Strategy Slides 6%, Coinbase Drops 5% as Saylor’s First Bitcoin Sale in Nearly 4 Years Triggers Crypto Selloff

Strategy Inc. (NASDAQ: MSTR) shares fell 6% to around $150, while Coinbase Global Inc. (NASDAQ: COIN) dropped 5% to approximately $179.50 in early trading on Monday. The decline followed a weekend SEC filing revealing Strategy sold 32 Bitcoin (BTC) between May 26 and May 31, marking its first sale since December 2022, when it sold 704 BTC for about $11.8 million. The sale generated roughly $2.5 million, representing a small fraction of Strategy’s 843,706 BTC holdings. Executives confirmed the proceeds would fund preferred dividends, including a 12% yield, and that sales would occur at cost basis to avoid tax implications. Strategy also sold 801,994 common shares for $128.3 million during the same period. Bitcoin’s price dropped below $72,000, down 3% in 24 hours and 32% over the past year. Adding to market jitters, billionaire Mark Cuban announced he sold all his Bitcoin, citing its failure as an inflation hedge. Fundstrat’s Tom Lee countered the bearish sentiment, calling the selloff a ‘classic market bottom’ and arguing Bitcoin’s long-term thesis remains intact. Lee highlighted AI growth and Wall Street tokenization as tailwinds for crypto. Mizuho Securities reduced its price target for Strategy from $320 to $265, citing a revised 2027 Bitcoin forecast of $94,000, down from $128,000. Coinbase’s stock remains tied to Bitcoin’s volatility, with Polymarket traders assigning a 98% probability of COIN closing lower. Retail investors on Reddit expressed overwhelming bearish sentiment, favoring puts on Strategy. Strategy’s next moves will be critical. Polymarket suggests a 63% chance the company announces a new Bitcoin purchase between June 2 and June 8, with only a 5% chance of a 2026 margin call. Coinbase’s Q1 2026 results showed a GAAP net loss of $1.49 per share on $1.41 billion in revenue, alongside a 14% workforce reduction to improve margins. Investors will watch whether Strategy’s sale signals a broader shift in its Bitcoin strategy or remains an isolated transaction. Coinbase’s performance will depend on Bitcoin’s recovery and stablecoin trading activity amid ongoing market uncertainty.