[DigitalToday reporter Yoonseo Lee (이윤서)] Bitcoin has fallen about 21 percent over 10 days, retesting the $61,000 level for the first time in four months.
Cointelegraph, a blockchain media outlet, reported on June 4 (local time) that market anxiety grew after Strategy bought back some of its corporate bonds and temporarily halted Bitcoin purchases. Some traders even discussed the possibility it could sell its holdings.
The core of this adjustment is not the price drop itself, but that the finances of the biggest buyer that has supported the market have tightened rapidly. Since March, Strategy has spent about $9.31 billion to buy 126,016 BTC. But the company recently used $1.38 billion of cash raised through stock issuance to buy back part of its convertible bonds.
STRC is preferred stock designed to allow new shares to be issued when the share price reaches $100. It pays holders a variable annual dividend currently at 11.5 percent in cash each month. If the market no longer accepts that price, new buyers would enter at a lower price, which is the same structure as demanding a higher dividend yield. Still, there is an assessment that this change alone does not sharply shift perceptions of Strategy’s risk.
Strategy raised $7.5 billion from preferred stock issuance in the first five months of 2026. That money helped support the price of Bitcoin. Cash holdings, however, fell to $900 million, enough to pay dividends for about six months at the current level.
The key financial metric drawing the most attention is net leverage of 11 percent. This refers to the size of debt relative to assets. Strategy’s Bitcoin holdings were presented as sufficient to cover debt even if the price falls to $30,000. While short-term liquidity has worsened, there is no floor in the convertible bond contract that would force disposal of its Bitcoin holdings.
For this reason, some analysis says Strategy is not in a situation where it would be forced to sell Bitcoin immediately. If it becomes harder to use the debt market, Strategy could respond by diluting existing MSTR shareholders. That choice could add pressure to MSTR or STRC prices, but it would not shake the company’s leverage ratio itself, the explanation says.
The market also warned that the possibility of selling could be a bigger source of pressure than actual selling. Zeroxkyle, an X (formerly Twitter) user and author of the ‘Grand Line’ newsletter, viewed that if Strategy ultimately sells Bitcoin, prices could fall faster and liquidity conditions could worsen. He pointed out that if fear persists that a big seller could emerge at any time, buyers may delay entering new positions, creating a vicious cycle.
Still, Strategy is not facing an immediate risk of forced selling. Preferred dividends can be suspended if necessary, and suspended dividends accumulate later. But as long as STRC continues to trade below $100 and net outflows from spot exchange-traded funds (ETFs) continue, Bitcoin is not expected to easily regain the $70,000 level.
Ultimately, the market’s key point to watch is not whether Strategy sells Bitcoin immediately, but whether its fundraising structure can stabilise again. Bitcoin prices are expected to remain sensitive to the possibility Strategy resumes buying and to changes in ETF flows.
MSTR Summary (As I understand it)
The market basically has an extremely large overhang of a potential BTC seller. Now MSTR has been a big reason why rallies at highs have always continued on longer than it should – it is an essential indicator to track for the health of the bull… https://t.co/IHtqUOsMXB pic.twitter.com/gbaRlSDICM