Grayscale temsilcisi, Michael Saylor'ın strateji üzerindeki baskıyı hafifletmek için 3 milyar dolarlık Bitcoin satmasını önerdi.

Debate surrounding Strategy and its Bitcoin-focused financial strategy continues to intensify after a representative from Grayscale Investments publicly suggested that Executive Chairman Michael Saylor should consider selling at least $3 billion worth of Bitcoin to strengthen the company's financial position.

The comments come amid growing concerns about Strategy's recently introduced STRC preferred shares, a financing instrument designed to raise capital while offering investors a fixed dividend. Although the company has repeatedly expressed confidence in its long-term strategy, recent market volatility has fueled speculation about whether maintaining those dividend obligations could become increasingly difficult if financial conditions deteriorate.

The Grayscale representative shared the proposal on X, arguing that simply adjusting the dividend rate on STRC would likely not be enough to restore investor confidence. According to the post, Saylor could choose to increase the dividend by approximately 0.5 percentage points next week, but doing so would reportedly add another $100 million in annual financial obligations without addressing the broader concerns surrounding Strategy's balance sheet.

Instead, the representative proposed a much more aggressive solution:liquidating at least $3 billion in Bitcoin holdings.

According to the argument, selling a relatively small portion of Strategy's massive Bitcoin treasury could provide enough liquidity to cover nearly all of the company's projected cash obligations for the next two years. Such a move, the representative believes, would significantly strengthen investor confidence by demonstrating that the company has sufficient financial flexibility to meet its commitments without relying entirely on future fundraising.

The proposal immediately sparked discussion throughout the cryptocurrency community because it directly challenges one of Michael Saylor's most well-known investment principles.

For years, Saylor has built his public reputation around the idea of accumulating Bitcoin rather than selling it. Since Strategy first adopted Bitcoin as its primary treasury reserve asset, the company has consistently purchased additional BTC during both bull and bear markets. Saylor has repeatedly described Bitcoin as a long-term store of value and has often stated that he has no intention of selling the company's holdings under normal circumstances.

Because of that philosophy, the suggestion to sell billions of dollars worth of Bitcoin represents a dramatic departure from the strategy that has defined both Saylor and the company for several years.

Supporters of the proposal argue that the sale would represent only a relatively small percentage of Strategy's overall Bitcoin reserves while dramatically improving the company's liquidity position. From this perspective, sacrificing a limited amount of BTC today could reduce financial uncertainty, reassure investors, and potentially strengthen the company's long-term stability.

Critics, however, believe such a move could undermine the very investment thesis that Strategy has spent years promoting. Selling Bitcoin during a period of market uncertainty might be interpreted as a sign that the company lacks confidence in its own long-term strategy. It could also weaken Strategy's identity as the world's largest corporate Bitcoin holder.

Another factor fueling the debate is the growing concern surrounding STRC itself. Some market participants worry that if dividend obligations continue to rise while market conditions remain challenging, Strategy could eventually face increasing pressure to generate additional cash. Although these concerns remain largely speculative, they have contributed to broader discussions about the company's financial structure.

Importantly, the Grayscale representative's comments do not reflect the official position of Grayscale Investments. The proposal was shared as a personal opinion rather than a formal recommendation from the company, and neither Grayscale nor Strategy has announced any plans to pursue such a transaction.

Even so, the discussion highlights a broader shift in market sentiment. Until recently, most conversations surrounding Strategy focused almost exclusively on how much additional Bitcoin the company might purchase. Now, a growing number of analysts are debating the opposite question: under what circumstances, if any, should Strategy begin selling part of its holdings.

For Bitcoin investors, the answer carries significance beyond Strategy itself. Because the company controls one of the largest corporate BTC treasuries in the world, any large-scale sale could influence market sentiment, liquidity, and short-term price action. Even if the actual impact on Bitcoin's market price proved limited, the psychological effect of Saylor selling BTC for the first time would likely become one of the biggest stories in the cryptocurrency industry.

Some analysts argue that proactively strengthening the balance sheet before financial pressure intensifies could ultimately benefit both shareholders and Bitcoin holders. Others maintain that abandoning the long-term accumulation strategy would send the wrong message at a time when institutional adoption continues to expand.

For now, the proposal remains entirely hypothetical. Strategy has made no indication that it intends to reduce its Bitcoin position, and Michael Saylor has not responded publicly to the suggestion. Nevertheless, as discussions around STRC continue and investors closely monitor the company's financial obligations, the idea of using its largest asset to reinforce market confidence is gaining more attention than ever before.

Whether this debate marks the beginning of a broader shift in Strategy's approach - or simply another chapter in the ongoing discussion surrounding corporate Bitcoin adoption - remains to be seen. One thing is certain: every decision involving Strategy's Bitcoin treasury will continue to be watched closely by both traditional financial markets and the global crypto community.