CryptoQuant founder and CEO Ki Younger Ju pushed again on a renewed wave of compelled Bitcoin liquidation and chapter chatter round Technique (previously MicroStrategy, MSTR), arguing that the bearish thesis misreads the corporate’s capital construction and shareholder incentives.
In a Nov. 20, 2025 post on X, Ju wrote, “MSTR solely goes bankrupt if an asteroid hits Earth,” including that critics ought to “deliver a single piece of proof” earlier than claiming Michael Saylor can be liquidated. The feedback got here as Bitcoin and high-beta crypto proxies retraced into late November, reviving legacy narratives that Strategy’s debt stack may compel BTC gross sales.
Why Technique Will By no means Promote Bitcoin
Ju’s central declare is that Technique is just not structurally arrange like a margin dealer. Addressing the most typical worry—that convertible notes “lacking” their conversion worth forces liquidation—he said: “Convertible debt not reaching the conversion worth is just not liquidation. It merely means the notes get repaid in money […] Failing to transform is just not a chapter set off. It’s simply regular debt maturity.”
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In his view, the compensation pathways are standard company finance instruments: refinancing, rolling into new notes, secured borrowing, or working money circulation. That framing aligns with how convertibles perform in apply; if fairness is under strike at maturity, the embedded possibility expires and the instrument reverts to straight debt moderately than a forced-sale occasion.
He additionally grounded his argument in governance and identification. “Saylor would by no means promote Bitcoin until shareholders need it,” Ju wrote, warning that “promoting even a single BTC would destroy MSTR’s identification as a Bitcoin treasury firm and set off a demise spiral for each Bitcoin and MSTR.” Technique has repeatedly outlined itself as a BTC-treasury car, and its shareholder base largely purchased into that mandate, making voluntary divestment politically and strategically inconceivable absent a radical shift in investor choice.
Steadiness-sheet knowledge underpins Ju’s confidence. Technique reported 640,808 BTC as of Oct. 30, 2025, acquired for about $47.44 billion; subsequent filings cited main November additions taking holdings to roughly 649,870 BTC. Even after accounting for the rising convertible and most well-liked layers, the BTC treasury stays the dominant asset, which means solvency stress would require an excessive, extended Bitcoin collapse moderately than a cyclical drawdown.
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Ju didn’t declare the fairness is risk-free. “This doesn’t imply MSTR’s inventory worth will all the time keep excessive,” he wrote, however known as the concept Technique would promote BTC to assist the inventory or face imminent chapter “utterly absurd.”
He added that even at a price of $10,000 per coin, Technique would face “a debt restructuring, nothing extra.” On most well-liked shares, he acknowledged dividend obligations, noting funds haven’t been missed and might be lined through new share issuance—dilutive, however not a liquidation vector. Posting BTC as collateral, he stated, can be a final resort as a result of that will introduce actual margin threat.
In brief, Ju’s rebuttal attracts a tough line between volatility and insolvency: Technique might commerce like leveraged Bitcoin, however its liabilities don’t mechanically drive BTC gross sales. The “Saylor liquidation” narrative, he argues, is a Twitter delusion until the world ends—by asteroid.
At press time, BTC traded at $82,050.
Featured picture created with DALL.E, chart from TradingView.com
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