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Jiang Zhuo'er: The 20k BTC already approved by Strategy's shareholders are likely to be sold entirely.
He said that despite the company still holding about $2.55 billion in cash reserves, enough to cover 17.6 months of interest payments, the decision to actively sell coins rather than raise funds through issuing additional common stock is seen as a significant shift from the "never sell Bitcoin" strategy.
Jiang Zhuo'er believes this move may indicate an adjustment in the company's capital strategy, and questions whether selling BTC without repurchasing positions will lead to a "decline in Bitcoin per share." He suggests that the 20k BTC already approved by shareholders will most likely all be sold. He further speculates that Strategy may be using some of its Bitcoin for interim capital allocation, potentially even affecting its long-standing "continuous BTC accumulation" market narrative.