Michael Saylor’s Strategy Inc. is facing renewed scrutiny after crypto analyst Ali Martinez compared its Bitcoin sales and market rumors to the psychology that preceded FTX’s collapse.
Key Points:
- Martinez said the Strategy turmoil recalls FTX’s 2022 unraveling, while stressing the facts are not the same.
- Strategy disclosed a Bitcoin sale worth more than $216 million to fund preferred stock dividends.
- The analyst said rumors, selling and exposed vulnerabilities can appear near a Bitcoin market bottom.
Strategy Bitcoin
Martinez said Monday that the pressure around Strategy felt “eerily similar” to the run-up to the 2022 collapse of FTX, not because the facts match, but because the sequence looked familiar.
He pointed to Nov. 6, 2022, when Binance said it would liquidate its remaining FTT (FTT) holdings, a move that preceded rising withdrawals, an $8 billion hole in FTX accounts, suspended withdrawals and the exchange’s failure.
Martinez said that episode marked the “final bottom” of the 2022 Bitcoin bear market, framing the comparison around market psychology rather than corporate equivalence.
The latest debate centers on speculation that Strategy may have to sell Bitcoin (BTC) after its STRC preferred stock offering failed to hold its $100 par value.
Strategy later sold 32 BTC, while the stock fell from about $98 to $71, according to Martinez’s account, before the company disclosed more than $216 million in Bitcoin sales to fund preferred stock dividends.
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Martinez Warning
“I am not saying Strategy is FTX. My point is about market psychology,” Martinez wrote, adding, “Rumors create doubt. Doubt creates selling. Selling exposes vulnerabilities.”
That argument cuts against Strategy’s “never sell” image, which helped define Saylor’s corporate Bitcoin strategy and made the firm a public proxy for Bitcoin exposure.
Longtime Bitcoin critic Peter Schiff said Strategy has changed its operating model and may need to sell “a lot more” Bitcoin to protect dollar reserves during the downturn.
The pressure has grown as Strategy’s paper losses on its Bitcoin position reportedly exceeded $10 billion, while BTC traded at $63,154.85, down 0.03% over 24 hours, according to Benzinga Pro.
Strategy shares closed Monday at $100.77 and rose 1.03% in after-hours trading, though Benzinga’s Edge Stock Rankings showed weaker price trends across short-, medium- and long-term timeframes.
The company’s recent sales matter because Saylor spent years presenting Bitcoin accumulation as Strategy’s central identity. A move from buyer to occasional seller changes how investors read every dividend payment, preferred stock issue and treasury update.
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