Bitcoin fell into the mid-$67,000s on Tuesday, dragging the entire ecosystem of crypto-linked equities with it.
Bitcoin shed more than 11% over the past week, crashing below $67,000 for the first time since early April, according to Bitcoin Magazine Pro data.
The drop hit crypto treasury stocks with full force. Strategy (NASDAQ: MSTR) tumbled 9.15% on Tuesday, trading at $136.08 at close, with a session low of $134.11 — dangerously close to its 52-week floor of $104.16. Coinbase Global (NASDAQ: COIN) fell 4.23%, to $173.74.
And Strive, Inc. (NASDAQ: ASST), the Vivek Ramaswamy-founded bitcoin treasury company, dropped 6.23% to $16.10 — despite announcing one of the boldest Bitcoin purchases of the year.
Strategy (MSTR) breaks from buying and sells 32 $BTC
One of the sparks this year was a four-page SEC filing. Between May 26 and May 31, Strategy sold 32 Bitcoin for $2.5 million at an average of $77,135 per coin — the company’s first net reduction in bitcoin holdings through a standalone regulatory disclosure since December 2022.
The proceeds went toward funding distributions on STRC, Strategy’s perpetual preferred stock carrying an 11.5% annual variable dividend.
The numbers are small. Thirty-two coins represent 0.004% of Strategy’s 843,706 $BTC treasury, assembled at an average purchase price of $75,699 per coin. The psychological damage, however, was severe. Strategy built its entire equity story on an absolute “never sell” posture championed by Executive Chairman Michael Saylor. That posture is now gone. MSTR stock has fallen nearly 15% from Friday’s close.
Bitcoin price’s discouraging week
Strategy’s sale did not land in a vacuum. U.S. spot Bitcoin ETFs recorded roughly $3.45 billion in net withdrawals across 11 straight trading sessions through late May — the largest monthly ETF exodus of 2026, with a single session logging $484 million in redemptions.
Then Mt. Gox, the long-dormant estate of the collapsed Tokyo exchange, moved 10,422 $BTC — worth approximately $739 million — in a single transfer at 04:47 UTC on June 2, according to blockchain data from Arkham Intelligence.
Of the total, 10,306 $BTC went to a new address with no prior transaction history. The transfer marks the estate’s largest on-chain movement in months, arriving as its creditor repayment deadline approaches in October 2026. On-chain data showed no immediate exchange inflows tied to the movement, but automated trading systems reacted to the headline, triggering liquidations that amplified the price decline.
Geopolitics added another weight. Iran suspended nuclear negotiations with the U.S. after Israel escalated operations in Lebanon, pushing a risk-off tone into global markets.
President Trump claimed talks are still moving “at a rapid pace” while brokering a ceasefire understanding with Hezbollah, but the uncertainty was enough to suppress any bid.
Strive buys — and still gets crushed
Against this backdrop, Strive made a calculated move. The company disclosed in an SEC Form 8-K on June 2 that it acquired 2,500 $BTC for roughly $185.2 million at an average price of $74,092 per coin — a purchase made into bitcoin’s weakness.
The buy lifts Strive’s total holdings to 19,000 $BTC, placing the Dallas-based company among the top ten publicly traded corporate Bitcoin holders in the world.
CEO Matt Cole, a former $70 billion portfolio manager at CalPERS, has grown Strive’s Bitcoin stack from zero to 19,000 $BTC in under a year through a mix of equity offerings and its Variable Rate Series A Perpetual Preferred Stock (SATA).
The company also announced last week plans to expand its at-the-market fundraising programs by $4.2 billion — $2.1 billion in common stock and $2.1 billion in additional SATA preferred shares — to fund continued accumulation. In the same filing, Strive reported cash reserves of $137.3 million, up $44 million, with an 18-month dividend reserve in place.
None of it mattered to sellers on Monday. ASST shares along with everything else. Both MSTR and ASST are now absorbing the structural cost of the treasury model: when Bitcoin drops, the equities drop harder.
Bitcoin’s price sat in the mid-$67,000s at the time of writing, down more than 46% from its October peak above $126,000.
This post Bitcoin Stocks, Led By Strategy (MSTR), Take a Beating as $BTC Price Sells Off first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
