Michael Saylor, an emblematic figure of Bitcoin, has long brandished his strategy as an absolute hodl standard. However, a recent deposit with the dry comes to crack this story. The man who promised to bequeath his BTC to a dedicated foundation would now plan to sell – at least under constraint. A turnaround that questions: how far can we challenge financial and regulatory realities in the name of conviction?
A regulatory damlès sword
Saylor's promise to “keep your bitcoins forever” is up to an unforeseen obstacle: regulatory requirements. The document deposited at the SEC in April 2024 clearly evokes a scenario where Microstrategy could liquidate part or all of its 582 185 BTC. The reason? A brutal drop in their market value, likely to compromise the financial obligations of the company.
“Such a sale would probably be made at unfavorable prices”precise the text. Translation: in the event of a liquidity crisis, the company would have no choice but to sell off its assets – an ironic perspective for an company that has erected bitcoin in the ultimate value reserve. Worse, this hypothesis occurs while the BTC oscillates around $ 80,000, after a fall of 10 % in 24 hours.
Should we see a vulnerability admission? Not exactly. The deposit acts above all as a legal warning, recalling that even the most fervent supporters of Bitcoin are not immune to economic contingencies.
The fact remains that this revelation contrasts with the triumphant declarations of Saylor on CNBC, where he claimed that “Bitcoin is the emergency exit to the monetary collapse”.
A colossal bet in an unpredictable bitcoin market
With a portfolio of $ 46.5 billion in BTC, Microstrategy embodies the quintessence of institutional trust in the crypto.
In March 2024, the company added 22,048 bitcoin to its credit, funded by a privileged actions program. A daring movement, while the market is struggling to stabilize its course after the recent geopolitical turbulence.
But this frantic accumulation questions. What would happen if Microstrategy had to sell if only 10 % of his reserves? The impact on the market would be immediate, risking amplifying volatility – an irony for a company that presents itself as a bastion of stability. In 2022, rumors of margin calls had already shaken the community, before Saylor denied them. This time, the risk is officially acted.
However, behind these tensions hides a more nuanced strategy. Selling temporarily would not mean abandoning the long -term vision of bitcoin. As the document points out, nothing would prevent a subsequent redemption – a maneuver already observed in certain traditional funds. Saylor therefore plays a double game: maximalist in speech, pragmatic in action despite the loss of $ 5.91 billion in 3 months.
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