MicroStrategy sold 32 Bitcoin—0.0038% of its 843,706 BTC—during the final week of May, sparking a nearly 10% slide in its stock over two days. Standard Chartered forecasts the ETH/BTC ratio to rise from 0.028 to 0.040 by year-end, implying over 40% relative Ethereum outperformance.
During the final week of May, MicroStrategy sold 32 Bitcoin from its treasury of 843,706 BTC to cover preferred stock dividend payments, marking its first disposal since 2022.
The announcement coincided with a more than 5% drop in Bitcoin’s price and contributed to a nearly 10% decline in MicroStrategy shares over two trading sessions.
Analysts argue the symbolic breach of the no-sell narrative sparked a rotation into Ethereum, producing one of the largest ETH-BTC relative gains on a Bitcoin down day since early 2024. The ETH/BTC ratio is projected to climb from 0.028 to 0.040 by December.
Ethereum treasury companies earn roughly 3% annual yield through token staking, reducing the need to liquidate assets for operations, whereas Bitcoin treasuries lack comparable income, creating a structural funding edge for Ethereum firms.
