Bitcoin can drop to $30,000 but Strategy won’t sell, BTC miner says
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Jiang Zhuoer of BTC.TOP called the week’s sell-off speculation overblown, arguing Strategy’s small debt and the design of its preferred shares let it keep buying.
By Shaurya Malwa|Edited by Omkar Godbole
Jun 9, 2026, 4:55 a.m. 2 min read
- Jiang Zhuoer of BTC.TOP argued that even a drop in bitcoin’s price to $30,000 would leave Strategy with relatively low leverage and little need to sell its holdings.
- He said speculation that Strategy dumped about 45,000 bitcoin from a Fidelity custody wallet is likely overblown, noting the wallet also holds assets for Fidelity’s ETFs.
- Jiang defended Strategy’s use of high-yield STRC preferred shares, saying limited bitcoin sales to fund dividends are compatible with remaining a net buyer, though some observers warned a prolonged bear market could still force larger sales.
Bitcoin BTC$63,370.27 can drop down to $30,000 but still won’t impact Strategy’s BTC plans.
That’s from Jiang Zhuoer, chief executive of BTC.TOP, one of China’s largest bitcoin mining pools, who shared on X that Strategy is unlikely to sell much of its bitcoin, pushing back on a week of speculation that the company offloaded coins to meet its obligations.
The talk built after an on-chain analyst estimated that about 45,000 bitcoin, worth roughly $3 billion, left a Fidelity custody wallet between May 28 and June 1, and suggested Strategy had sold the coins gradually at an average near $66,000.
That wallet also holds Fidelity’s bitcoin and ether exchange-traded funds, so tying the outflow to Strategy is an inference rather than a confirmed sale. Jiang, writing on Sunday (in Mandarin), called the speculation overblown.
His case rests 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 now. He sees little reason for the company to break the never-sell-bitcoin image that underpins its market story.
Jiang also defended the logic behind STRC, the preferred shares Strategy sells to raise cash, which pay an 11.5% annual dividend in monthly installments.
Selling its oldest and cheapest bitcoin lets Strategy book an accounting profit that can fund those payments, he argued, while money raised from new STRC sales buys fresh bitcoin.
As long as purchases outpace sales, Strategy stays a net buyer. The bigger point, he said, is that STRC holders’ main fear was that Strategy would refuse to sell bitcoin and default on the dividend, so signaling it is willing to sell actually removes that worry.
Others in the discussion were less convinced, arguing that a long bear market would swell Strategy’s interest bill and force larger bitcoin sales no matter what management intends.
Bitcoin traded near $63,400 on Monday, according to CoinDesk data, down nearly 10% in the past week after Strategy reported its first bitcoin sale since 2022.
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