Markets are rocked by rumors of the sale of the world's largest BTC holding company, Strategy, and concerns about rapid fluctuations are spreading

A large-scale Bitcoin (BTC) asset sale concern for Strategy, headquartered in Washington, USA, is escalating. The controversy was sparked by a phrase in the company's recent SEC report. The report included a statement that they might need to dispose of Bitcoin if fundraising conditions deteriorate, which was interpreted by market participants as a potential management instability, causing tension. Strategy currently holds approximately 528,000 BTC, valued at over 6.3 trillion won, which is considered the largest single corporate holding globally. These Bitcoin purchases were primarily made through convertible bonds with a total issuance of around 1 trillion won. While this structure is advantageous for short-term liquidity, it remains vulnerable to market price fluctuations. However, some argue that the reported statement is a routine risk disclosure repeated in previous quarterly reports, suggesting a low likelihood of actual sale. Moreover, most convertible bonds issued by Strategy are unsecured, with no margin call or forced liquidation requirements. CryptoQuant CEO Ki Young-joo previously analyzed that the probability of short-term Bitcoin sales is extremely low. At the time, Strategy's average Bitcoin purchase price was $67,458, with total debt of $700 million compared to crypto asset value of $4.6 billion. He noted that current BTC holdings are not collateralized, eliminating immediate liquidation risks. Concerns remain that financial pressure could increase if fundraising through stock dilution stops or if core business profitability remains poor long-term. Particularly, macro environment deterioration could potentially transform theoretical scenarios into reality. Notably, Trump's recent 90-day tariff freeze positively impacted the market, offsetting short-term negative factors. Immediately after the announcement, Bitcoin recovered to the $82,000 range with an 8.9% increase, while Strategy's stock price surged 24% in a single day. Strategy's management direction and Bitcoin market trends will continue to be key risk factors. In the short term, Trump's pro-cryptocurrency stance and related policy trends may provide market stability, creating a situation where investor caution and expectations intersect.