Bitcoin’s weekly sell-off sparked a familiar question: can MicroStrategy’s Bitcoin buy strategy keep working in a deep drawdown?
BTC.TOP CEO Jiang Zhuoer says the worry is overstated. In remarks cited by CoinDesk, Zhuoer called the sell-off speculation overblown and pointed to two elements that, in his view, give Strategy room to keep buying.
The two reasons Zhuoer gave
CoinDesk reports Zhuoer argued Strategy can “survive” a $30,000 bitcoin scenario without having to sell holdings. His reasoning had two parts.
First, he highlighted Strategy’s “small debt.” The idea is straightforward. With less leverage tied up in repayments, fewer forced moves follow market drops. A lower debt load can reduce the odds that Strategy needs liquidity fast.
Second, Zhuoer pointed to “the design of its preferred shares.” Preferred equity can matter because it changes how capital structures behave under stress. Different terms can shift where obligations land in a downturn. Zhuoer’s claim is that these preferred-share mechanics support continued buying rather than triggering an unwind.
CoinDesk frames Zhuoer’s comments as a direct rebuttal to the sell-off narrative that assumes Strategy must eventually sell to fund activity.
Why the debate keeps returning
This isn’t just internet theorizing. Bitcoin drawdowns have a way of turning corporate capital structures into market headlines. When BTC falls hard, critics tend to build scenarios around liquidity needs, margin calls, or refinancing pain.
Zhuoer’s response targets the assumptions behind those scenarios. By stressing small debt, he challenges the “liquidity crunch” storyline. By citing preferred-share design, he suggests the capital stack is not as rigid as bearish math implies.
That matters because “survive without selling” is a specific condition. Selling is what can turn a corporate strategy into an accelerant for downside. If Strategy can avoid forced sales, then the market’s fear of reflexive selling pressure gets less fuel.
What this does and does not prove
Zhuoer’s argument, as presented by CoinDesk, is qualitative. It relies on Strategy’s relative debt and on how its preferred shares work. CoinDesk’s snippet does not provide the full term details, payout triggers, or scenario thresholds behind those claims.
So the ceiling on confidence stays where it belongs. Zhuoer is offering an operator’s rebuttal to a bearish “must sell” thesis, not publishing an audited solvency model.
Investors and miners alike tend to care about the practical layer, not just the headline. Terms in preferred instruments and debt agreements can get technical fast. A small change in triggers or deadlines can flip a story.
Where to watch next
If CoinDesk’s report is directionally right, the near-term question shifts from “Will Strategy sell because it has to?” to “Will Strategy keep buying through volatility?” That hinges on capital-market access and on whether the preferred-share obligations behave as Zhuoer expects.
The market will keep testing that thesis with price drops. But for now, Zhuoer’s core point is simple. In his view, the debt load and preferred-share structure mean Strategy can keep purchasing without forcing a sale even under a $30,000 bitcoin scenario.