Foreign media commentators noted that Strategy's massive unrealized losses on its Bitcoin holdings have reignited controversy surrounding its long-term accumulation strategy. Jim Cramer directly asked on X, "Who killed Bitcoin?", and the traditional financial world is beginning to re-examine the company's operations over the past few years.

Unrealized losses widened

Strategy currently faces approximately $10.8 billion in unrealized losses, nearing the company's all-time high. The article states that this shift has raised concerns about whether its strategy of continuously buying Bitcoin with leverage is under pressure.

The first sale has attracted attention.

After adhering to a long-standing "never sell" stance, Strategy recently sold 32 bitcoins. This is the company's first reduction since the end of 2022, and although the scale is small, it is still seen as a signal by the market.

Concentrated criticism

Investment advisor Ross Gerber called this move a market "rug pull." Peter Schiff stated that this was not ordinary volatility, but a chain reaction caused by the price drop, and believed that the company had become dependent on continuing to raise funds and buy Bitcoin.