Even at $30K Bitcoin, Strategy Won’t Sell, Says Chinese Mining Industry Leader

Jiang Zhuoer, CEO of BTC.TOP, dismissed the recent selloff concerns as exaggerated, arguing that Strategy’s relatively low leverage and its preferred-share financing structure still support its ability to continue accumulating Bitcoin.

Writing on X, the head of one of China’s largest mining pools pushed back against claims that Strategy had been forced to sell BTC to cover obligations, saying the firm is unlikely to materially unwind its holdings despite ongoing market speculation.

The debate began after an on-chain analyst reported that around 45,000 BTC—worth roughly $3 billion—moved out of a Fidelity custody wallet between May 28 and June 1. The analyst suggested Strategy may have been gradually selling at an average price near $66,000. However, since the same wallet also holds Fidelity’s Bitcoin and Ethereum ETF assets, the link to Strategy remains unverified and based on inference rather than confirmed evidence.

In a Sunday post in Mandarin, Jiang argued that the interpretation had been overstated.

He highlighted Strategy’s balance sheet strength, noting that debt represents only about 5% of assets and would rise to roughly 10% even if Bitcoin fell to $30,000 from around $62,900. In his view, this level of cushion reduces the likelihood that the company would abandon its long-standing “never sell Bitcoin” positioning, which is central to its investment narrative.

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

As long as Bitcoin purchases exceed any sales, he said, Strategy remains a net accumulator. He also suggested that the option to sell some BTC could ease investor concerns, since STRC holders mainly worry about the company refusing to sell and potentially risking dividend obligations.

Still, some market participants remain skeptical, warning that a prolonged downturn could increase financial pressure and force larger Bitcoin sales regardless of management intent.

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