Shares of Strategy (MSTR) fell for a second consecutive day on Tuesday, extending a sell-off that has erased most of the company's recent gains. The firm, which holds roughly $56 billion in Bitcoin on its balance sheet, sold some of its treasury stash — a move that investors apparently didn't welcome.
Shares extend slide
MSTR closed lower again, bringing its two-day loss into double-digit territory. The stock is now more than 70% below its 52-week high. For a company that built its entire identity around Bitcoin accumulation, any signal that it's lightening up on that strategy tends to spook the market.
Bitcoin sale confirmed
Strategy confirmed it sold Bitcoin from its corporate treasury. The company didn't disclose the exact amount or price, but the timing isn't great. The stock had already been under pressure, and the sale gives traders another reason to head for the exits.
Strategy remains the largest corporate holder of Bitcoin by a wide margin. Even after this sale, its holdings dwarf those of any other public company. But the stock price has disconnected from Bitcoin's own movements in recent months. BTC itself hasn't cratered — MSTR just got ahead of itself during the 2025 bull run and has been correcting ever since. Tuesday's drop suggests investors are reassessing how much they're willing to pay for a Bitcoin proxy that now appears to be a net seller.
The next filing will show exactly how much Bitcoin left the treasury. Until then, traders are left to guess whether this is a one-off rebalance or the start of a broader unwind.
