Bitcoin rebounds after Trump says he’s become ‘a big crypto guy’

Michael Saylor, the co-founder and executive chairman of Strategy Inc., made headlines at the Bitcoin 2026 conference in Las Vegas when he announced that his company had sold a significant amount of its bitcoin holdings for the second time this year. The news sent shockwaves through the cryptocurrency market, causing bitcoin to plummet towards $60,000 before rebounding to $63,853.85, up 1.8% on the day.

However, the mood shifted when President Donald Trump expressed his support for cryptocurrency during a news conference. Trump revealed that he had become a “big crypto guy” and hinted at the possibility of adding bitcoin to his newly launched Trump Accounts, tax-advantaged 503A accounts aimed at helping children build long-term savings. This endorsement from the former president helped boost investor confidence in the cryptocurrency market.

Despite the positive sentiment following Trump’s comments, Strategy’s decision to sell $216 million worth of bitcoin dealt a blow to market sentiment. The company, led by bitcoin evangelist Michael Saylor, had previously vowed never to sell its bitcoin holdings, making this reversal a significant development. The sales were made in multiple transactions, with Strategy now holding 843,775 bitcoin worth around $52.1 billion.

The move to sell bitcoin was seen as an effort by Strategy to shore up its preferred stock, which has been trading below its $100 par level. Cantor analyst Ramsey El-Assal believes that Strategy’s preferred stock is the company’s “center of gravity,” and that actions taken to support it may impact common stockholders and bitcoin investors. Despite the backlash from some investors, El-Assal noted that Strategy’s actions were necessary to maintain stability within the company.

In response to Strategy’s sale of bitcoin, shares of the company rose 1% while its preferred stock, STRC, gained almost 3%. Analysts are closely watching Strategy’s next moves to see how they will balance the needs of different stakeholders within the company. Overall, the cryptocurrency market remains volatile, with investors closely monitoring developments in the industry.