Compass Investments

**Option 1 (simple substitution of synonyms):** Why did market participants remain unfazed after Strategy sold its BTC holdings?

**Option 2 (changing word order and replacing a pair of words):** Why didnt investors show any concern after Strategy sold its bitcoins?

**Option 3 (using different but semantically similar words):** Why did investors remain calm after Strategy sold its BTC holdings?

– Grayscale states that this sale reduces the risk of sharp fluctuations in the Bitcoin price.

On July 6, inflows into the Bitcoin ETF totaled $265.69 million.

Bernstein maintains its annual price target of $150,000.

JPMorgan remains skeptical, taking the opposite view.

On Monday, July 6, Strategy confirmed that it sold 3,588 BTC last week for approximately $216 millionthe first sale in the companys five-year history of accumulating assets. The transaction was carried out as part of a Bitcoin monetization program approved by the board of directors in late June, which authorizes sales to fund dividends on preferred shares and strengthen cash reserves. Following the sale, Strategy retained 843,775 BTC and $2.55 billion in cash reserves, which is sufficient to cover its dividend obligations for approximately 17 months.

Institutional investors, particularly Grayscale, reacted most extensively to this situation. In a note published on Monday, Head of Research Zach Pandl expressed the view that this sale could restore confidence in Strategys financial structure and help Bitcoin find a more stable bottom. His argument runs counter to intuitive perception: for many years, the market has feared that Strategy would one day be forced to liquidate assets in a weak market, and a transparent, planned sale eliminates precisely this uncertainty.

Grayscales research department believes that @Strategys sale of Bitcoin last week could reduce financial risks and support Bitcoin price stability.

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Pandl noted that the balance sheet has never been an issue: approximately $52 billion in Bitcoin versus about $7 billion in debt and less than $2 billion in annual dividend obligations.

He pointed to the recovery of the STRC priceStrategys preferred sharesas evidence that investors now view this instrument with greater confidence. In his view, converting part of the reserve into cash reduces long-term risk rather than increasing it.

Institutional investors are not unanimous in their views. Analysts at JPMorgan took the opposite view, arguing that Strategywhich can now both buy and sell Bitcoinintroduces excessive two-way risk into the market, thereby increasing uncertainty.

The bank suggested that Strategy raise equity capital and build cash reserves sufficient to cover dividends for 2436 months instead of the current 17, which would reduce the need for future sales. The disagreement essentially boils down to what is more important for market stability: predictability or reducing the frequency of sales. , detected_source_language: EN

Bernstein added the perspective of a longer cycle. Analyst Gautam Chhugani noted that Bitcoins decline of approximately 54% from its October 2025 highclose to the $125,000 markis still significantly less than the 7590% declinesseen at the end of previous cycles. The Wall Street research firm maintained its year-end price target for Bitcoin at $150,000 and stated that it would continue to monitor signs of life in capital flows.

Fund data tended to confirm this cautious tone rather than contradict it. According to SoSoValue, on July 6the same day the sale was confirmedU.S. spot Bitcoin ETFs recorded a net inflow of $265.69 million. Institutional funds flowed into Bitcoin on the very trading day the market was digesting the first-ever sale by the largest holdersuch a sequence of events is difficult to reconcile with genuine alarm on the part of institutional investors.

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