Skip to main content
BTC / USDTCRYPTO107,400+2.19%ETH / USDTCRYPTO3,840+2.13%SOL / USDTCRYPTO182.40−1.99%BNB / USDTCRYPTO652.30+0.66%XRP / USDTCRYPTO2.2150+1.61%DOGE / USDTCRYPTO0.3850−1.79%TON / USDTCRYPTO5.240+2.34%AVAX / USDTCRYPTO42.60−2.07%LINK / USDTCRYPTO22.40+2.28%ADA / USDTCRYPTO1.0520−1.68%TRX / USDTCRYPTO0.3300+0.92%DOT / USDTCRYPTO8.420+2.93%BTC / USDTCRYPTO107,400+2.19%ETH / USDTCRYPTO3,840+2.13%SOL / USDTCRYPTO182.40−1.99%BNB / USDTCRYPTO652.30+0.66%XRP / USDTCRYPTO2.2150+1.61%DOGE / USDTCRYPTO0.3850−1.79%TON / USDTCRYPTO5.240+2.34%AVAX / USDTCRYPTO42.60−2.07%LINK / USDTCRYPTO22.40+2.28%ADA / USDTCRYPTO1.0520−1.68%TRX / USDTCRYPTO0.3300+0.92%DOT / USDTCRYPTO8.420+2.93%
PreçosAutoresArquivo de edições
/
Preços
Começar→
cryptoJun 5, 2026, 9:50 AM

Grayscale Warns MicroStrategy Bitcoin Sale Stresses Financial Model

Grayscale Research flags MicroStrategy's first Bitcoin sale in a long time as a stress test for its aggressive accumulation strategy. MSTR shares fell 12.8% to a two-month low of $126, while a related floating-rate note trades below par, raising concerns of additional BTC sales.

BTCUSDMSTR

Grayscale Research has described MicroStrategy's recent sale of a small portion of its Bitcoin reserves as a 'stress test' for the company's financial model. The transaction, the first in a long period, triggered a negative market reaction and cast doubt on the sustainability of the aggressive accumulation strategy.

According to Grayscale's director of research, Zach Pandl, MicroStrategy shares (MSTR) dropped 12.8% by June 5, reaching a two-month low of $126. The note also highlights a discount on a floating-rate note issued by the company (ticker STRK), which was designed to trade near $100 with an 11.5% dividend yield but currently sits at around $95.

Grayscale warns that if MicroStrategy raises the dividend to close the discount, its cash obligations will increase, potentially pushing the company to sell more Bitcoin. Such selling would add further downward pressure on the cryptocurrency market.

Source: ForkLog