#非农数据超预期加息预期升温

Jiang Zhuoer's interpretation of the recent market focus on "Strategy selling coins to pay interest" essentially defends his "never sell coins" financing flywheel. Since launching the STRC preferred shares last year, Strategy has built a high-leverage financing model that converts fixed income demand into BTC buying pressure, with an 11.5% yield driven by the risk structure of selling put options. Recently, as Bitcoin has fallen, the market has begun to question whether its "selling coins to pay interest" will erode asset buffers and trigger a spiral of decline.
Jiang Zhuoer points out that the "small-scale sales generating accounting gains" are key. This is not a large-scale sell-off, but an accounting operation to maintain the "rolling strategy" and market confidence: by selling early-stage, low-cost BTC, it realizes "real" gains on the books to pay STRC interest, thus avoiding doubts about "borrowing new to repay old" and maintaining its narrative of "Bitcoin-backed" and ongoing financing ability. The core is that the valuation model of MicroStrategy heavily relies on its belief premium of "buy only, not sell"; any expectation of large-scale sales could shatter this narrative.
On June 8, Jiang Zhuoer, founder of LaBit Pool, expressed his views on Strategy selling Bitcoin. He believes Strategy will not sell a large amount of coins, only small amounts to pay interest.
Jiang Zhuoer thinks that Strategy issues new STRC to raise funds to buy more BTC, while selling a very small amount of early-stage, low-cost BTC to realize accounting gains used to pay STRC interest. This is a manifestation of its "rolling strategy." However, if Strategy completely stops selling, investors might suspect "using new money to pay old interest." Small sales can generate real gains and maintain the "never sell coins" image, making it easier to continue fundraising. $BTC