BTCTOP CEO Jiang Zhuoer has pushed back against fears that Strategy could become a major Bitcoin seller if the market falls further.
In a post on X, Jiang said he does not believe Strategy will “substantially net sell $BTC.” He argued that the company still has a strong reason to protect its public image as a long-term Bitcoin holder.
BTCTOP CEO questions Strategy selloff fears
Jiang said Strategy’s brand is closely tied to the idea that it does not sell Bitcoin in size. In his view, breaking that image could cost the company more than it gains from reducing exposure.
He said even a fall in Bitcoin to $30,000 would not make Strategy’s debt profile unmanageable. According to Jiang, its leverage ratio would rise from about 5% to around 10% under that scenario.
That view differs from recent market concerns. Some investors have warned that Strategy may face more pressure if Bitcoin, MSTR shares, and STRC preferred stock all weaken at the same time.
STRC interest logic stays in focus
Jiang also discussed Strategy’s STRC interest coverage model. He said the company can sell older, low-cost Bitcoin and book accounting gains to cover STRC interest.
He added that new STRC proceeds can still support further Bitcoin purchases. Under that structure, Strategy may keep the wider message that it remains a net buyer over time.
Crypto.news recently reported that Strategy sold 32 $BTC between May 26 and May 31 at an average price of $77,135. The sale raised about $2.5 million and was linked to preferred stock dividend funding.
The sale was small compared with Strategy’s total Bitcoin holdings, but it drew attention because Michael Saylor had long promoted a no-sell Bitcoin stance.
Grayscale warns on funding pressure
As previously reported by crypto.news, Grayscale warned that weaker STRC and MSTR prices could limit Strategy’s ability to raise new capital for more Bitcoin purchases.
Grayscale said falling STRC prices may require Strategy to raise dividend rates, increasing cash obligations. That could make future Bitcoin sales more likely if other funding channels stay weak.
Strategy’s latest large buy came in May, when it bought 24,869 $BTC for about $2.01 billion. That lifted its holdings to 843,738 $BTC, more than 4% of Bitcoin’s fixed supply.
The company funded that purchase through MSTR common stock and STRC preferred stock sales, showing how central capital markets remain to its Bitcoin strategy.
For now, Jiang’s view is that Strategy still has room to manage a deeper Bitcoin drawdown. His argument rests on low leverage, accounting flexibility, and the company’s need to protect its long-term Bitcoin narrative.
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