[Digital Today reporter Yoonseo Lee] Ripples are spreading through the cryptocurrency market after Strategy approved a program that could allow it to sell part of its bitcoin holdings.
On June 30 (local time), blockchain outlet U.Today reported that Strategy’s board approved a bitcoin cash-out program that could raise up to $1.25 billion.
The move is directly tied to the cash management strategy of Strategy, the world’s largest publicly listed bitcoin holder. As of June 22, Strategy holds 847,363 BTC. Raising $1.25 billion through bitcoin sales at current prices would require it to sell about 20,800 BTC, or about 2.5 percent of its total holdings.
Strategy set out three uses for the funds. It said the program could secure up to $1.25 billion to build dollar reserves. It also said the money could be used as additional funding to pay preferred dividends and interest expenses, or to replenish dollar reserves after such payments. It also said the funds could be used to buy digital credit securities or Class A common stock.
Strategy stressed that it did not make actual sales mandatory. The company said the bitcoin cash-out program does not force bitcoin sales, and it does not require dividends or interest expenses to be covered through bitcoin sales. The program also has no fixed expiry. Strategy said it can amend, suspend or terminate it at any time as needed.
Market reaction grew as it intersected with the long-held stance of Strategy Chairman Michael Saylor (마이클 세일러). Saylor is known as a leading hardliner who has repeatedly urged bitcoin holders to “never sell bitcoin”. In that context, Dogecoin co-founder Billy Markus (빌리 마커스) shared on X, formerly Twitter, a short video compiling Saylor’s past remarks. He did not add a direct assessment, but the post itself drew market attention.
In the process, Markus’ past selling history was also mentioned again. One user recalled Markus’ decision to sell all of his dogecoin holdings years ago. Markus co-founded Dogecoin in 2013, but after he was fired in 2015, he sold all of his dogecoin and other cryptocurrencies to cover rent and basic living expenses. The liquidation amounted to about $10,000 at the time.
Markus responded lightly to the reaction. He posted a meme GIF meaning “I’m fine” in reply to the user who brought up his past decision. The possibility of Strategy selling bitcoin has effectively revived an old debate within the community.
The key point to watch is whether any sale actually happens. Strategy approved the program but did not set the timing or scale of sales. As a result, the market is watching which purpose Strategy will actually use bitcoin for, among dollar reserves, dividend and interest expenses, and repurchases of its own securities. In particular, how Saylor’s long-term holding stance and the company’s liquidity management are adjusted has emerged as a short-term variable.
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