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BTC Michael Siler provides new insights on Strategy's recent sale of Bitcoin and clarifies the logic behind the move-which marks a shift from his long-standing "never sell" stance. Siler emphasized that the main motivation was to respond to concerns about the company's ability to cash out its Bitcoin holdings without disrupting the overall market.
This bitcoin sale is aimed at breaking the myth of a "death spiral." In an interview with CEO Diary, Siler said that market participants had questioned whether Strategy could sell some of its Bitcoin reserves without triggering a sharp drop in Bitcoin prices. He described the widespread suspicion as a potential "death spiral"-in which the market believes the company cannot sell Bitcoin without destabilizing assets, forcing it to rely on additional stock issues to meet its dividend commitments.
To test these assumptions, Strategy sold 32 bitcoins at prices of US$59000 to US$60000 each, with a total value of approximately US$2.5 million. The deal represents only a small portion of the company's total holdings, but it is a carefully planned test of market depth and treasury liquidity strategies. The result did not trigger a market crash. Instead, Bitcoin prices continued to rise after the transaction was completed. The transaction shows that the company can draw liquidity from its treasury positions without triggering widespread fluctuations in the cryptocurrency market.
Siler explained that his advice to "never sell your Bitcoin" is mainly aimed at individual investors, and Strategy, as a company, must balance different capital needs with operating realities. The company aims to challenge the views of critics and short sellers who believe that selling even a small portion of Bitcoin inventory can cause financial losses. Siler said Strategy intended to prove that limited bitcoin sales could be done without triggering a chain reaction in the market. In his view, this operation "immunized" the market's assumption that "institutional Bitcoin positions are trapped assets that are difficult to sustainably realize."
Bitcoin holds steady above US$65000, Strategy shows flexibility
After recent sales, Bitcoin has stabilized at approximately US$65106, up approximately 0.1% in the past 24 hours. The intraday trading range for the cryptocurrency is $64695 to $65234, with buyers continuing to maintain prices above the key $65000 mark. Attempts to break through the $65200 to $65300 resistance band encountered continued selling pressure, but buyers returned to defend key psychological levels. If Bitcoin can hold on to $65000, the upward path may remain unchanged; however, a break below that level could trigger a re-test of the $64800 support level, indicating that momentum may turn short.
Siler revealed that Strategy's current break-even point for selling Bitcoin to pay dividends is about 3.2%. If the price of Bitcoin rises by this amount, the company can liquidate some of its Bitcoin reserves to meet shareholder obligations without issuing additional shares. This strategy provides Strategy with another source of liquidity while retaining most of its Bitcoin exposure, highlighting that regular sales by companies do not necessarily need to threaten market stability.
Analysts are watching closely to see whether other large business holders will follow this model. The results of such market testing could have a significant impact on Bitcoin's wider acceptance and its feasibility as a corporate treasury asset. As companies seek diversified and flexible strategies,
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