In another instalment of Michael Saylor's crypto rollercoaster this past fortnight, the chairman of Strategy (MSTR) took to the stage at the Bitcoin Corporate Day (BCD) in Prague on 10 Jun to declare "confidence in Ethereum has collapsed," in a fireside chat with Strive CEO, Matt Cole.
Saylor Says Confidence in Ethereum Has "Collapsed"
11 June 2026 - 18:34 CEST
By Isabelle Castro
Saylor argued that competition from blockchain networks such as Ethereum, Solana, BNB Chain and Hyperliquid has reduced the monetary premium attached to many crypto tokens. He said investors increasingly view those assets through the lens of the utility provided by their underlying networks, rather than as competing forms of money.
"Even the people who believe in the tokens realise that they are not money," he said. "They're going to live or die based on utility."
Saylor contrasted this with Bitcoin, which he said has strengthened its position as the dominant digital monetary network over the past 12 months.
Saylor’s critique lands amid Strategy’s own pressure
The comments came just over a week after Strategy, the largest corporate holder of Bitcoin and a pioneer of the crypto treasury model, disclosed its first BTC sale in four years. Since adopting Bitcoin as its primary treasury reserve asset in 2020, the company has amassed more than 843,000 BTC.
Although the sale involved just 32 BTC, the move unsettled investors. Strategy shares have fallen about 41% over the past month, trading at around $115.30 on 11 Jun at 16:21 UTC. Bitcoin has suffered a similar fate, down about 23% in the past 30 days and trading around $62,600.
Strategy has since reversed course, announcing the purchase of 1,550 BTC for approximately $101.3mn on 8 Jun. However, the company was sitting on an estimated $11bn of unrealized losses on its BTC position in early June, its cash reserves had fallen sharply and its preferred stock obligations run to an estimated $750mn–$800mn a year.
ETH under pressure as corporate strategies diverge
Ethereum's native token, Ether (ETH), traded near $1,620 as Saylor spoke, down from a peak near $5,000 in August 2025. The largest Ethereum treasury company, BitMine (BMNR), is reportedly nursing roughly $9.2bn in unrealized losses on its 5.4mn ETH position, even as it continues to accumulate.
Strive (ASST), meanwhile, has taken a more aggressive stance. The company purchased 32 BTC on 8 Jun – deliberately matching the size of Strategy's earlier sale – and has added 2,500 BTC in recent weeks to its balance sheet.
Saylor's remarks reinforce his long-standing view that Bitcoin is the only crypto asset with a credible claim to being "money," and that there is "no second best."
