Nasdaq-listed company Strategy, which holds a large amount of Bitcoin (BTC), is facing the possibility of selling its Bitcoin holdings due to liquidity pressure. Although the company has adhered to founder Michael Saylor's principle of "never selling", there are warnings that deteriorating financial conditions could lead to a strategy modification.
According to the recent 8-K filing with the U.S. Securities and Exchange Commission (SEC), Strategy currently holds a total of 528,185 Bitcoins, with an estimated average purchase price of $67,458. This represents a value of approximately $40.1 billion (about 58.5 trillion won). However, as Bitcoin prices declined during the first quarter of 2025, an evaluation loss of about $6 billion (about 8.76 trillion won) occurred.
The report states that "since Bitcoin constitutes most of its assets, if obtaining stock or debt-based financing under appropriate conditions becomes impossible, the company may need to sell its Bitcoin holdings to meet its financial obligations." This is particularly interpreted as not excluding the possibility of selling at a loss below the purchase price.
Strategy has been a representative example of a company implementing a corporate strategy centered on Bitcoin, introducing itself as the "largest Bitcoin financial holding company". However, it currently faces financial pressure with limited cash flow from its software core business, including over $8 billion in debt and preferred stock dividends.
The filing specifies the risk factors of the Bitcoin strategy, noting that cryptocurrency price volatility has caused significant evaluation losses and warning that financial structure could become more vulnerable if market prices continue to fall. Additionally, it mentioned difficulties in maintaining balance between large digital asset holdings and actual debt fulfillment, despite recently adopting fair value accounting standards.
Meanwhile, Trump's new global tariff policy also impacted the cryptocurrency market overall. Bitcoin recently dropped below $75,000 before rebounding, and major cryptocurrencies including Solana (SOL) showed similar trends. Particularly with tariffs on products from over 60 countries, including China, being raised up to 104%, global trade pressure has intensified, and investors are showing risk-averse tendencies.
This Strategy issue clearly demonstrates the limitations and risks of corporate strategies that use Bitcoin as a primary asset. It is also noteworthy as an example of how Trump administration's tariff policies can trigger sensitive reactions in financial markets.
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