by Coinstrooper Crypto Articles
Quick Take
  • According to Taproot Wizards co-founder Udi Wertheimer, Strategy’s BTC stash is not actually worth $51.5 billion.
  • “…if Saylor ever tries to sell, he’ll get no more than $20 billion for it.
  • Every additional dollar he puts into BTC from now on is lost forever.
  • He already has more BTC than he can ever sell,” wrote Wertheimer.

What Happened

Strategy’s total holdings now stand at 762,099 BTC, acquired for approximately $57.69 billion, at an average price of $75,694 per BTC.

Bitcoin Whale Transaction Count recently dropped to 6,417 transfers above $100,000, the lowest level since September 2023, indicating that large-money investors have sharply reduced their activity.

Market Context

Strategy controls roughly 3.63% of the total BTC supply. A single 500 BTC market sell order can trigger a 2-4% price decline on exchanges with moderate liquidity.

Liquidity in crypto markets has improved since the collapse of FTX, and new products such as BTC and ETH ETFs have accelerated this trend.

Bitcoin Asset Research fired back, arguing the opposite side of the same liquidity coin. If buying 760,000 BTC on the open market would cost far above $50 billion due to slippage, the holdings carry a built-in acquisition premium.

Strategy’s enterprise value currently sits at $57 billion, with a market-to-net-asset-value ratio based on enterprise value of 1.11.

That means the market already prices the BTC position above spot value when accounting for all outstanding securities.

However, the basic mNAV tells a different story. Strategy’s basic mNAV is 0.79, meaning the common stock market cap of $40 billion is valued below the company’s BTC holdings.

With BTC trading near $67,489, that translates to an unrealized loss of roughly 10%.

Thin whale activity suggests that even current market depth may struggle to absorb aggressive selling from any large holder.

Why It Matters

MicroStrategy holds 762,099 Bitcoin (BTC) valued at roughly $51.5 billion, but a heated debate questions whether the firm could recover even half that amount in a liquidation.

Details

The company recently paused BTC purchases for the first time in 13 weeks, with a shift toward STRC preferred shares highlighting focus on yield-driven funding over rapid accumulation.

MicroStrategy’s Paper Value vs. Exit Value

According to Taproot Wizards co-founder Udi Wertheimer, Strategy’s BTC stash is not actually worth $51.5 billion.

“…if Saylor ever tries to sell, he’ll get no more than $20 billion for it. Probably less. Every additional dollar he puts into BTC from now on is lost forever. He already has more BTC than he can ever sell,” wrote Wertheimer.

Bitget unwinding 762,099 BTC would represent an order of magnitude far beyond any historical crypto liquidation event.

However, it remains a complex challenge for large positions.

The Bull Case for Premium Value

Dilution Math Favors the Bulls

Adam Livingston added a chart from strategy.com showing diluted shares outstanding per BTC held dropped from 1,767 in December 2020 to 496 in March 2026. That represents a 72% decline over five years.

The mechanism works because Strategy issues shares at a premium to its BTC net asset value. When mNAV exceeds 1.0, each new share sold buys more BTC per existing share than it dilutes.

Both Sides Have a Point

Wertheimer later clarified in the thread that he is actually long MSTR and believes Saylor’s new preferred share issuances, like STRC, will work short-term.

His concern centers on the long-term structural exit problem that grows with each purchase.