Strategy sold about $225 million worth of Bitcoin, and Peter Schiff (피터 시프) claimed the company’s realized loss totals $54 million.

U.Today, a blockchain outlet, reported on Sunday that Schiff, known as a long-time Bitcoin critic, said the sale directly conflicts with Strategy’s previous Bitcoin accumulation strategy.

The sale drew market attention because it differs from Strategy’s years-long aggressive Bitcoin buying. The company has promoted a long-term Bitcoin holding business model and a “permanent holding” narrative, but reactions followed inside and outside the crypto market after it moved to a large-scale sale.

Schiff said Strategy sold Bitcoin over the past two weeks at an average price of $60,196.73 per coin. He said the company disposed of 3,588 BTC and locked in a loss of $15,000 per Bitcoin based on its current average purchase price. He estimated the total realized loss at about $54 million.

His claim went beyond calculating the loss. He said if current market conditions persist, Strategy could face bigger losses when it sells additional holdings. He also highlighted that the sale runs counter to Michael Saylor’s “buy and hold Bitcoin” principle.

Not all market reaction aligned with Schiff’s claims. Some market participants said Strategy’s decision to sell part of its Bitcoin holdings could be beneficial for the company. Some also said it could be positive for the broader Bitcoin ecosystem.

These reactions show it is hard to see the sale solely as locking in losses. Strategy has been defined by aggressive Bitcoin accumulation, so the disposal is also being read as a signal of whether its holding strategy is changing. Because the company has emphasised a “permanent holding” stance and still carried out a large-scale sale, the market is watching both the possibility of further sales and whether its holding strategy will be adjusted.

The core of the debate is not the size of the loss itself, but whether Strategy will keep reducing its Bitcoin holdings. Schiff stressed losses already incurred and said the burden could grow with additional sales, but other market participants said the sale is not necessarily negative for company operations and market structure. As a result, Strategy’s next Bitcoin trading decision could affect both confidence in its long-term holding strategy and its symbolic standing in the market.

$MSTR spent the last two weeks selling Bitcoin. The average price on 3,588 Bitcoin sold was $60,196.73. Given MSTR’s average cost, that’s a realized loss of about $15K per Bitcoin, or about $54 million. With over 840K Bitcoin left to sell, the total losses will be much greater.