MicroStrategy has 762,099 Bitcoin (BTC) worth about $51.5 billion, but a fierce debate doubts whether the company will be able to recover half of the money in the liquidation.
The firm recently halted BTC purchases for the first time in 13 weeks, switching to preferred shares in STRC and showing interest in yield-driven funds in their rapid accumulation.
MicroStrategy’s Paper Price vs. Output Price
According to Taproot Wizards co-founder Udi Wertheimer, Strategy’s BTC stash is not worth $51.5 billion.
“…if Saylor tries to sell, he won’t get more than $20 billion. Maybe less. Every extra dollar he invests in BTC from now on is lost forever. He has more BTC than he can sell,” he wrote Wertheimer.
The channel controls about 3.63% of all BTC transactions. A single 500 BTC transaction can lead to a 2-4% price drop on the exchange and the active currency.
Bitget unwinding 762,099 BTC would represent an order of magnitude larger than any event in crypto history.
Liquidity in crypto markets has improved since the fall of FTXand new products like BTC and ETH ETFs have helped this.
However, it remains difficult opposition for senior positions.
The Case of the Precious Bull
Bitcoin Asset Research retaliated, arguing the other side of the coin. If buying 760,000 BTC on the open market would cost more than $50 billion due to the slide, the stock carries additional costs.
Strategy’s business value is currently up to $57 billion, and the price-to-market ratio is 1.11.
This means that the market is already buying BTC prices above the stock price by calculating all the reserves.
However, the mNAV background tells a different story. The Strategy’s Basic mNAV is 0.79, which means that the average market cap of $40 billion is lower than the BTC industry.
The Math of Dilution Makes the Cow Happy
Adam Livingston added a chart from strategy.com showing the reduction in the number of positive shares in BTC has decreased from 1,767 in December 2020 to 496 in March 2026. This represents a 72% decrease over five years.
This strategy works because the Strategy shares its share in its BTC value. When MNAV exceeds 1.0, each new share sold buys more BTC for the current share than it reduces.
The content of the Strategy now stands at 762,099 BTC, which has earned about $57.69 billion, at an average price of $75,694 per BTC.
I am BTC trading near $67,489which means an impossible loss of about 10%.
All Sides Have Points
Wertheimer later explained in the thread that he is a long-time MSTR and believes in Saylor new favorite parts, like STRCit will work for a short time.
His concern centers on the long-term exit problem that grows with each purchase.
Bitcoin Whale Transaction Count has recently dropped to 6,417 transfers above $100,000, the lowest level since September 2023, indicating that investors have significantly reduced their activity.
Thin whale’s actions show that even the depth of the market can be difficult to take the aggressive selling of any major.
At this point, the debate reflects the misunderstandings that exist in TradFi. Warren Buffett can’t lose his stake in Apple overnight without destroying the stock.
However, the Strategy’s position relative to the overall BTC market is more stable than its peers.
Whether the premium or discount applies depends on:
- The price of BTC shares
- Continuing the need for release, and
- The market’s willingness to treat Strategy as a sustainable BTC vehicle rather than a software company sitting on a pile of cash.
A note MicroStrategy’s $51 Billion Bitcoin Stash Sparks Hot Debate: Is It Worth Half That? appeared for the first time BeInCrypto.
