Crypto News
Strategy filed to sell up to $3.25 billion worth of Bitcoin on Monday, its largest authorized BTC sale to date, reigniting the forced-selling debate Michael Saylor's treasury model has carried for two years. The filing comes as BTC trades near $60,000, down sharply from its 2025 highs, putting the structural ceiling on the treasury program back in focus.
Peter Schiff seized on the size of the authorization on X, calculating that hitting $3.25B at $60K BTC requires selling roughly 54,000 coins. As Bitcoin falls, he argued, more must be sold to raise the same dollar amount, a compounding liquidation mechanic that converts a treasury refi into an effective distribution event.
Why it matters
The filing authorizes, not commits. Strategy historically pauses ATM offerings when mNAV compresses, but the headline number resets the overhang narrative on a stock that trades as a leveraged BTC proxy. Saylor has called the 21/21 plan a permanent capital structure, but every ATM authorization is read by short sellers as a ceiling on the multiple.
Market impact
BTC slid roughly 2% on the headline and MSTR gave back about 4%. The math Schiff flagged is the part the bid cares about: the lower BTC prints, the more coins the ATM must clear, which puts incremental supply on an already thin tape.
Frequently asked questions
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What did Strategy actually file?
Strategy filed to sell up to $3.25 billion worth of Bitcoin, its largest single BTC sale authorization to date. The filing is an authorization, not a committed sale.
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How many BTC would $3.25B raise at $60K?
At roughly $60,000 per coin, $3.25B translates to about 54,000 BTC. As Bitcoin's price falls, the company must sell more coins to clear the same dollar amount.
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Why does this matter for the BTC market?
The size of the authorization and the price-sensitive liquidation mechanic amplify selling pressure on an already weak tape, hurting BTC's bid and MSTR's leveraged proxy status.
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Does Strategy always sell the full authorized amount?
No. The filing sets a ceiling. Strategy has historically paused or slowed ATM offerings when its mNAV multiple compresses, treating the authorization as flexibility, not a commitment.
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How did the market react?
BTC slid about 2% on the headline and MSTR gave back roughly 4%, as traders priced in the potential supply overhang tied to Schiff's coin-count math.
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