Strategy Selling Bitcoin is not about reducing positions: it's just "vaccinating" the market to help it adapt

Strategy CEO Feng Lei explains on CNBC that the company's sale of Bitcoin is not a change in long-term strategy, but rather to "let the market adapt" and to test internal trading processes.
(Background: Is Strategy's Bitcoin sale bearish? MicroStrategy's 5 major financial logic breakdown)
(Additional context: Bitcoin plunges 21% in 10 days, Strategy temporarily halts buying and switches to debt repayment, analysts warn of a Luna-like death spiral reemergence)

Bitcoin management company Strategy (formerly MicroStrategy) has recently sold Bitcoin consecutively. CEO Feng Lei (Phong Le) explained on CNBC's "Power Lunch" that the sale is not to change the long-term holding strategy, but to "let the market adapt" and to test internal trading and settlement processes.

Feng Lei stated that Strategy's proactive sale of part of its Bitcoin holdings serves two purposes: first, to gradually accustom the market to possible regulatory actions by the company, avoiding panic during large-scale future sales; second, to verify whether internal trading and clearing processes are smooth.

"Let the market adapt" — a dual meaning

Strategy first sold Bitcoin at the end of 2025, totaling about 50k BTC (at the time valued at approximately $64k to $70k per BTC, roughly $3 to $3.5 billion). This explanation on CNBC provides a clear narrative logic for the previous sales.

Feng Lei's "vaccination" analogy hints that Strategy hopes the market does not interpret each sale as a bearish signal. The company's current Bitcoin holdings exceed 845k BTC, accounting for nearly 4.2% of the total circulating supply globally.

Not just testing processes

On the surface, this sale may seem insignificant, but the underlying structural intent is noteworthy:

• Establish liquidity buffers: Strategy initially relied on bond issuance to buy Bitcoin; with holdings reaching over 845k BTC, selling some BTC helps maintain cash flow and avoid over-reliance on bond financing.
• Test settlement channels: Large-scale Bitcoin sales require multiple transactions dispersed over time; starting with small amounts tests process efficiency, ensuring smoother operations when future capital reallocations are needed.
• Psychological anchoring: "Let the market adapt" is essentially managing investor expectations in advance; when Strategy increases sales in the future, market reactions are likely to be more subdued.

This "small-scale testing first, then large-scale operation" strategy is not uncommon among publicly listed companies. For example, TSMC announced its first share buyback in 2025, after initially conducting small liquidity tests. Strategy's approach effectively shifts Bitcoin from a "faith-based asset of only buying" to a "actively managed liquidity tool" — which does not indicate bearishness, but rather a move from passive holding to active asset allocation.

For investors holding BTC, the focus is not on how much Strategy sells, but on the pace of sales. Feng Lei's comments imply that as long as the company does not enter a large-scale liquidation mode, current sales are normal operational behavior.