The silence in the hodlers' hall has been broken. The legendary company MicroStrategy (now simply Strategy), once considered the most stubborn bull on the planet, is steering in a new direction. "Buy and hold forever" is out. Now, active trading and profit hunting are in style.
Official version: the company incurred a $12.5 billion net loss in Q1 due to the market crash. President Fong Le stated directly: "We will sell Bitcoin when it's profitable for the company." The dollar reserve of $2.25 billion wasn't created just for show — it will be used to pay off debts and dividends. Meanwhile, the balance still holds 818,334 BTC (average entry price — $75,500), but they're now ready to trade.
Michael Saylor, the chief evangelist of digital gold, no longer calls himself a hodler. His new metaphor is real estate development. The strategy is transforming into a 'Bitcoin development company.' Sounds nice, but the market didn't buy it: MSTR shares dropped by 3% after the news.
What does Arthur Hayes say? Harsh and to the point.
We asked the legendary crypto guru, former head of BitMEX and CIO of Maelstrom Fund, to comment on Saylor's 'shoe change.' Arthur, as always, didn't sugarcoat anything.
This isn't betrayal, it's a forced maneuver. Saylor's debt pyramid only worked while Bitcoin was rising nonstop. As soon as volatility drops — and I'm expecting it to decrease after a possible crash — their business model breaks down. They can no longer acquire cheap credit, so they're improvising as best they can. I call it 'monetizing the remnants of faith.' But the irony is, I'm holding a long on MSTR myself — like leveraged Bitcoin. Degeneration, nothing personal.
Hayes also provided a macro forecast: Bitcoin is set to crash in 2025 due to a lack of dollar liquidity, but by 2026, the Fed will turn on the printing press (AI is killing jobs, deflation is on the horizon). His target is $125,000 by the end of 2026, and a surge to $150,000–200,000 might be possible by summer. And yes, he still believes in $1 million by 2028.
So let Saylor trade. When the price takes off, his sells will look ridiculous. The key is not to blow the treasury too soon.
In summary: the evangelist stepped down from the altar of eternal HODL and put on trading shorts. The question is — is this a brilliant adaptation or the beginning of the end for the Bitcoin idol? It's up to you to decide. But Hayes has already placed his bet.
