Even at $30K, Strategy's still hoarding harder than your group chat hoards alpha 🪨

Bitcoin could fall to $30,000 and Strategy would still have no need to sell, according to Jiang Zhuoer, chief executive of Chinese mining pool BTC.TOP, who pushed back on a week of speculation that the company offloaded roughly 45,000 bitcoin to meet obligations. Bitcoin ($BTC) was trading near $63,271.85 at the time of writing, with the price hovering around $62,900 in Jiang's analysis.

The speculation stemmed from an on-chain estimate that about 45,000 BTC, worth roughly $3 billion, left a Fidelity custody wallet between May 28 and June 1, with an analyst suggesting Strategy had sold the coins gradually at an average near $66,000. That wallet also holds Fidelity's bitcoin and ether ($ETH) exchange-traded funds, so tying the outflow to Strategy remains an inference rather than a confirmed sale. Writing on Sunday in Mandarin, Jiang called the speculation overblown.

Jiang's argument centers on Strategy's balance sheet. The company's debt equals only about 5% of its assets, he said, and would climb to just 10% even if bitcoin fell to $30,000 from around $62,900. He framed that ratio as relatively low leverage and said there is little reason for the company to break the never-sell-bitcoin image that underpins its market positioning.

He also defended STRC, the preferred shares Strategy issues to raise cash, which pay an 11.5% annual dividend in monthly installments. Selling older, cheaper bitcoin lets Strategy record an accounting profit that can fund those payments, Jiang wrote, while proceeds from new STRC sales buy fresh bitcoin. As long as purchases outpace sales, Strategy remains a net buyer, and the willingness to sell actually reassures STRC holders worried about a default.

The comments come as the company continues to use equity-linked instruments to accumulate bitcoin, a strategy that some market participants have warned could still force larger sales if a bear market stretches longer than current cash flow can cover.