BitGo CEO Mike Belshe said single-digit percentages are "probably right" for how much of bitcoin's (BTC) total supply any one entity should hold, weighing in on Strategy's recent sales during an appearance on The Block's The Starting Block.
"I think there's a point where you acquire so much that you start to affect the price of the asset," Belshe told host and Head of Multimedia, Gareth Jenkinson.
Strategy currently holds 843,775 BTC, equivalent to roughly 4% of bitcoin's 21 million supply cap, per the company's disclosures. Strategy sold 3,588 BTC for $216 million between June 29 and July 5, its largest sale since it began accumulating bitcoin in 2020, according to a Securities and Exchange Commission filing.
The sale came in two tranches, and the company said proceeds went toward funding preferred stock dividends and replenishing its dollar reserves. It marked only the third sale in the company's history, following a 32 BTC sale in late May.
Concentration risk
