Strategy’s Bitcoin Bet Tested: CEO Says Firm Can Survive $30,000 BTC Without Liquidation

Jiang Zhuoer, CEO of BTC.TOP, downplayed concerns about the recent selloff, calling it overstated and arguing that Strategy’s modest debt levels and preferred-share structure still support its ability to keep accumulating Bitcoin.

Posting on X, the head of one of China’s largest mining pools rejected speculation that Strategy had been forced to sell BTC to meet financial needs, saying the company is unlikely to significantly reduce its holdings despite the recent market chatter.

The speculation picked up after an on-chain analyst claimed that about 45,000 BTC—worth roughly $3 billion—moved out of a Fidelity custody wallet between May 28 and June 1, suggesting Strategy may have been gradually selling at an average price near $66,000. However, because the same wallet also holds Fidelity’s Bitcoin and Ethereum ETF assets, the link to Strategy is unconfirmed and remains speculative.

In a Sunday post written in Mandarin, Jiang said the interpretation had been exaggerated.

He pointed to Strategy’s balance sheet, noting that debt accounts for only around 5% of assets and would still be just about 10% even if Bitcoin fell to $30,000 from roughly $62,900. He argued this level of leverage makes it unlikely the company would abandon its long-standing “never sell Bitcoin” stance, which is central to its identity and market narrative.

Jiang also defended STRC, Strategy’s preferred shares that pay an 11.5% annual dividend paid monthly. He explained that selling older, lower-cost Bitcoin allows the firm to realize accounting gains that can help fund those dividend payments, while proceeds from issuing new STRC shares are used to buy additional BTC.

As long as purchases exceed sales, he said, Strategy remains a net buyer overall. He added that the possibility of selective Bitcoin sales could even reduce investor anxiety, since STRC holders are mainly concerned that the company might refuse to sell BTC and risk missing dividend obligations.

Still, some market voices remain unconvinced, warning that a prolonged bear market could increase financial strain and eventually force larger Bitcoin sales regardless of management’s strategy.

Bitcoin was trading near $63,400 on Monday, according to CoinDesk data, down nearly 10% over the past week after reports of Strategy’s first Bitcoin sale since 2022.