Bitcoin is once again at the center of intense debate after CNBC’s Jim Cramer questioned the health of the world’s largest cryptocurrency.
In a post on X, the American Television personality known for his investment advice, wrote “Who murdered Bitcoin?”, while quoting a report on MicroStrategy’s record loss after six years of BTC purchases.
As expected, crypto enthusiasts shared their opinions. Many dismissed Cramer’s comments as the classic “inverse Cramer” signal, noting his history of poorly timed market calls.
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Others expressed genuine concern about potential further selling pressure or balance sheet stress if Bitcoin’s price remains suppressed.
Saylor and Strategy have not issued extensive public comments on the Cramer drama, maintaining focus on their long-term Bitcoin strategy.
According to reports, MicroStrategy reported a staggering $10.8 billion loss, after Bitcoin fell massively, reigniting concerns over the long-term sustainability of aggressive institutional exposure to the crypto asset.
The loss is largely driven by unrealized declines in the value of its massive Bitcoin holdings, rather than a collapse in its core software business.
Because the company holds Bitcoin as a major treasury asset, its earnings swing heavily with crypto market movements. In this case, the scale of the loss highlights how exposed MicroStrategy has become to Bitcoin’s volatility.
The Trigger: Strategy Bitcoin Tiny Sale, Massive Backlash
Strategy disclosed it sold 32 Bitcoin between May 26 and May 31 for approximately $2.5 million at an average price of around $77,135 per coin. The proceeds were used to help fund dividends on its preferred shares.
While the sale represents a minuscule fraction just 0.0038% of its massive holdings of over 843,000 BTC, it marked the company’s first Bitcoin sale since 2022, breaking from its long-standing “never sell” philosophy.
The figures come amid a challenging period for Bitcoin prices. This sale contributed to a broader valuation hit, with the Bitcoin holdings reportedly losing around $11.8 billion in value at current levels.
Critics have been quick to highlight the contrast with traditional markets. Over the same roughly six-year timeframe since MicroStrategy began its Bitcoin strategy in earnest, the S&P 500 has delivered a solid gain of about 116%.
Meanwhile, MicroStrategy’s stock itself has plummeted 77% from its all-time high, underscoring the intense volatility tied to its crypto-heavy balance sheet. Yet the story is far more nuanced than simple headlines about losses.
Since launching its Bitcoin treasury approach in 2020, MicroStrategy’s equity has generated extraordinary returns exceeding 900%—dramatically outperforming both Bitcoin itself and the broader stock market in total shareholder value during that period.
The company’s market capitalization has swelled from around $1.3 billion to tens of billions, fueled by a compelling narrative around Bitcoin as a superior treasury asset, aggressive capital raising, and leveraged exposure that amplified gains during bull runs.
This paradox defines the current moment for MicroStrategy and its outspoken executive chairman, Michael Saylor. On one hand, mark-to-market accounting reveals significant unrealized losses as Bitcoin trades below the company’s average acquisition cost.
On the other, the long-term conviction play has created immense shareholder value through stock appreciation and Bitcoin-per-share growth, even as the software business remains secondary to the crypto treasury story.
Supporters argue that unrealized losses are temporary in a volatile asset like Bitcoin and point to the firm’s low leverage relative to its holdings, which provides substantial buffer against forced selling.
Detractors see the recent small sale and drawdown as potential cracks in the “never sell” philosophy that defined the strategy’s early years. As Bitcoin continues to mature as an asset class, MicroStrategy’s experiment remains one of the highest-profile tests of corporate Bitcoin adoption.
The timing couldn’t have been worse. Bitcoin has faced significant pressure, dropping sharply in recent weeks. The crypto asset has now traded below the $62k level, amid mounting bearish pressure.
Saylor’s Bitcoin Empire Under Scrutiny
Michael Saylor has built Strategy into the largest corporate Bitcoin holder through aggressive accumulation, often funded via share issuances and preferred stock offerings.
The company holds Bitcoin at an average cost basis around $75,700, and Saylor remains vocally bullish, framing volatility as buying opportunities and emphasizing the long-term thesis.
Supporters argue the sale was purely operational and negligible in scale. Critics, however, see it as a symbolic crack in the armor, especially combined with broader market weakness, ETF outflows, and questions about the sustainability of Strategy’s leveraged approach.
What’s Next For Bitcoin And Strategy?
Bitcoin continues trading near key technical levels, with analysts watching support zones closely.
For Strategy, the episode highlights the double-edged sword of its high-conviction Bitcoin treasury: explosive gains in bull markets, but amplified pain and scrutiny during drawdowns.
Whether Cramer’s latest outburst proves to be another memorable miss or highlights real risks in corporate Bitcoin adoption remains to be seen.