Bitcoin is down over 1% on Tuesday as the Japanese yen slipped to four-decade lows against the U.S. dollar, triggering volatility in currency markets.
The leading cryptocurrency by market value traded below $60,000, holding below the pivotal 200-week simple moving average.
On Monday, Strategy, the world’s largest publicly listed BTC holder, authorized plans to buy back as much as $1 billion each of its preferred and Class A common shares, and is launching a $1.25 billion “monetization program” to raise capital with bitcoin sales. Essentially, it may sell BTC worth over a billion dollars in an already weak market — a sharp pivot from founder Michael Saylor’s longtime mantra of “never sell your bitcoin.”
This pivot, however, may offer little long-term solace, according to some observers. Strategy’s preferred stock STRC, a yield-generating play, has cratered in recent weeks, weakening the company’s major funding channel for BTC purchases.
“The can has been kicked down the road for a year or two,” Jeff Dorman, CIO of Arca, said on X.
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