Bitcoin at a Crossroads: Strategy’s Dual Role as Buyer and Potential Seller Tests Market Resilience
Veröffentlicht: 15.05.2026 um 21:31 Uhr, Redaktion boerse-global.de
Bitcoin is trading around $79,400, stubbornly pinned below the 200-day moving average at $82,000 — a level that has repelled the price for the fifth time. The tech-charts are telling a story of fatigue, and the macro backdrop is hardly providing relief. Yet beneath the surface, the largest corporate holder of Bitcoin, Strategy (formerly MicroStrategy), is pulling in two directions at once: aggressively accumulating coins through a novel equity structure while simultaneously weighing the first-ever sale from its colossal hoard.
Strategy’s buying machine hits a speed bump — even as a sale looms
The software company now holds 818,869 Bitcoin, acquired at an average cost of roughly $75,540 per coin. Days ago, a surge in trading volume of Strategy’s preferred stock STRC — which jumped to $1.53 billion on Thursday, more than four times its 30-day daily average — enabled the purchase of an estimated 11,700 Bitcoin through the firm’s at-the-market equity program. STRC, which pays an 11.5% annual dividend monthly in cash and carries a market capitalization of $8.5 billion, has become a pipeline that converts traditional capital directly into BTC.
But the acceleration has stalled. The most recent weekly purchase came in at just 535 Bitcoin — the smallest weekly intake all year, compared with prior weeks that topped 30,000 coins. And now Strategy is planning to buy back $1.5 billion in convertible notes due 2029 for about $1.38 billion in cash, with settlement expected around May 19. The company says it will fund the buyback from cash reserves, ATM proceeds, and — notably — possibly through the sale of Bitcoin holdings. That would be a historic first for a firm that has built its reputation on never selling.
The macro squeeze tightens
The macroeconomic picture is adding pressure. April’s U.S. Consumer Price Index rose 3.8% year-over-year, the highest reading in three years. Two- and ten-year Treasury yields responded by climbing to levels not seen since mid-2025, and futures markets now price a 44% probability of a Federal Reserve rate hike by December — a complete reversal from the multiple cuts expected at the start of the year.
Should investors sell immediately? Or is it worth buying Bitcoin?
Rising yields are anathema for non-yielding assets like Bitcoin. The seven-day average of net flows into U.S. spot Bitcoin ETFs has turned negative, reaching -$88 million per day — the steepest outflow since mid-February. “When U.S. Treasury yields are above 4.5% and the market is pricing in future Fed rate increases, some allocations naturally shift toward cash and bonds,” notes Alex Tsepaev, chief strategy officer at B2PRIME Group.
The technical picture reinforces the caution. Below $79,400, the next critical support sits at $77,000. A break below that level, combined with elevated open interest, could trigger a deleveraging cascade.
Regulatory clarity and miner pivots offer a counterweight
On the policy front, the Senate Banking Committee passed the CLARITY Act with a 15-9 vote, a bill that would delineate responsibilities between the SEC and CFTC and formally separate stablecoins from traditional securities. The measure now heads to the full Senate.
Meanwhile, MARA Holdings is executing a strategic pivot. The mining giant purchased the 1.5-gigawatt Long Ridge Energy & Power gas plant in Ohio for $1.5 billion, boosting its controlled energy capacity to 2.2 gigawatts — a move aimed at building AI data centers slated to begin construction in 2027. The shift comes after MARA reported a $1.3 billion net loss, largely from write-downs on its Bitcoin holdings, underscoring the pressure on pure mining models when the price stalls.
Bitcoin at a turning point? This analysis reveals what investors need to know now.
Institutional interest hasn’t dried up entirely: Dartmouth College allocated $14.5 million into Bitcoin, Ethereum and Solana ETFs, and JPMorgan notes that institutional momentum remains far stronger for Bitcoin than for Ethereum. But these pockets of demand are being overshadowed by the macro storm.
The critical question now is whether Strategy will actually sell Bitcoin. If the price fails to reclaim the $82,000 resistance, the pressure on the company to use alternatives to equity issuance — including selling coins — will mount. The outcome rests on the same forces squeezing the broader market: bond yields, inflation expectations, and the Fed’s next move at its June meeting.
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