Bitcoin recovered to $63,853.85 on Monday after President Trump declared himself "a big crypto guy," reversing an earlier 2% decline triggered by Strategy's disclosure that it had sold $216 million worth of bitcoin.
Bitcoin recovered Monday after President Donald Trump voiced his support for cryptocurrency at a news conference, reversing an earlier slide driven by a surprise sell-off from Strategy, the company long associated with aggressive bitcoin accumulation.
The flagship cryptocurrency was last trading at $63,853.85, up 1.8% on the day, after having fallen more than 2% earlier in the session.
"Well ... I've become a big crypto guy," Trump said at a Monday news conference, responding to a reporter's question about whether bitcoin might be added to recently launched Trump Accounts. The tax-advantaged 503A accounts, aimed at helping children build long-term savings, went live over the holiday weekend and are expected to drive inflows into U.S. equities through a range of broad-market exchange-traded funds.
The earlier drop came after Strategy disclosed in a regulatory filing that it had sold a combined $216 million worth of bitcoin — marking the second time this year the company has parted with the asset it once vowed never to liquidate.
According to the filing, Strategy sold roughly $80.8 million worth of bitcoin at an average price of $59,256 per token between June 29 and June 30. A separate series of transactions from July 1 through July 5 accounted for an additional $135.5 million in sales. The company now holds 843,775 bitcoin, worth approximately $52.1 billion, at an average cost-per-token of $75,476.
Strategy first announced a shift to a corporate policy permitting bitcoin sales in May. It reported its first sale since 2022 on June 1, disposing of more than $2 million in bitcoin. Since then, bitcoin has largely traded between $60,000 and $70,000, briefly touching roughly $59,000 on June 24 — its lowest level since October 10, 2024.
Barclays analyst Ajay Rajadhyaksha framed the reversal as a meaningful blow to market confidence. "Strategy's entire investment thesis was built on a public promise never to sell," Rajadhyaksha said in a note to clients Monday. "When they sold — even a minuscule amount — and then announced a new policy framework allowing further sales for 'capital allocation purposes,' it was a significant hit to sentiment."
Cantor analyst Ramsey El-Assal offered a different read, arguing the sales are an effort to shore up Strategy's preferred stock, ticker STRC, which he called the company's "center of gravity." Shares of Strategy rose 1% Monday, while STRC gained almost 3%, though the preferred stock continues to trade below its $100 par level.
"We fully expect the company to do whatever it takes to lift STRC to par, and we believe the Street should expect frequent, periodic actions," El-Assal said in a note to clients. He added that the company must balance three constituencies — preferred stockholders, common stockholders, and bitcoin investors — and that protecting one group may come at the expense of another.
Trump's remarks offered a counterweight to the gloom, reinforcing a pattern in which presidential commentary has served as a near-term catalyst for crypto prices. Whether the administration's stated enthusiasm translates into concrete policy — such as formally permitting bitcoin inside Trump Accounts — remains to be seen, signaling a continued period of headline-driven volatility for the asset.
Sara Montes de Oca is the Editor in Chief of TechEchelon. Previously a correspondent and producer in Washington, D.C., covering business, finance, and politics.
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