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Jiang Zhuoer of BTC.TOP dismissed the recent sell-off as speculative, asserting that Strategy's minimal debt and its preferred share structure enable continued purchasing.
By Shaurya Malwa|Edited by Omkar Godbole Jun 9, 2026, 4:55 a.m. 2 min readMake preferred on
China miner weighs on the Strategy situation. (Unsplash)Key Points:
- Jiang Zhuoer of BTC.TOP stated that even if Bitcoin's value dipped to $30,000, Strategy would experience low leverage and would not be forced to liquidate its assets.
- He suggested that rumors of Strategy selling approximately 45,000 Bitcoin from a Fidelity custody wallet are likely exaggerated, as that wallet also contains assets for Fidelity’s ETFs.
- Jiang defended the use of STRC preferred shares by Strategy, explaining that limited Bitcoin sales for dividend payments align with its strategy of remaining a net buyer, although some analysts caution that an extended downturn could necessitate larger sales.
According to Jiang Zhuoer, the CEO of BTC.TOP, one of China's predominant Bitcoin mining pools, a drop in Bitcoin to $30,000 would not adversely affect Strategy's plans for its holdings. He expressed this view on X, countering speculation that the company had sold off Bitcoin to meet its financial commitments.
This speculation arose after an on-chain analyst estimated that approximately 45,000 Bitcoin, valued at around $3 billion, exited a Fidelity custody wallet between May 28 and June 1, implying that Strategy had gradually sold the coins at an average price close to $66,000.
However, since that wallet also supports Fidelity's Bitcoin and Ether ETFs, linking the outflow directly to Strategy is more of an assumption than a confirmed action. Jiang referred to the speculation as unfounded in a post made on Sunday (in Mandarin).
关于【图1】的FUD，
— 江卓尔_莱比特矿池 (@Jiangzhuoer2) June 7, 2026
我相信微策略不会大幅净卖出BTC，
原因见【图2~图4】的群讨论，
同时也讨论了微策略的负债、利息支付、资金等问题 ： ） pic.twitter.com/5jQlrLT33N
Jiang's argument is based on Strategy's financial situation, claiming that its debt constitutes only about 5% of its total assets and would only rise to 10% even if Bitcoin's price fell to $30,000 from its current level of approximately $62,900. He believes there is no compelling reason for Strategy to abandon its reputation for not selling Bitcoin.
Furthermore, Jiang defended the rationale behind the STRC shares, which yield an 11.5% annual dividend distributed monthly. He explained that by selling the oldest and least expensive Bitcoin, Strategy can generate profits to fund these dividends, while proceeds from new STRC sales can be used to purchase additional Bitcoin.
As long as acquisitions surpass sales, Strategy remains a net buyer. He added that the main concern for STRC investors was the possibility of non-payment of dividends if Strategy refrained from selling Bitcoin. Therefore, indicating a willingness to sell alleviates that concern.
Conversely, some participants in the discussion expressed skepticism, suggesting that a prolonged bear market could inflate Strategy's interest expenses and compel larger Bitcoin sales, regardless of management's intentions.
As of Monday, Bitcoin was trading around $63,400 according to CoinDesk data, which marks a nearly 10% decline over the past week following Strategy's first Bitcoin sale since 2022.
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