Strategy also sold about 800,000 shares for $128 million through its at-the-market program in the same week. If the bitcoin sale didn’t matter, traders were asked why it even happened.
One possible answer is the S&P 500.
The strategy met the technical requirements for index inclusion in September 2025, but was passed over. Some market commentators have argued that the company’s refusal to sell bitcoin could make it look more like an investment vehicle than a financial company, which would hurt its chances. Selling a small amount of bitcoin can help the strategy show that it can use BTC as a corporate asset, not just hold it forever.
However, the market reaction was real as bitcoin was already trading with a weak risk appetite. Tensions in Iran had pushed oil higher and revived concerns about higher-to-longer rates. Tech stocks were under pressure. Bitcoin was trading more like a high-beta Nasdaq proxy than an independent trading store of value.
But the setback came from the same macro channel.
President Donald Trump said the United States had effectively ended the war with Iran, while officials pointed to progress toward a signed deal. Brent oil fell to $85. Shares rose. SpaceX listed on the Nasdaq on Friday and closed at $161, up 19% from its $135 IPO price, giving risk traders another reason to step back.
