Bitcoin turned positive Monday after President Donald Trump voiced his support for cryptocurrency.

Earlier in the session, bitcoin dove toward $60,000 after Strategy, a longtime corporate buyer of the token, sold some of its holdings for the second time this year, dealing a blow to the asset once dubbed “digital gold.” The flagship cryptocurrency was last trading at $63,853.85, up 1.8% on the day. Earlier, it was down more than 2%.

“Well … I’ve become a big crypto guy,” Trump said in a news conference on Monday, responding to a question about whether bitcoin might be added to recently launched Trump Accounts.

The tax-advantaged 503A accounts went live over the holiday weekend, and they are aimed at allowing children to build long-term savings over their lifetimes. The accounts are expected to drive inflows into U.S. equities, as people can select to invest in a range of broad-market exchange traded funds.

Trump’s comments were a welcome boost for crypto investors on Monday. A stunning strategy shift by the bitcoin evangelist Michael Saylor has weighed on market sentiment in recent weeks, according to Barclays. 

Strategy disclosed Monday in a regulatory filing that it made multiple sales of bitcoin worth a combined $216 million, marking a further reversal of the Saylor-led company’s earlier promises to never sell its bitcoin.

“Strategy’s entire investment thesis was built on a public promise never to sell,” Barclays analyst Ajay Rajadhyaksha said Monday in a note to clients. “When they sold — even a minuscule amount — and then announced a new policy framework allowing further sales for ‘capital allocation purposes,’ it was a significant hit to sentiment.”

Strategy sold roughly $80.8 million worth of bitcoin at an average price of $59,256 per token between June 29 and 30, according to its regulatory filing. Then, an additional $135.5 million of bitcoin was sold in a separate series of transactions from July 1 to 5. 

That brings its holdings to 843,775 bitcoin worth around $52.1 billion as of writing time. The company’s average cost-per-token now sits at $75,476. 

Strategy first announced its shift to a corporate policy that would enable it to sell some of its bitcoin in May. It reported the sale of more than $2 million in bitcoin on June 1, marking its first sale since 2022.

Since then, bitcoin has largely traded in the range of $60,000 to $70,000. On June 24, the asset briefly dipped to roughly $59,000, or its lowest level since Oct. 10, 2024.

Shares of Strategy rose 1% on Monday, while its preferred stock, STRC, gained almost 3%. Even with the bump, the preferred stock is trading below its $100 par level.

Cantor analyst Ramsey El-Assal sees Strategy’s sale of bitcoin as effort to shore up its perferred stock, which he called the company’s “center of gravity,” not a commentary on the cryptocurrency.

“We fully expect the company to do whatever it takes to lift STRC to par, and we believe the Street should expect frequent, periodic actions,” El-Assal said in a note to clients.

The company has to balance three constituencies, preferred stockholders, common stockholders and bitcoin investors, according to El-Assal. However, protecting one of these three groups may hurt the other, he said.

“The company rightly understands something that bears miss: where STRC goes, MSTR common shares follow,” the analyst said.