Strategy Chairman Hints at Bitcoin Buybacks as Token Rallies 3.8%
STRC•Bitcoin rose 3.8% to about $64,200 after falling below $60,000, as Strategy’s chairman hinted at buybacks ahead of its US 8-K filing following its first sale since 2022 that triggered an 18% stock decline. Peter Schiff warned Strategy’s 740,000 BTC could spark a forced-selling ‘death spiral’ driving Bitcoin toward $30,000.
1. Chairman Hints at Additional Bitcoin Purchases
Strategy’s chairman Michael Saylor posted on X suggesting the company is buying more Bitcoin, sparking a 3.8% Bitcoin rally to nearly $64,200 and moderating losses after Bitcoin dipped below $60,000 last week.
2. First Sale Since 2022 and Stock Reaction
Strategy disclosed its first Bitcoin sale since 2022, reducing its holdings slightly, which contributed to an 18% drop in its share price amid concerns over its commitment to digital-asset treasury management.
3. Death Spiral Warning from Peter Schiff
Critic Peter Schiff argued Strategy’s 740,000 BTC holdings could trigger a forced-selling “death spiral” if Bitcoin prices fall toward $30,000, potentially creating a wave of liquidations that would pressure both the token and the firm’s financing vehicles.
