WuBlockchain
Jiang Zhuoer, CEO of BTCTOP and one of China's largest miners, said Strategy's risk profile remains manageable even if BTC falls to $30,000, arguing the company has little reason to break its hard-won "never selling BTC" market image.
Why it matters
Jiang's math: at $30,000 BTC, Strategy's leverage ratio would only rise from roughly 5% to around 10% — painful, not structural. He also defended the STRC interest-coverage logic as financially consistent. Selling early low-cost BTC can book accounting gains to service STRC coupons, while fresh STRC proceeds keep buying BTC on the other side, preserving the net-buyer narrative that the equity trades on.
Market impact
The framing matters because Strategy has become the highest-beta proxy for spot BTC exposure in US markets. A credible argument that the company can absorb a ~$30K drawdown without forced selling removes one of the more cited tail risks from the bull case — and it carries extra weight coming from a China-based miner with operational visibility into the hash rate side of the network.
Frequently asked questions
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Who is Jiang Zhuoer and why does his view on Strategy matter?
Jiang is the CEO of BTCTOP, one of China's largest Bitcoin miners. His read on Strategy's balance-sheet resilience carries weight because he has direct operational visibility into the mining side of the network and is outside the US equity-incentive loop that shapes sell-side framing.
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What is Strategy's current leverage ratio and what happens at $30K BTC?
Jiang put Strategy's leverage at roughly 5% at current prices. If BTC fell to $30,000, he estimated that ratio would rise to around 10% — painful for the equity, but not a structural break in the balance sheet.
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How does Strategy's STRC interest coverage work, according to Jiang?
Jiang argued the logic is financially consistent: Strategy can sell some of its early low-cost BTC to book accounting gains and pay STRC coupons, then redeploy fresh STRC issuance proceeds back into BTC purchases — preserving the net-buyer image the equity trades on.
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Why is Strategy's selling behavior a tail risk for the BTC market?
Strategy is the highest-beta spot BTC proxy in US markets and the largest single corporate holder of the asset. Any forced or voluntary selling would hit an already-thin spot bid and is regularly cited as a structural risk in a deep drawdown.
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Does this change the outlook for spot BTC or MicroStrategy equity?
Jiang framed it as risk containment, not a buy recommendation. The argument removes one of the more cited tail risks from the bull case — that Strategy would be forced sellers in a $30K scenario — but it does not change near-term price action on its own.
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