Bitcoin edged higher on Monday, clawing back some ground after a hack drained nearly $90 million from Coldcard cold wallets and Strategy disclosed a $105 million Bitcoin sale. The moves compounded a rough stretch for the industry, on top of weak second-quarter earnings at Strategy and Coinbase.
Bitcoin rose 0.2% to $63,711.6 at 17:29 ET (21:29 GMT) Monday, rebounding somewhat as traders absorbed a high-profile hack and weak second-quarter earnings from major industry players.
Optimism over further U.S.-Iran negotiations provided little support, even as oil prices slid up to 5%. President Trump said additional negotiations with Iran were set for later Monday, after Washington canceled a major planned weekend attack on the country.
Coldcard hack drains nearly $90 million in Bitcoin
Canadian wallet maker Coinkite disclosed late last week that its Coldcard line of cold wallets had been compromised, with hackers siphoning funds from customer devices. By Monday, nearly $90 million in Bitcoin had been stolen from more than 4,500 wallets, according to Galaxy Research data.
The hack unnerved crypto markets because cold wallets are usually considered the safest way to store cryptocurrency, kept offline and cut off from public networks. A flaw in the Coldcard devices, however, left them open to remote access.
Strategy sells $105 million of Bitcoin
Strategy sold 1,638 bitcoin for roughly $104.7 million last week, according to an SEC filing disclosed Monday. The Bitcoin treasury company led by Michael Saylor said the sales took place between July 27 and Aug. 2 at an average price of $63,957 per bitcoin.
The transaction brings Strategy's total holdings down to 843,138 bitcoin, worth about $52.6 billion at current prices. Saylor said the company's average purchase price across its holdings stands at $75,419 per coin, for a total cost basis of roughly $63.5 billion including fees and expenses. Strategy said it used the proceeds to fund distributions on its preferred stock and to repurchase shares of STRC.
The sale follows weak second-quarter earnings at Strategy and Coinbase last week. Strategy reported a substantially larger-than-expected second-quarter loss, continuing to nurse deep losses on its Bitcoin holdings, having recently begun offloading some holdings to meet mounting capital and debt obligations. Coinbase, the largest U.S. crypto exchange, also posted weaker-than-expected results, as an ongoing pivot out of crypto markets battered its transaction volumes.
Crypto has struggled with a prolonged exodus of investor interest in 2026, as sustained Bitcoin losses, Strategy's sales, and growing interest in AI-linked assets have overshadowed the industry. Prolonged risk-aversion tied to the U.S.-Iran war has also weighed on the sector.
Elsewhere, Ether fell 1.2% to $1,867.12 and XRP shed 0.5%, while Cardano added 2.5%.
Source: Cryptocurrency News (Investing.com)
Trading involves risk.
Risk Disclaimer
