Strategy Bitcoin holdings exceed 760,000 BTC: Can the $51 billion really be liquidated?

Gate News message: MicroStrategy currently holds 762,099 bitcoins, with a book value of about $51.5 billion, but debate over its true “exit value” continues to heat up. Taproot Wizards co-founder Udi Wertheimer noted that with a position of this size, any real liquidation might only be able to realize around $20 billion, because market liquidity would be difficult to absorb the impact of large-scale sell-offs.

The company currently controls about 3.63% of the total bitcoin supply. In a market environment with limited liquidity, even sell orders with several hundred bitcoins could trigger noticeable slippage; a larger, more concentrated sell-off could cause the price to drop rapidly. As a result, the gap between its book valuation and the value that can actually be realized has become the focal point of discussion.

However, another camp’s view comes from Bitcoin Asset Research, arguing that this position actually carries an “acquisition premium.” If the market needs to buy back an equivalent amount of bitcoin, the cost could be far higher than the current market value, implying that its assets have a scarcity premium. From a valuation perspective, the company’s enterprise value is about $57 billion; some metrics indicate the market prices a premium for its bitcoin assets, but the underlying net asset value remains below the value of its holdings.

Financing structure is also a key variable. Analyst Adam Livingston pointed out that by issuing shares at a premium, the company has reduced the number of bitcoins corresponding to each share by about 72% over the past five years, creating a dilution mechanism that benefits existing shareholders. At the same time, the company recently paused its 13-week consecutive share buy program and shifted to STRC preferred stock financing, showing that its strategy is moving from simply accumulating coins to a yield-driven model.

On-chain data also provides indirect signals. The activity level of large transactions has declined: the number of bitcoin trades over $100,000 has fallen to the lowest level in nearly a year and a half, suggesting that market depth’s ability to absorb mega-whale sell pressure remains limited.

At its core, this debate reflects a key question: Is MicroStrategy a bitcoin leverage tool, or is it a risk vehicle for assets with high concentration? The direction of future valuations will depend on bitcoin price performance, financing capacity, and the market’s continued acceptance of its business model.