Saylor denies margin call rumors as bitcoin hits 2026 low

Strategy’s First Bitcoin Sale Since 2022 Sparks Market Rout as BTC Plunges Below $60,000

Strategy, the company formerly known as MicroStrategy, sold 32 bitcoin between May 26 and May 31 for approximately $2.5 million at an average price of $77,135 per coin, according to a Form 8-K filing disclosed on June 1. The sale — the company’s first since a tax-loss harvest in December 2022 — shattered its long-held “never sell” narrative and contributed to a broader market selloff that drove Bitcoin to a 2026 low of $59,100 by June 5.cnbc

A Symbolic Sale With Outsized Consequences

Though the 32-coin sale was negligible relative to Strategy’s approximately 844,000 BTC treasury, valued at roughly $62 billion at acquisition cost, the symbolic weight proved devastating. The proceeds are earmarked for dividend distributions on the company’s STRC preferred stock, a move Executive Chairman Michael Saylor had telegraphed in May when he said the company would “probably sell some Bitcoin to pay a dividend just to inoculate the market”.investopedia

Strategy shares fell approximately 4% on June 1 and continued declining in subsequent sessions, with the stock now down more than 60% from its summer 2025 highs. Bitcoin, already pressured by U.S.-Iran tensions in the Strait of Hormuz, cascaded lower throughout the week. By June 3, BTC crashed below $64,000, triggering $1.1 billion in liquidations. Two days later, the cryptocurrency touched $59,100 as $1.75 billion in total crypto liquidations wiped out more than 351,000 traders.forbes

Grayscale Points Finger at Strategy

Zach Pandl, head of research at Grayscale, warned that Strategy’s leveraged Bitcoin accumulation model is amplifying market swings. “Strategy’s levered business model is under pressure, and this has increased the volatility for the BTC market as a whole,” Pandl said. Grayscale’s research team noted that the firm faces an estimated $11 billion unrealized loss on its holdings and suggested additional forced sales could follow if conditions deteriorate.cryptorank

Saylor Pushes Back

Amid swirling speculation about potential margin calls, Saylor addressed the rumors directly on June 6, stating they are unfounded. He noted that Strategy’s debt is unsecured and long-dated, with no mandatory liquidation thresholds that would force bitcoin sales at specific price levels. The company emphasized it remains a net long-term accumulator of the asset.cryptobriefing

Bitcoin was trading near $61,120 late on June 5, having briefly stabilized after the week’s worst losses. More than half of all bitcoin in circulation now sits at an unrealized loss — a condition that has historically coincided with major cycle bottoms.bitcoin