BTCTOP CEO Jiang Zhuoer said he believes Strategy’s Bitcoin-focused balance sheet remains manageable even under a sharp market drawdown, arguing that the company is unlikely to become a significant net seller of BTC. In comments shared on X, Jiang addressed concerns around Strategy’s preferred stock financing, interest payments, and whether Bitcoin sales would undermine the company’s long-running accumulation narrative.
BTCTOP CEO Says Strategy Can Weather $30K Bitcoin
Jiang Zhuoer, CEO of BTCTOP and one of China’s best-known Bitcoin mining figures, said Strategy’s risk profile remains limited even if Bitcoin falls to $30,000 and stays there. His comments focused on the company’s ability to service obligations tied to STRC, a preferred stock instrument referenced throughout his discussion, while maintaining its broader Bitcoin accumulation strategy.
Jiang argued that the key issue is not whether Strategy ever sells Bitcoin, but whether it becomes a meaningful net seller. “I still believe MicroStrategy will not significantly net-sell Bitcoin,” he wrote in the translated remarks. “Although we don’t know whether MicroStrategy is actually trying to sell Bitcoin high and buy low, or whether the explanation above is truly his real thinking, at least the explanation above is logically self-consistent.”
His reasoning centers on the distinction between selling older Bitcoin to fund STRC-related payments and using fresh STRC proceeds to acquire more BTC. Jiang said that, in such a structure, Strategy could satisfy traditional investors seeking clear income sources while continuing to expand its Bitcoin position overall. “Then I would use the money from newly sold STRC to buy new coins, while selling old coins to pay STRC interest,” he wrote. “And I would also make sure that the amount of newly bought coins is several times larger than the old coins sold.”
Jiang Zhuoer Sees Limited Risk of BTC Net Sales
Jiang also pushed back on fears that Strategy’s financing structure could create pressure for large-scale Bitcoin liquidation. He said the company’s debt-to-asset ratio is only 5%, and framed STRC’s recent discount as a product of short-term market sentiment rather than a sign of structural distress. In his view, the company’s willingness to sell some Bitcoin may actually reassure STRC holders that interest or dividend payments can continue.
He illustrated the point with a property analogy. “It’s like I borrow money from you to buy houses. Although I bought a lot of houses, I previously kept saying that I would never sell the houses,” Jiang wrote. “Now I’m saying that the houses can be sold, and I actually sold one house, took the money, and paid the interest.” He added that if an entity had “10 billion worth of houses” and had borrowed “500 million,” repayment concerns would be limited so long as assets could be sold if necessary.
Jiang said the amount needed to service STRC is small relative to Bitcoin market liquidity and Strategy’s BTC holdings. “Even if my 10 billion worth of houses falls to 5 billion, it is still more than enough to cover 500 million in debt,” he wrote. “In the worst-case scenario, if cash runs out after six months, then it can sell coins to pay the interest.” He added that even if Bitcoin “halves again to $30,000 and stays there,” Strategy’s Bitcoin would still be sufficient to cover payments “for more than ten years.”
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