Bitcoin traded at $66,886 on Tuesday, up nearly 3% in 24 hours and about 6% over the past week. The move came as Strategy (MSTR) — the largest corporate holder of Bitcoin — did something it rarely does: it sold shares instead of buying more BTC. The company raised $225 million by selling MSTR stock, using the proceeds to bolster its dollar reserve rather than add to its 843,775-coin stash, worth roughly $56.2 billion at current prices.
Strategy’s pivot
Strategy has been a relentless buyer of Bitcoin for years, funding purchases through debt and equity offerings. Tuesday’s share sale broke that pattern. The company didn’t disclose a specific reason, but the move comes as Bitcoin sits nearly 24% lower year-to-date and roughly 50% below its October record of $126,080. MSTR stock itself rose above $100 per share on Tuesday, giving the company a more favorable window to sell. The $225 million will go toward its dollar reserve — a shift that some market watchers read as a sign of caution, though the company hasn’t said it’s changing its long-term strategy.
Bitcoin shrugs off Middle East escalation
The U.S. carried out its 10th straight night of strikes on Iranian military targets as of July 20-21, with President Trump vowing retaliation for three American service members killed and nearly 100 U.S. troops injured. The conflict has pushed oil prices higher and stoked inflation uncertainty, making it less likely the Federal Reserve will cut interest rates soon. Crypto markets took a hit back in February when the U.S. and Israel first attacked Iran, but this time Bitcoin appears immune to the latest flare-up. The price held steady above $66,000 even as geopolitical risk ratcheted up.
Broader crypto stocks rally
Coinbase (COIN) shares jumped 11% on Tuesday, and Marathon Digital (MARA) gained over 6%. The rally came despite the broader macro headwinds and the memory of October’s crash — the biggest in crypto history, which liquidated over $19 billion in bets. Bitcoin’s year-to-date loss of nearly 24% still looms, but for now, the market is looking past the Middle East tensions and focusing on the price action. Whether that resilience holds depends on how the conflict evolves and whether the Fed signals any shift in its rate stance.
