BTC.TOP CEO Jiang Zhuoer pushed back on speculation that Strategy may need to sell large amounts of bitcoin, arguing the company’s leverage would remain manageable even if BTC fell to $30,000. The debate follows on-chain claims about a large Fidelity custody wallet outflow and renewed scrutiny of Strategy’s preferred-share funding model.
BTC.TOP CEO Jiang Zhuoer pushed back on speculation that Strategy may need to sell large amounts of bitcoin, arguing the company’s leverage would remain manageable even if BTC fell to $30,000. The debate follows on-chain claims about a large Fidelity custody wallet outflow and renewed scrutiny of Strategy’s preferred-share funding model.
The discussion matters because Strategy is one of the market’s most closely watched corporate bitcoin holders, and any sign of forced selling can shape sentiment around both BTC and companies using bitcoin-heavy treasury strategies. The debate intensified after an on-chain analyst estimated that about 45,000 BTC, worth roughly $3 billion, moved out of a Fidelity custody wallet between May 28 and June 1.
Jiang Zhuoer, chief executive of BTC.TOP, said Strategy is unlikely to be forced into major bitcoin sales even if BTC falls to $30,000. His comments, posted on X, challenged recent speculation that Strategy had offloaded coins to meet financial obligations.
The discussion matters because Strategy is one of the market’s most closely watched corporate bitcoin holders, and any sign of forced selling can shape sentiment around both BTC and companies using bitcoin-heavy treasury strategies. The debate intensified after an on-chain analyst estimated that about 45,000 BTC, worth roughly $3 billion, moved out of a Fidelity custody wallet between May 28 and June 1.
According to CoinDesk, that wallet also holds assets for Fidelity’s bitcoin and ether exchange-traded funds, meaning any link between the outflow and Strategy remains an inference rather than a confirmed sale. Jiang described the concerns as overblown and argued that Strategy’s debt load is relatively small compared with its assets.
Jiang said Strategy’s debt equals about 5% of assets and would rise to around 10% if bitcoin dropped to $30,000 from roughly $62,900. He also defended Strategy’s use of STRC preferred shares, which pay an 11.5% annual dividend in monthly installments, saying limited bitcoin sales to fund dividends could still be consistent with Strategy remaining a net buyer if new purchases exceed sales.
Not everyone in the discussion agreed with Jiang’s view. Some observers warned that a prolonged bear market could increase Strategy’s interest burden and eventually require larger bitcoin sales. Bitcoin traded near $63,400 on Monday, CoinDesk reported, after falling nearly 10% over the previous week and after Strategy disclosed its first bitcoin sale since 2022.
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