Foreign media reported that, as the crypto market declined in early June, Michael Saylor published an article titled "Four Ideologies of Bitcoin," aiming to shift the discussion away from Strategy’s accounting pressures and back to the Bitcoin ecosystem itself. The report noted that as BTC briefly fell below $63,000, Strategy’s holdings of Bitcoin had incurred approximately $10.8 billion in unrealized losses.
The article categorizes the community into four types.
According to Saylor, the Bitcoin ecosystem requires four types of forces to coexist: Bitcoin maximalists uphold the belief, capital providers drive assets into traditional fund systems, technical developers advance layer-two networks, and the decentralization-focused group safeguards the foundational principles.
The core argument of the article is that Bitcoin needs both cypherpunks and Wall Street institutions. The network can continue to scale, but the base layer should remain conservative, with greater commercialization and technological experimentation taking place at higher layers.
The strategy's position is under pressure.
The report states that Strategy currently holds 843,706 BTC on its balance sheet, with an average purchase price of approximately $75,699. Based on the market price mentioned in the article, the market value of this holding is approximately $52.3 billion, but it reflects an unrealized loss of about $10.8 billion.
- Holdings: 843,706 BTC
- Average cost: approximately $75,699
- Unrealized loss: approximately $10.8 billion
In late May, 32 BTC were sold.
The report also mentioned that Strategy sold 32 BTC at the end of May, cashing out approximately $2.5 million. This was described as the company’s first departure from its public stance of “never selling.”
The reason for the sale was not to adjust the long-term position, but to pay dividends on the STRC preferred shares, which had fallen below par value at the time, requiring the company to raise the necessary funds.
The market is watching whether to continue buying.
Regarding the recent broader crypto market correction, Saylor attributed part of the decline to a temporary shift of capital toward AI projects. The report suggests that Strategy has not signaled panic, and the market is now watching to see whether it will continue to accumulate Bitcoin during this pullback.