"New York
PublishedJUN 4 2026
Updated JUN 5 2026, 16:20
Bitcoin is heading for its largest weekly loss since November 2022 after the cryptocurrency’s biggest corporate cheerleader sold a portion of its giant holdings for the first time in more than three years.
The price fell nearly 5 per cent on Friday to $60,541, leaving its losses this week at almost 18 per cent.
The sell-off came after Michael Saylor’s bitcoin-hoarding venture Strategy said it had sold 32 bitcoin last week for a total of $2.5mn, only its second sale since it began buying the tokens in August 2020.
It said it made the sale to pay coupons to holders of its preferred stock, part of a financing model that has raised questions about its sustainability.
Publicly traded Strategy is the largest corporate holder of bitcoin and has championed a “hodl” approach directed at retail investors — crypto slang for holding in perpetuity. Before last week’s sale it had bought 843,738 bitcoins in 110 transactions for almost $64bn.
Strategy’s pivot suggested more losses were coming for bitcoin holders, said Peter Schiff, a financial commentator and prominent sceptic of the cryptocurrency.
“It’s not that small sale that did it, but the idea that it may be the first of many much larger sales,” he said on X.
Bitcoin and other cryptocurrencies have come under additional pressure as retail investors have turned their attention to the rally in tech stocks set off by the AI boom. Bitcoin fell to a 17-month low of just over $60,000 in early February.
That was some way below its level of about $67,000 on the eve of Donald Trump’s election as president in November 2024, after he promised to make the US the “crypto capital of the world”. The price then surged almost 90 per cent to a peak of more than $125,000 a token last October before beginning its decline."
FT.com
PublishedJUN 4 2026
Updated JUN 5 2026, 16:20
Bitcoin is heading for its largest weekly loss since November 2022 after the cryptocurrency’s biggest corporate cheerleader sold a portion of its giant holdings for the first time in more than three years.
The price fell nearly 5 per cent on Friday to $60,541, leaving its losses this week at almost 18 per cent.
The sell-off came after Michael Saylor’s bitcoin-hoarding venture Strategy said it had sold 32 bitcoin last week for a total of $2.5mn, only its second sale since it began buying the tokens in August 2020.
It said it made the sale to pay coupons to holders of its preferred stock, part of a financing model that has raised questions about its sustainability.
Publicly traded Strategy is the largest corporate holder of bitcoin and has championed a “hodl” approach directed at retail investors — crypto slang for holding in perpetuity. Before last week’s sale it had bought 843,738 bitcoins in 110 transactions for almost $64bn.
Strategy’s pivot suggested more losses were coming for bitcoin holders, said Peter Schiff, a financial commentator and prominent sceptic of the cryptocurrency.
“It’s not that small sale that did it, but the idea that it may be the first of many much larger sales,” he said on X.
Bitcoin and other cryptocurrencies have come under additional pressure as retail investors have turned their attention to the rally in tech stocks set off by the AI boom. Bitcoin fell to a 17-month low of just over $60,000 in early February.
That was some way below its level of about $67,000 on the eve of Donald Trump’s election as president in November 2024, after he promised to make the US the “crypto capital of the world”. The price then surged almost 90 per cent to a peak of more than $125,000 a token last October before beginning its decline."
FT.com
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