Largest corporate bitcoin holder reverses founder’s no-sell stance as dollar strength weighs on crypto
Ether, Solana, and Dogecoin slid as Strategy announced a plan to potentially sell up to $1.25 billion in bitcoin, reversing founder Michael Saylor’s long-standing refusal to sell the company’s holdings.
Ether fell 8.2% over seven days to $1,587. Dogecoin slid 11.9% to $0.072. Solana bucked the broader weakness, rising 2.9% on the week to $74. Bitcoin itself traded at $59,514, down 0.3% over 24 hours and 7% on the week, holding below its 200-week moving average.
The announcement came as the Japanese yen weakened to 162 per dollar, its weakest level since 1986. A stronger dollar typically pressures risk assets by making dollar-priced holdings more expensive for foreign buyers and redirecting capital away from riskier trades. XRP dropped 7.1% to $1.04 in the same period.
Onchain metrics reflected subdued demand. Bitcoin active addresses sat at 618,000, lingering in the middle of recent ranges rather than breaking higher. Total transaction fees contracted, signaling weak rather than surging activity. The value of coins moving across the network ranged between $3.6 billion and $4.2 billion, according to data from Glassnode, an onchain data provider.
Strategy holds the largest corporate bitcoin position. The company’s announcement to potentially sell up to $1.25 billion marks a reversal of Saylor’s prior public stance against selling bitcoin from the company’s treasury. Filed June 29 in an 8-K outlining a “Digital Credit Capital Framework,” the proceeds are earmarked for preferred-stock dividends, interest, buybacks, and cash reserves of roughly $2.55 billion, rather than a forced liquidation. The exact timing and mechanism for executing the sales remain unspecified.
Crypto markets have remained pinned by strong dollar headwinds and absent fresh demand for weeks. Persistent dollar strength has weighed on altcoins, which typically underperform during risk-off environments, while sentiment around Strategy’s sales plan added to the cautious mood.
What happens next
Strategy did not specify details of the capital program or a timeline for execution. The company indicated the up-to-$1.25 billion in potential sales would represent roughly 20,000 BTC, or about 2.5% of its total bitcoin holdings.
