Strategy's $1.5B Convertible Buyback Fuels Bitcoin Sale Concerns, Keeping BTC Capped Below $66K

According to QCP Capital, Strategy's recent $1.5 billion buyback of 2029 Convertible Senior Notes and ongoing equity fundraising have raised market concerns about potential Bitcoin sales to fund dividend payments. The firm noted that while Strategy has raised approximately $200 million through MSTR share sales and continues to buy Bitcoin, its current cash runway extends to roughly 7.5 months before available liquidity may tighten, creating uncertainty around the company's ability to maintain dividends without liquidating Bitcoin holdings.

QCP Capital attributed Bitcoin's failure to rally alongside broader risk assets over the weekend—after the U.S. and Iran reached a memorandum of understanding—to this specific concern. While S&P futures and equities extended gains and crude oil declined below $75 amid reduced geopolitical risk, BTC remained capped below $66,000, suggesting market focus has shifted to Strategy's balance sheet dynamics rather than macro relief.