Movement Alert｜Strategy Falls 5.3% in Regular Trading, Unprecedented BTC Sale and mNAV Breakdown Intensify Selloff Pressure

Market Focus07-08 21:57

On July 8, Strategy declined 5.3% in regular trading, trading at $92.5/share with turnover of $323 million. The stock extended its downtrend amid mounting concerns over the company's fundamental business model shift.

The decline comes as Strategy confirmed selling approximately 12,000 Bitcoin in early July at an average price of $62,000, raising roughly $740 million — its largest voluntary reduction since beginning systematic BTC accumulation in 2020. The company framed this as part of a new capital flexibility plan aimed at optimizing its balance sheet. Additionally, its core valuation metric mNAV has fallen below 1, meaning the market now values the company below its Bitcoin holdings, fundamentally undermining its premium-equity-for-BTC business logic.

The options market reflected significant institutional bearish positioning, with over $50 million in single-day large trades on July 7 pointing consistently bearish, including a $23.19 million bear call spread. Meanwhile, Bitcoin remained under pressure near $62,000, and JPMorgan warned that Strategy's transition from the largest buyer to a potential seller adds new uncertainty to the broader crypto market.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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