Bitcoin’s Corporate Split: Fold Unloads 634 BTC to Reduce Debt While Strategy Stacks More Coins
11.06.2026 - 21:46:16 | boerse-global.de
The diverging fortunes of Bitcoin-focused corporate treasuries tell a revealing story of the current bear market. Fold Holdings sold roughly 634 bitcoins for $45 million on June 10 and 11, using $20 million of the proceeds to immediately retire secured credit debt and retaining the balance as non-dilutive capital for its Bitcoin credit-card business. The sale slashed Fold’s own Bitcoin stash from 826 BTC to just 192 BTC, although the group level still holds around 1,492 coins. The market cheered the deleveraging: Fold’s stock surged more than 160% on the news.
Across the aisle, Strategy (formerly MicroStrategy) was doing the opposite. The company offloaded a mere 32 BTC for roughly $2.5 million in what CEO Phong Le described on June 10 as an operational system test — not a strategic pivot. In the same stretch, Strategy snapped up 1,550 BTC at an average price of $65,332. That brings its total holdings to approximately 845,256 BTC. Executive Chairman Michael Saylor stressed that the firm is using equity offerings to boost the Bitcoin-per-share metric without diluting shareholders’ substance.
A market under siege
These corporate moves play out against a grim macro backdrop. Bitcoin is trading at around $62,855 after a 23% decline over the past 30 days and a 50% plunge from its all-time high of $126,080 set in October 2025. The 14?day relative strength index has sunk to 29.1, deep in oversold territory — a level that historically lures bottom-fishers.
The selling pressure has been relentless. Between May 15 and June 3, US spot Bitcoin ETFs bled net outflows of $4.4 billion, equivalent to roughly 59,350 BTC. BlackRock’s IBIT alone accounted for about 75% of those withdrawals. The culprit: higher?than?expected inflation data and escalating geopolitical tensions in the Middle East. Goldman Sachs pushed back its forecast for US rate cuts to June 2027, reinforcing the view that elevated interest rates will continue to weigh on volatile assets like Bitcoin for the foreseeable future.
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Mining strength amid the carnage
While Fold liquidates, Canaan Inc. continues to ramp up. In May 2026 the mining firm produced 90 BTC from its own operations and an additional 24 BTC from client accounts, pushing its total crypto treasury to an all?time high of 1,867 BTC and 3,952 ETH. Canaan’s North American fleet achieved an efficiency of 17.9?J/TH, an 11% year?over?year improvement. A wildfire at the joint?venture Alborz site briefly disrupted production, but installed hash rate remained steady at 10.05?EH/s.
Technical floor and regulatory glimmer
Bitcoin has been oscillating in a tight band between $60,500 and $66,000, with the 200?day moving average serving as the key demarcation between bullish and bearish regimes. On the fundamental side, the CLARITY Act — legislation that aims to create a clear regulatory framework for digital assets — passed a Senate committee hurdle in May, injecting a dose of cautious optimism. For Bitcoin investors, regulatory clarity is a double?edged sword: it constrains certain activities but also legitimises the asset class.
Structural supply dynamics remain intact. Only about 1.32 million BTC — less than 7% of the total supply — are still unmined, and an estimated 3–4 million coins are considered permanently lost. With the effective supply shrinking, any renewed demand must chase an ever?smaller pool of available coins.
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What happens next
The immediate catalyst is the new Fed chair Warsh’s first dot plot, due June 16–17, alongside the latest CPI data. The 10?year US Treasury yield has risen from roughly 4.0% in February to around 4.55%, and markets are now pricing in a potential rate hike by early 2027 — a dramatic shift from the rate?cut hopes that dominated early 2025. Bitcoin and Ethereum have at least found a technical breather, but the coming week will determine whether the oversold bounce turns into a sustained recovery or merely pauses the slide. For now, the corporate treasury landscape reflects that uncertainty: some companies are battening down the hatches, while others are doubling down on their Bitcoin convictions.
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