Jiang Zhuo'er: It is highly likely that the 20k BTC approved for sale by Strategy will all be sold.

BlockBeats reported on July 6 that Jiang Zhuoer, founder of the B.TOP mining pool, stated that Strategy has sold 3,588 BTC, netting $216 million. This is the first time Strategy has sold a significant amount of BTC, and it did so voluntarily, despite holding $2.55 billion in cash reserves sufficient to cover 17.6 months of interest payments.

This move means that the narrative of "Strategy never sells BTC" has been broken. He does not understand the reason for Strategy's current large-scale BTC sales; even if it needed U.S. dollars, it could continue to raise funds through additional issuance of common stock. Although this would dilute BTC per share, he believes preserving the "never sell" narrative and belief is clearly more important than BTC per share.

If Strategy does not buy back at a low point after its massive BTC sale, that would also lead to a decline in BTC per share. Since Strategy is willing to pay such a price, it can only be interpreted as preparing to use a large amount of BTC for swing trading.

Jiang Zhuoer further stated that the 20k BTC already approved by shareholders will most likely all be sold. He believes that in the subsequent bull market phase, the market may witness a sell-off by an entity holding hundreds of thousands of BTC.