CoinTelegraph
Strive CEO Matt Cole pushed back on the panic around Bitcoin treasury companies, telling an interviewer that the recent weakness in Strategy's stock is a Michael Saylor-led rotation, not a verdict on Bitcoin itself. Cole bought BTC while Saylor sold, and laughed at the trade.
Why it matters
Treasury-company equity has become the highest-beta proxy for BTC among US investors, so when MSTR sells or rebalances, the headline reads as a top signal. Cole's read is the opposite: the dispersion between Saylor's positioning and his own is a tell that the structural bid is still there underneath the noise.
Market impact
Cole anchored a year-end BTC target at $120K, arguing the bottom may already be in. For the treasury cohort, the next inflection point is whether MSTR's selling pressure fades into year-end or accelerates, since rotation flows from the largest holder set the marginal price for the rest of the books.
Source: [Bitcoin to $120K by Year-End? Strive CEO Says We’re Entering a Bull Market — YouTube](https://www.youtube.com/watch?v=H0z6DW2xMfk)
Frequently asked questions
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Why does Cole think the Bitcoin treasury panic is overdone?
He frames Strategy's recent selling as a Michael Saylor-led rotation rather than a top signal on BTC itself, arguing the structural bid remains under the surface noise.
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What is Cole's BTC price target for year-end?
Cole anchored a $120K BTC target by year-end and said the bottom may already be in.
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What did Cole do while Saylor was selling?
Cole bought BTC during the period Saylor was selling, and laughed at the counter-trade.
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Why does Strategy's selling move the broader BTC market?
Treasury-company equity has become the highest-beta proxy for BTC among US investors, so rotation flows from the largest holder set the marginal price for smaller treasury books.
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What is the next inflection point to watch for Bitcoin treasury companies?
Whether Strategy's selling pressure fades into year-end or accelerates, since the pace of rotation from the largest holder sets the marginal price across the cohort.
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