MSTR selling Bitcoin could lead other treasury-focused companies to follow suit, rushing to sell before the strategy plays out. The 32 BTC sold were mainly used to pay dividends on strategy preferred shares, which is reasonable, but: Over the past two years, many companies issued bonds or additional shares to buy Bitcoin, betting that the market would give Bitcoin-related stocks a high valuation premium. However, as macro sentiment fades, those premiums have turned into deep discounts, and the cost of maintaining this capital game has become extremely high. Small and medium-sized companies can only sell spot BTC to prop up the market. If even MSTR is preparing to sell some BTC to ease the pressure, then many smaller companies will inevitably rush to sell first. This is how a stampede sell-off begins. In fact, there are already companies following suit. At the same time as the MSTR sell-off news was brewing (Eastern Time, June 1, 2026), another publicly traded financial company, ProCap Financial, announced it had sold about 52 BTC. Additionally, according to Monday's corporate disclosure summary, U.S. public companies collectively added only about 144 BTC last week, compared to 603 BTC the week before—a near cliff-like drop. This storm is bound to come.