Strategy Transfers BTC to Coinbase; Transfers Trigger 14% Bitcoin Decline in 1 Week, Analyst Outlines Bankruptcy Scenario

According to Park Sang-hyuk, editor-in-chief of Digital Asset, Strategy, the world's largest corporate Bitcoin holder, transferred BTC to U.S. exchange Coinbase on May 29. Bitcoin fell 14% within one week following the transfer. Strategy subsequently disclosed on June 1 that it sold 32 BTC.

During a June 5 appearance on SamproTV, Park outlined a bankruptcy scenario: Strategy currently carries $5.7 billion in convertible bonds maturing by 2030 and $15.5 billion in preferred dividends. If Strategy lacks dollar reserves and must liquidate Bitcoin to meet obligations, Bitcoin would need to remain below $10,000 for approximately five years for the company to default on convertible bond payments. Park noted Strategy's current cash reserves of approximately $900 million would be depleted within seven months if dividend payments continue, forcing potential BTC sales that could erode market confidence.