MicroStrategy isn't about to start dumping its Bitcoin stash in any meaningful way, according to Jiang Zhuoer, CEO of mining pool BTCTOP. In a statement that waded into the ongoing debate over the company's STRC-linked funding structure, Zhuoer said he expects the firm to remain a net buyer — even if it sells some older, low-cost BTC to book accounting gains and service interest payments.
Why Jiang Zhuoer spoke now
Zhuoer's comments follow a group discussion among industry players about MicroStrategy's liabilities, STRC interest payments, and overall funding structure. The company's strategy assumes Bitcoin compounds at roughly 30% annually while using about 10% of that appreciation to cover interest costs. That math, Zhuoer argued, keeps the model viable.
But not everyone is convinced. Critics have pointed out that the STRC structure — where later proceeds can be used to pay earlier interest — looks a lot like a Ponzi scheme on paper. Zhuoer acknowledged those concerns but said they miss the mark, characterizing the current discount on STRC as short-term market sentiment rather than a signal of insolvency.
The Ponzi debate
At the center of the worry is a simple question: if MicroStrategy needs to keep raising new money to pay off old obligations, doesn't that resemble a classic red flag? Zhuoer's counter is that the firm's debt-to-asset ratio sits at about 5%. That's low enough, he argued, to make any comparison to a Ponzi scheme more about optics than reality.
Still, the company may selectively sell some of its oldest, cheapest Bitcoin — the stuff it bought for a few thousand dollars a coin — to show accounting gains and fund STRC interest payments. Zhuoe said that wouldn't change the net-buyer picture. Strategy, he insisted, is not in a position where it has to liquidate.
What STRC holders actually want
One detail from Zhuoer's analysis that stood out: STRC holders prioritize dividend reliability over Bitcoin price appreciation. That's a different breed of investor than the typical crypto bull. They're betting on yield, not on moonshots. If MicroStrategy can keep those dividends flowing — even if it means selling a slice of its oldest coins — those holders are likely to stay put.
The market, at least for now, seems to be taking a wait-and-see approach. Bitcoin was at $63,468 when Zhuoer made his remarks. The STRC discount has narrowed slightly but hasn't vanished.
The unresolved question
The big unknown is how much selective selling could actually happen and how it might be perceived. Zhuoer frames it as a tactical move that doesn't change the strategic direction. But the more those sales appear, the more the market will ask: is this still accumulation, or is the exit ramp being paved? That question doesn't have a clean answer yet.
