss of $81.8 million on $62.1 million in revenue, reflecting heavy expansion spending.

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $67,046 resistance at 77/100 — the strongest overhead level — driven by the confluence of Keltner Upper, Fibonacci 0.382 and Ichimoku Senkou B, with nearer resistance at $63,799 scoring 69/100 on Fibonacci 0.236 and high-volume-node clustering. On the downside, our engine grades the $63,561 support at 73/100 (Pivot Point, MACD cross, point of control) and the $61,947 shelf at 70/100 (SMA 20, Bollinger midline). Derivatives read cautiously constructive: funding sits at 0.0057%, open interest near $12.2 billion, and a 1.78 long/short ratio shows 64.1% of accounts positioned long. With the Fear & Greed Index at 27 (Fear) and RSI at 51, a daily close below $61,947 would invalidate the bullish case.