IBIT Block Sale Weighs on BTC Relative Performance, HYPE Defends Level Ahead of $570 Million in Potential Sell-Side Flows, Leaning Into Miners (Portfolio Rebalance)
May 26, 2026
Strategy USD Reserve Drawdown Confirmed, But STRC Holds In Well: Strategy filed an 8-K today confirming that the company tapped its USD reserve to complete the previously announced ~$1.38B convertible debt repurchase, reducing reserve balances from over $2B to roughly ~$871M. This lowers implied dividend coverage for STRC from roughly ~15.8 months to closer to ~6 months. Despite this, STRC actually traded well today and closed above the implied breakeven price associated with the current ~11.5% annualized dividen...