A debate has spread over the "real disposal value" of 762,099 bitcoin held by Strategy, a corporate bitcoin holder, worth about $51.5 billion. One side says that if it tries to sell in bulk, liquidity limits would make it hard to recover even half the valuation. The other side counters that the holdings carry an "acquisition premium" when the cost of buying at scale is taken into account.

On March 31 local time, blockchain media outlet BeInCrypto reported on the dispute over the value of Strategy's bitcoin holdings and whether they can be liquidated.

The debate centers on the idea that the book valuation, or paper value, could differ sharply from the realized price in an actual market sale. Taproot Wizards co-founder Udi Wertheimer said, "If Michael Saylor tries to sell, he will not get more than $20 billion," and also argued, "Any additional money put into bitcoin from now on is money lost forever."

Strategy's holdings are estimated at about 3.63 percent of total bitcoin supply, or about 21 million bitcoin. Given that on exchanges with mid-level liquidity, a market sell of just 500 bitcoin can push the price down 2 to 4 percent, analysis says that if 762,099 bitcoin hit the market, the selling pressure could be far larger than in any past crypto liquidation case.

The opposing side flipped the same liquidity logic into a "cost to buy" argument. Bitcoin Asset Research countered on X, formerly Twitter, to the effect that anyone trying to buy 760,000 bitcoin on the open market would have to pay well over $50 billion, and perhaps $100 billion. Because large-scale buying also makes slippage unavoidable, the argument says Strategy's holdings embed an acquisition premium, meaning "$5 billion worth of bitcoin can be worth more than $5 billion."

Interpretations also diverged over corporate valuation metrics. Strategy's enterprise value was put at $57 billion, and its enterprise value-based mNAV ratio, net asset value relative to market value, was presented as 1.11. This means that if outstanding securities and the like are reflected, the market values the bitcoin holdings above the spot price. By contrast, a basic mNAV was presented as 0.79, alongside the point that the common stock market capitalization of $40 billion is valued below the company's bitcoin holdings.

Views also differed on dilution. Economist Adam Livingston cited a chart on strategy.com and introduced that the "diluted shares outstanding per 1 BTC held" fell to 496 in March 2026 from 1,767 in December 2020. That is a 72 percent decrease over 5 years. When Strategy issues shares in a structure that operates in a premium band to its bitcoin net asset value, issuing new shares when mNAV is above 1.0 can work as a "BTC per share accumulation effect" rather than diluting the value of existing shareholders.

Strategy's total bitcoin holdings are 762,099 bitcoin, and its total purchase cost is presented at about $57.69 billion. The average purchase price is $75,694 per bitcoin. On the assumption that bitcoin trades around $67,489, the unrealized loss is calculated at about 10 percent.

In a later post, Wertheimer said he holds a long position in MSTR and that new preferred share issuance such as STRC could be effective in the short term. He voiced concern, however, about a "long-term structural exit problem" that grows as purchases accumulate. He also cited that bitcoin transfers of more than $100,000 fell to 6,417, the lowest level since September 2023, and raised the view that large-scale selling could weigh more heavily on the market in an environment of fewer high-value transactions.

Ultimately, the market's key question is whether to view Strategy's bitcoin holdings at a price it can "sell immediately" or as a strategic asset that reflects the "cost to build up again." With a large gap between actual sale feasibility and repurchase costs, future assessments will likely need to weigh not only bitcoin price moves but also market liquidity, funding structure and the possibility of further dilution.

strategy holds $50 billion worth of btc the problem: it's not really worth $50B if @saylor ever tries to sell, he'll get no more than $20B 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 pic.twitter.com/GaIQiYlQHx