Analytics firm Brofin questioned Strategy’s financial structure. A recent report from a consulting firm has definitely proven the Bitcoin (BTC) absolute hold myth to be false after it was revealed that Strategies initiated a surprise sale of funds in the market.
In the case of Brofin, Capital engineering designed by American company has vulnerabilities. “Strategy’s model with Bitcoin suffers from structural imbalances,” the group said in a report published on June 2, 2026, when assessing the sustainability of the company’s operations, which was founded by Michael Saylor.
According to a report by CriptoNoticias, the disruption occurred between May 26 and May 31, 2026, when Strategy sold 32 BTC for $2.5 million, marking the first BTC sale since 2022.
Mr. Blofin argued: A company’s commercial obligations conflict with the nature of its digital assets. The consulting firm explains that Strategy “finances the accumulation of highly volatile assets through capital and debt that does not generate income and has strict and recurring obligations, with interest and preferred dividends maturing regardless of price.”
In addition to this, the digital asset sale comes amidst a price correction in the Bitcoin market that has already been going on for several weeks. This situation has put further pressure on the Bitcoin price, which at the time of writing is below $66,000 and is estimated to continue falling.
The trigger for the criticism of BloFin Company’s financing obligation. Michael Saylor, executive president of strategy, predicted on May 5 that the company may sell some of its funds when it announces its first-quarter 2026 results.
“We will probably end up selling some of our Bitcoin to pay for dividends,” Saylor said at the time. The purpose of the measure is to cover the proceeds of a preferred stock called STRC, a hybrid financial instrument that functions similarly to a bond and pays investors a variable annual dividend of nearly 11.50% in cash.
It is worth clarifying that despite the sale, Strategy remains a publicly traded company with the world’s largest digital currency reserves. at the moment, The company has accumulated a total of 843,706 BTC in its treasury, A person who holds a position as a leader in an organization.
This transaction broke the promise of absolute retention.
So far, Saylor has not directly explained the reason for this sudden liquidation. Faced with this scenario, Blofin pointed out, “That’s not like him. Usually all your purchases are announced with great fanfare on social networks, but this time, faced with a change of direction, he didn’t say anything.” However, the message published today on social network X simply said, “”.back to work» (Go back to work).
For BloFin Analysts, This deal destroyed the credibility of the company’s long-term investment story.. “What was broken was the promise, not the policy. Michael Saylor preached ‘never sell’ for years and became the chief champion of that mantra,” the consultant stressed.
From a BloFin perspective, the volume of operations is more important than changes in precedent. «Therefore, size is almost irrelevant. Even with 32 coins, the important thing is that the line went from “never” to “only once.” “The difference between zero and non-zero is not a difference in degree, but a difference in nature,” the analysis company argued. This means that the real impact is not the number of coins sold. But in the fact that I broke the rule of never selling.
In the face of BloFin’s negative outlook, alternative valuations have emerged within the corporate sector. Mason Ford, head of Bitcoin strategy at Meliuz, a Brazilian company focused on Bitcoin treasury, said the key context behind Strategy’s sale of 32 BTC is related to risk rating companies such as Standard & Poor’s (S&P).
“When S&P gave Strategy a ‘B-minus’ credit rating, it cited its reliance on capital markets as a weakness, ‘particularly given the company’s reluctance to sell its Bitcoin holdings as an investment,'” Ford recalled contextualizing institutional pressures on the company.
For Meluse executives, This transaction addresses the need for validation before traditional financial markets. It’s not a structural weakness. “This sale directly refutes that criticism. Far from signaling a change in financial philosophy, Strategy has demonstrated that BTC is not tied to its balance sheet. “This is a liquid reserve asset that management can use as it deems economically reasonable,” Ford said.
Possible institutional domino effect
Meanwhile, BloFin’s vision remains the same. This move changes expectations for predictability across the crypto asset market.. “Once the most convinced preachers open the door themselves, the price reference point ceases to be a fixed value and becomes a variable that must be continually guessed at,” the analyst firm warned.
Researchers believe that breaking the absolute retention rate creates uncertainty for operators. “Bad news is absorbed. “Uncertainty quietly drives down valuation premiums. The last thing the market hates is uncertainty,” they added.
Additionally, the company warned of a potential domino effect on other companies with digital treasury (DAT) strategies. «Strategy is the world’s largest DAT company. “Once leaders put the ‘sell’ option on the table, it begins to seem normal for smaller competitors with fewer resources to sell under liquidity pressures,” Brofin warned.
