Strategy also sold about 800,000 shares for $128 million through its stock program during the same week. If selling Bitcoin didn’t matter, traders wondered why it had to happen.
One possible answer is the S&P 500.
The strategy met the technical requirements for inclusion in the index in September 2025, but was ignored. 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, hurting its chances. Selling a small amount of Bitcoin can help Strategy show that 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 with a low risk appetite. Tensions in Iran have pushed oil higher and reignited fears of a lasting rise in rates. Technology stocks were under pressure. Bitcoin traded more as a proxy for the high-beta Nasdaq than as an independent store of value transaction.
But the rebound came from the same macroeconomic channel.
President Donald Trump said the United States had effectively ended the war with Iran, as officials highlighted progress toward signing a deal. Brent crude fell to $85. Stocks have recovered. SpaceX listed on Nasdaq on Friday and closed at $161, up 19% from its offering price of $135, giving risk traders another reason to return.
