Following Strategy's sale of 32 bitcoins, the market has been discussing the symbolic significance of the transaction. According to the article's data, this asset is worth approximately $2.5 million, a small percentage of its roughly $54 billion bitcoin holdings, but it marks the company's first bitcoin sale since the end of 2022.
The first sale sparked questions.
Investment advisor Ross Gerber strongly criticized the move, stating that Michael Saylor had repeatedly emphasized he would not sell Bitcoin, and this action contradicted his past statements. He also believes the transaction exacerbated downward pressure on the market and amplified the chain reaction of liquidations by speculative funds.
CNBC host Jim Cramer commented on the move, saying it has caused ripples in the crypto market. The report noted that some market participants are speculating whether Bitcoin's previous surge relied excessively on support from Saylor's continued buying, though Cramer believes this view is extreme, but the discussion is spreading.
Holding strategies face more complex constraints
The report argues that Strategy's past strategy of buying Bitcoin through financing and holding it for extended periods is no longer as simple as it once was. With more complex financing structures and capital arrangements, the company faces greater challenges in maintaining its positions, controlling its burdens, and responding to market expectations.
DAM founder Richard Galvin described this situation as the "three-body problem." He meant that companies struggle to balance multiple goals simultaneously, and if they want to protect two, the third may be under pressure.
The disagreement is centered on financial signals
The article also mentions that if Strategy increases its dividend yield to maintain the par value of its securities, it could further increase its dividend burden of approximately $1.7 billion and signal rising pressure to the market.
However, not all opinions are bearish. StoneX, which sold securities for Strategy, stated in a report that the sale of 32 bitcoins is more an indication that the company can fulfill its financial obligations without significantly reducing its core holdings, rather than being interpreted as a fundamental change in its cryptocurrency holding strategy.
