China's BTCTOP CEO: Strategy's BTC leverage stays…

Jiang Zhuoer, CEO of BTCTOP — one of China's largest Bitcoin mining operations — argues that MicroStrategy's leveraged BTC position is far more resilient than bears assume, even in a severe drawdown scenario. His core claim: if BTC fell to $30,000, Strategy's leverage ratio would only climb from roughly 5% to around 10%, a level he considers manageable rather than existential.

Why it matters

Jiang's analysis cuts against the narrative that Strategy is a forced-seller time bomb. He points to two structural reasons why significant net selling is unlikely. First, Strategy has built its entire market identity around never selling BTC — breaking that image would destroy the premium investors pay for MSTR shares, making a sale self-defeating. Second, the STRC interest coverage mechanism is internally consistent: Strategy can book accounting gains by selling early, low-cost BTC to cover STRC interest payments, then redeploy fresh STRC proceeds into new BTC purchases, preserving the net-buyer narrative on paper and in practice.

Market impact

For miners and leveraged BTC holders watching macro risk, this read from a major Chinese mining CEO carries weight. It suggests that even a drop to $30,000 — roughly a 30% decline from current levels — would not trigger a cascade of forced BTC liquidations from Strategy. That removes one of the more frequently cited systemic tail risks for the broader market, and is a constructive signal for anyone pricing in worst-case scenarios.