Arthur Hayes: Bitcoin’s sideways movement puts strategy’s operations at risk

KuCoinFlash

Release Time: 2026/08/28 07:53:34

Summary

Arthur Hayes warned that Bitcoin’s sideways movement near $80,000 raises risk management concerns for Strategy’s Bitcoin strategy. Strategy holds 840,447 BTC and pays $1.5 billion annually in dividends. Hayes suggested Saylor could issue new shares, sell BTC, or reduce payouts. The current risk-to-reward ratio appears unbalanced, he noted.

Odaily Planet Daily reports that Arthur Hayes stated that Bitcoin has been trading sideways near $80,000 for most of this week, which may undermine the operational basis of the Strategy. The Strategy currently holds 840,447 bitcoins and pays approximately $1.5 billion annually in dividends to STRK and STRC.

The enterprise value of Strategy, a digital assets treasury company, is approximately 1.01x its mNAV, while its basic mNAV and diluted mNAV were approximately 0.73x and 0.74x, respectively, as of August 27, nearing the book value of its Bitcoin holdings.

Arthur Hayes noted that Michael Saylor could choose to issue new shares, directly sell Bitcoin, or cut preferred dividend payments. STRK has a dividend yield of 8%, while STRC’s dividend yield ranges between 10% and 11.5%. (Bitcoin.com News)

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