Strategy also sold about 800,000 shares for $128 million through its market program in the same week. If the sale of bitcoins didn’t matter, traders wondered why it needed 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 demonstrate that it can use BTC as a corporate treasury asset, not just hold it forever.
However, the market reaction was real, as Bitcoin was already trading with weak risk appetite. Tensions with Iran had sent oil higher and revived concerns about higher rates for longer. Tech stocks were under pressure. Bitcoin was trading more as a high-beta Nasdaq proxy than as a stand-alone store-of-value operation.
But the rally came from the same macro channel.
President Donald Trump said the United States had effectively ended the war with Iran, while officials signaled progress toward a signed deal. Brent crude oil fell towards $85. Stocks rose. SpaceX listed on Nasdaq on Friday and closed at $161, up 19% from its offer price of $135, giving risk-on traders another reason to jump in again.
