Các chuyên gia chia rẽ về việc bán bitcoin của chiến lược, đa số cho rằng không có sự thay đổi trong chiến lược nắm giữ dài hạn

The Huoxing Finance report states that on June 1, following Strategy's disclosure of its first Bitcoin sale in four years, Wall Street analysts expressed divergent views on the signal this move conveyed, though most agreed that the transaction size was too small to alter the company’s long-term Bitcoin accumulation strategy. According to the announcement, Strategy sold 32 Bitcoins between May 26 and 31 at an average price of approximately $77,135, raising about $2.5 million to pay dividends on its high-yield perpetual preferred shares, STRC (Stretch). As of the end of May, Strategy still held over 843,700 Bitcoins, with this sale accounting for only about 0.004% of its total holdings. TD Cowen analyst Lance Vitanza stated that interpreting this transaction as a significant reduction in Strategy’s Bitcoin position is misleading. He believes the economic impact of this trade is negligible and will not change the company’s core logic of accumulating Bitcoin, thus maintaining his $400 target price for MSTR stock. Benchmark analyst Mark Palmer also believes Strategy will not rely on selling Bitcoin as its primary source of funds to pay preferred share dividends in the future, and is more likely to continue raising cash through equity issuance. However, he noted that this sale demonstrates that Strategy’s Bitcoin reserves can serve as a “safety net” for paying preferred share dividends when necessary. On the other hand, Mark Connors, Chief Investment Officer at Risk Dimensions, believes this move reflects Strategy’s growing priority on maintaining a healthy capital structure over adhering rigidly to a “never sell” stance. He noted that this indicates Michael Saylor is willing to sell a portion of Bitcoin when necessary to protect the interests of shareholders and creditors. Following the announcement, Strategy’s stock price fell approximately 5% on Monday, while Bitcoin prices retreated to around $71,000, hitting a two-month low. The market’s current focus has shifted from the 32 Bitcoins themselves to whether this is merely a routine financial operation—or an early signal that Strategy may adopt a more flexible approach to managing its Bitcoin reserves in the future.