Firi Weekly: Strategy Sells Bitcoin

Strategy Sells Bitcoin for Second Time:
- Strategy, formerly MicroStrategy, sold 32 bitcoins worth $2.5 million last week, its first sale since December 2022. The company still holds about 843,706 bitcoins worth roughly $58.2 billion. The sale is therefore significant because the crypto market now fears further Bitcoin sales. This further weakens sentiment in the crypto market, which was already weak.
Middle East Uncertainty and Equity Rotation Weigh on Crypto:
- U.S.–Iran talks remain unresolved despite President Donald Trump previously suggesting a deal was close. This has been negative for crypto, even though oil prices remain below earlier 2026 highs. At the same time, capital appears to be rotating from crypto into equities, especially AI-related stocks, helping explain the market’s recent weakness.
BlackRock Bitcoin ETF Sees $1.29 Billion Sale:
- A $1.29 billion sale of BlackRock’s U.S. Bitcoin ETF took place last Tuesday through a dark pool, which conceals trades from the market until after they have occurred. Apparently, this was the largest such trade in the fund’s history. The seller accepted a 2.3% discount, equivalent to about $29.5 million, suggesting an urgent need to exit the position. This comes as U.S. Bitcoin ETFs recorded $2.41 billion in net outflows in May, likely reflecting selling by more traditional investors.
VanEck Launches First BNB ETF:
- VanEck launched the first BNB ETF on Nasdaq last week, giving mainly U.S. investors brokerage-account exposure to BNB without directly holding the token. BNB rose by a few percent, but the key question is whether traditional ETF investors will provide sustained demand for the Binance-linked asset.

Last Week’s Big Three

Middle East Deal Still Uncertain: A few weeks ago, U.S. President Donald Trump indicated that a deal between the U.S. and Iran could be close, possibly only days away. Since then, no deal has been finalized. If anything, a potential deal appears to have become less certain. However, on Monday, Trump said the talks were continuing at a rapid pace. This followed a statement from the Iranian Revolutionary Guard Corps, also issued on Monday, saying the regime was suspending talks and opening other fronts in the war. There also appear to have been ceasefire violations on both sides.

In other words, a long-term deal can probably only be trusted once it is actually announced. For now, the Strait of Hormuz remains effectively closed, through which a large share of the world's oil and gas supply normally passes. The closure has pushed oil and gas prices higher, although oil remains well below its highs from earlier this year. These higher energy prices add to inflationary pressure. In response, central banks may become more hesitant to cut interest rates. That is negative for crypto, as higher rates make lower-risk investments more attractive on a risk-adjusted basis.

Major Bitcoin ETF Sale at Steep Discount: On Tuesday, there was a major $1.29 billion sale of BlackRock’s U.S. Bitcoin ETF. The trade was executed in a dark pool, a private market where large buyers and sellers can agree on transactions without immediately showing the broader market that a large sell order is coming. It appears to be the largest such trade in BlackRock’s U.S. Bitcoin ETF.

The seller appears to have accepted a 2.3% haircut, equal to a loss of about $29.5 million. That is a meaningful discount. It suggests the seller wanted to exit the position quickly and was willing to accept a weaker price to do so.

First BNB ETF Launches on Nasdaq: Staying with ETFs, U.S. asset manager VanEck launched the first BNB ETF, VBNB, on Nasdaq last week. The fund gives mainly U.S. investors exposure to BNB through a regular brokerage account, without requiring them to buy or store the token directly. BNB is the native token of BNB Chain, a blockchain that is used extensively, including for stablecoin transfers. BNB was created by, and is still partly connected to, Binance, the world’s largest crypto exchange.

BNB rose by a few percent after the launch, which may have been linked to the ETF. The question now is whether the fund can attract interest from U.S. investors, especially more traditional investors who normally buy these ETFs.

Behind the Charts

Chart 1: Monthly U.S. Bitcoin and Ethereum ETFs Net Flow

The past few weeks have been difficult for crypto. Bitcoin traded as low as $66,100, while Ethereum traded as low as $1.812 this week. As we wrote in last week’s Firi Weekly, much of the selling appears to be linked to investors rotating capital out of crypto and into equities, especially AI- and chip-related stocks. On top of that, the war in the Middle East has added inflation pressure, which is also negative for crypto.

We can see this rotation especially clearly in the U.S. Bitcoin and Ethereum ETFs. These products are often held by more traditional investors. In May alone, U.S. Bitcoin ETFs saw net outflows of $2.41 billion, while U.S. Ethereum ETFs saw net outflows of $541.3 million. This suggests that investors sold considerably more of these funds than they purchased.

A Number to Remember

32 bitcoins

Strategy, previously MicroStrategy, is the largest corporate holder of Bitcoin. Last week, it sold 32 bitcoins worth $2.5 million. The sale was announced on Monday this week.

This is only the second time the company has sold bitcoins. The first was in December 2022, several years ago. The sale follows Strategy’s shift away from a strict never-sell approach toward a more actively managed balance sheet, where Bitcoin sales may be considered if they improve the company’s financial position.

The company’s sale almost certainly did not help crypto prices recently. Not because of the size of the sale itself, but because the market may increasingly worry that selling by Strategy could become more normal. The potential consequences of further Strategy selling for the market may be considerable, considering that Strategy owns about 843,706 bitcoins worth roughly $58.2 billion.

On Our Radar

What we are especially watching in the near future:

Will Strategy Sell More Bitcoin? The crypto market will closely watch whether Strategy sells more bitcoins in the near future. More sales would likely be viewed negatively by the market. If the company starts buying bitcoins again, that could potentially support crypto sentiment. Either way, this is worth watching closely.
Is a Middle East Deal Getting Closer? We have been watching this for months, and it remains highly relevant: what happens in the Middle East, and whether the U.S. and Iran can reach a long-term deal. If they can, it would likely be positive for crypto. If they cannot, and the situation escalates, it would likely be negative.
Can the Clarity Act Pass Before Summer? If the U.S. Clarity Act is going to pass before summer, progress likely needs to happen within the next one or two weeks. The bill is expected to bring clearer regulation to the U.S. crypto industry. Among other things, it could strengthen customer protections, improve operating conditions for crypto businesses, and make it easier for traditional financial institutions to engage more deeply with crypto. We are following this closely, as passage would likely have a fairly significant impact on the crypto market.

Mads Eberhardt

Written 03/06/2026

Should not be considered financial advice. Crypto may involve high risk.