Strategy Sells BTC and CFTC Approves Regulated Perpetuals

Strategy executed its first BTC sale since 2022, while the CFTC reached a milestone by approving regulated perpetual futures platforms in the U.S.

Key Takeaways

• 1.An entity referred to as 'Strategy' sold 32 BTC for $2.5 million, marking its first Bitcoin sale since 2022 to fund preferred stock distributions.
• 2.The CFTC approved the first regulated crypto perpetual futures platforms (Kalshi and Coinbase/Deribit), providing a domestic alternative to offshore markets.
• 3.BTC and ETH experienced significant net outflows from U.S. spot ETFs in May 2026, totaling -$2.4 billion and -$540 million respectively.

Table of Contents

• U.S. Spot ETF Flows
• Revisiting BTC's Geopolitical Reaction Function
• Regulatory Developments: CFTC Approves Regulated Perpetuals
• Appendix (5y charts)

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