Strategy also sold about 800,000 shares for $128 million through its at-the-market program in the same week. If the bitcoin sale did not matter, traders were left asking why it needed to happen at all.
One possible answer is the S&P 500.
Strategy met the technical requirements for index inclusion in September 2025 but was passed over. Some market commentators have argued that the company’s refusal to sell bitcoin could make it look more like an investment vehicle than a treasury company, which would hurt its chances. Selling a small amount of bitcoin may help Strategy show it can use BTC as a corporate treasury asset, not just hold it forever.
The market reaction was real, however, as bitcoin was already trading into weak risk appetite. Iran tensions had pushed oil higher and revived worries about a higher-for-longer rate path. Tech stocks were under pressure. Bitcoin traded more like a high-beta Nasdaq proxy than an independent store-of-value trade.
But the rebound came from the same macro channel.
President Donald Trump said the U.S. had effectively ended the war with Iran, while officials pointed to progress toward a signed accord. Brent crude fell toward $85. Stocks rallied. SpaceX listed on Nasdaq on Friday and closed at $161, up 19% from its $135 offer price, giving risk traders another reason to step back in.