Foreign media reports that as the crypto market retreated in early June, Michael Saylor published an article titled "Four Ideologies of Bitcoin," attempting to shift the discussion from Strategy's paperwork pressures back to the Bitcoin ecosystem itself. The report noted that with BTC briefly falling below $63,000, Strategy's Bitcoin holdings had incurred approximately $10.8 billion in unrealized losses.
The article divides communities into four categories.
According to Saylor, the Bitcoin ecosystem requires four forces to coexist: Bitcoin's extreme supporters are responsible for maintaining their beliefs, capital providers are driving assets into traditional fund systems, technology developers are advancing layer-two networks, and those who emphasize decentralization are upholding the underlying principles.
The article's core argument is that Bitcoin needs both cypherpunks and Wall Street institutions. The network can continue to expand, but the base layer should remain conservative, with more commercialization and technological experimentation taking place at the upper layers.
Strategy positions under pressure
The report states that Strategy currently holds 843,706 BTC on its balance sheet, with an average purchase price of approximately $75,699. Based on the market prices mentioned in the article, this holding is worth approximately $52.3 billion, but represents an unrealized loss of approximately $10.8 billion.
- Number of BTC held: 843,706
- Average cost: Approximately US$75,699
- Unrealized loss: approximately US$10.8 billion
32 BTC were sold at the end of May.
The report also mentioned that Strategy sold 32 BTC at the end of May, cashing out approximately $2.5 million. This was described as the company's first departure from its publicly stated "never sell" stance.
The reason for the sale was not to adjust long-term holdings, but to pay dividends on STRC preferred stock. At the time, the preferred stock price had fallen below par value, and the company needed to raise the necessary funds.
The market is focused on whether to continue buying.
Saylor attributed part of the recent broader crypto market pullback to a temporary shift of funds towards AI projects. The report suggests that Strategy has not yet signaled panic, and the market is watching to see if it will continue to increase its Bitcoin holdings during the correction.
