Shares of Strategy (NASDAQ:MSTR | MSTR Price Prediction) are down 6% in early Monday trading, while Coinbase (NASDAQ:COIN) shares are off 5%. The selloff follows a weekend SEC filing showing Strategy executed its first Bitcoin sale since December 2022.
MSTR stock is trading near $150 after closing Friday at $159.09, while COIN stock is hovering around $179.50 from a Friday close of $189.03. The moves cap a brutal stretch for both names, with MSTR stock down 60% over the past year and COIN stock down 28%.
Bitcoin is the centerpiece of today’s story. Bitcoin (CRYPTO:BTC) is trading below $72,000, down 3% over the past 24 hours and 32% over the past year.
Saylor’s Symbolic Sale Sparks Selloff
Per Strategy’s SEC filing reported as by Stocktwits and CryptoProwl, the company sold 32 Bitcoin between May 26 and May 31 for approximately $2.5 million. That marks the first Strategy Bitcoin sale since December 2022, when Strategy/MicroStrategy unloaded 704 BTC for about $11.8 million.
The nuance matters. The 32 BTC sold represents a tiny fraction of Strategy’s 843,706 BTC stack, and Strategy Executive Chairman Michael Saylor stated that the goal is to “maximize Bitcoin-per-share.” Strategy CEO Phong Le indicated that the sales will be executed at cost basis to break even and avoid tax implications, with the proceeds funding preferred dividends including the STRC 12% yield.
Strategy also sold 801,994 MSTR common shares for about $128.3 million during the same period. Yet, the optics of any Bitcoin sale from Saylor, who spent years insisting he would never sell, are clearly weighing on sentiment across crypto-linked equities.
Cuban Exits, Tom Lee Calls It Rage Quitting
Adding to the narrative, Mark Cuban disclosed he sold all his Bitcoin, arguing it failed as an inflation hedge and that gold proved the better bet. That headline collided with the Strategy filing to amplify the broader crypto rotation story.
On CNBC’s SquawkBox, Fundstrat’s Tom Lee pushed back on the bearish read. Lee called the current move “rage quitting” and described it as “a classic market bottom” and “what always happens at the end of crypto winter.”
Lee conceded “crypto has been disappointing,” yet asserted the Bitcoin and Ethereum (CRYPTO:ETH) thesis is “absolutely not” broken. He framed BTC and ETH as “the future of money,” citing AI growth and Wall Street tokenization tailwinds.
Mizuho Trims MSTR Price Target
Mizuho added pressure on Strategy stock by cutting its MSTR price target to $265 from $320, though the firm maintained its Outperform rating. The reset reflects a lower year-end 2027 Bitcoin forecast of $94,000, down from $128,000.
Coinbase doesn’t face a direct analyst action today; however, the read-through is straightforward. Coinbase revenue is tied to crypto trading volumes, and Polymarket traders are pricing in a 98% probability that COIN closes lower today.
Retail positioning skews defensive. The Reddit chatter on MSTR has been overwhelmingly bearish across six of eight time windows, with the dominant WallStreetBets post pitching puts as the safest play.
What to Watch
The setup is more nuanced than the tape suggests. Polymarket assigns a 63% probability that Strategy announces a fresh Bitcoin purchase between June 2 and June 8, and only a 5% chance of a margin call in 2026. Prudent investors may want to separate the symbolic sale from any structural shift in Strategy’s treasury approach.
Coinbase stock, meanwhile, remains hostage to Bitcoin’s tape and stablecoin flows. Coinbase’s Q1 2026 results already showed a GAAP net loss of $1.49 per diluted share on revenue of $1.41 billion, with management leaning on a 14% headcount reduction to defend margins.
Watch for whether Strategy files another Form 4 this week, whether Bitcoin holds the $70,000 zone in the coming days, and whether Mizuho’s cut prompts a wave of follow-on price target revisions. Today’s reaction looks emotional. The fundamentals around the Strategy sale, however, don’t yet support the panic read.
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