{"id":246350,"date":"2025-12-03T12:40:59","date_gmt":"2025-12-03T12:40:59","guid":{"rendered":"https:\/\/cryptonews.com\/tr\/news\/in-depth-will-bitcoin-crash-if-strategy-starts-selling\/"},"modified":"2025-12-03T12:28:15","modified_gmt":"2025-12-03T12:28:15","slug":"saylorin-asla-bitcoin-satmayin-mottosu-coktu-mu-sirket-ilk-kez-btc-satisini-gundeme-getirdi","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/tr\/exclusives\/saylorin-asla-bitcoin-satmayin-mottosu-coktu-mu-sirket-ilk-kez-btc-satisini-gundeme-getirdi\/","title":{"rendered":"Saylor&#8217;\u0131n &#8220;Asla Bitcoin Satmay\u0131n&#8221; Mottosu \u00c7\u00f6kt\u00fc m\u00fc? \u015eirket \u0130lk Kez BTC Sat\u0131\u015f\u0131n\u0131 G\u00fcndeme Getirdi"},"content":{"rendered":"<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/5\/2025\/12\/03103808\/1764750457-saylor4_optimized-1024x576.jpg\" class=\"wp-image-246351\" srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/5\/2025\/12\/03103808\/1764750457-saylor4_optimized-1024x576.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/5\/2025\/12\/03103808\/1764750457-saylor4_optimized-300x169.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/5\/2025\/12\/03103808\/1764750457-saylor4_optimized-768x432.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/5\/2025\/12\/03103808\/1764750457-saylor4_optimized-1536x864.jpg 1536w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/5\/2025\/12\/03103808\/1764750457-saylor4_optimized-450x253.jpg 450w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/5\/2025\/12\/03103808\/1764750457-saylor4_optimized.jpg 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/figure><p class=\"wp-block-paragraph\">&#8220;Asla Bitcoin&#8217;inizi satmay\u0131n&#8221; <a href=\"https:\/\/cryptonews.com\/tr\/tags\/michael-saylor\/\" target=\"_blank\" rel=\"noreferrer noopener\">Michael Saylor<\/a>&#8216;\u0131n mottosu. Ancak bir zamanlar akla dahi gelmeyecek bir geli\u015fmeyle Strategy, bu kural\u0131n bozulmas\u0131 gerekebilece\u011fini kabul etti.<\/p><p class=\"wp-block-paragraph\"><a href=\"https:\/\/cryptonews.com\/tr\/news\/sp-bitcoin-devi-strategyye-b-kredi-notu-verdi\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u015eirketin hisselerinin<\/a> birka\u00e7 haftad\u0131r a\u011f\u0131r darbe ald\u0131\u011f\u0131n\u0131 konu\u015fuyoruz; \u00f6yle ki, piyasa de\u011feri elindeki Bitcoin rezervlerinden daha d\u00fc\u015f\u00fck bir seviyeye geriledi.<\/p><p class=\"wp-block-paragraph\">Bitcoin al\u0131mlar\u0131n\u0131n bor\u00e7lanma yoluyla finanse edildi\u011fi g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, ele\u015ftirmenler Strategy&#8217;nin bir d\u00fc\u015f\u00fc\u015f durumunda t\u00fcm finansal y\u00fck\u00fcml\u00fcl\u00fcklerini yerine getirip getiremeyece\u011fini sorgulamaya ba\u015flad\u0131.<\/p><p class=\"wp-block-paragraph\">\u0130\u015fte bu y\u00fczden Pazartesi g\u00fcn\u00fc yap\u0131lan duyuru b\u00fcy\u00fck \u00f6nem ta\u015f\u0131yordu. Zor durumdaki \u015firket, temett\u00fc ve faiz \u00f6demelerine ayak uydurmak i\u00e7in 1,4 milyar dolarl\u0131k bir rezerv olu\u015fturaca\u011f\u0131n\u0131 a\u00e7\u0131klad\u0131; bu ad\u0131m mevcut hissedarlar\u0131n paylar\u0131n\u0131n suland\u0131r\u0131lmas\u0131yla ger\u00e7ekle\u015ftirildi.<\/p><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"\" class=\"wp-image-459267 lazyload\" data-src=\"https:\/\/cryptonews.com\/wp-content\/uploads\/2025\/12\/strategy-stock-1024x588.jpg\" data-srcset=\"\"><\/figure><p class=\"wp-block-paragraph\">Daha da k\u00f6t\u00fcs\u00fc, \u015firket sadece bir ay \u00f6nce, 30 Ekim&#8217;de yay\u0131mlad\u0131\u011f\u0131 kazan\u00e7 beklentisini dramatik bir \u015fekilde a\u015fa\u011f\u0131 \u00e7ekti. O d\u00f6nemde, 2025 y\u0131l\u0131n\u0131n sonunda Bitcoin&#8217;in 150.000 dolar de\u011ferinde olaca\u011f\u0131 varsay\u0131m\u0131na dayanarak Strategy, y\u0131l\u0131n tamam\u0131 i\u00e7in 24 milyar dolarl\u0131k net gelir elde etmeyi \u00f6ng\u00f6rm\u00fc\u015ft\u00fc.<\/p><p class=\"wp-block-paragraph\">Geldi\u011fimiz noktada ise \u015firket, bu fiyat aral\u0131\u011f\u0131n\u0131 85.000 dolar ile 110.000 dolar gibi belirsizlik yaratan dar bir seviyeye revize etti. Bu revizyon, Strategy&#8217;nin Aral\u0131k ay\u0131n\u0131 y\u0131ll\u0131k 5,5 milyar dolar zararla ya da 6,3 milyar dolar k\u00e2rla kapatabilece\u011fi anlam\u0131na geliyor. <a href=\"https:\/\/cryptonews.com\/tr\/exclusives\/bitcoin-fiyat-cokusu-saylorin-strategysi-buyuk-sikintida\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bir ayda ne kadar b\u00fcy\u00fck bir fark<\/a>.<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Analistlerin yak\u0131ndan izledi\u011fi rakam: Strategy&#8217;nin piyasa de\u011ferini Bitcoin varl\u0131klar\u0131yla kar\u015f\u0131la\u015ft\u0131ran oran\u0131 olan mNAV. Bu oran \u015fu anda 1.13 seviyesinde, bu da \u015firketi radikal \u00f6nlemler alma gereksinimine tehlikeli derecede yakla\u015ft\u0131r\u0131yor. CEO Phong Le&#8217;nin yak\u0131n tarihli bir podcast&#8217;te belirtti\u011fi gibi:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;mNAV oran\u0131 1&#8217;in alt\u0131na d\u00fc\u015ferse, temett\u00fc \u00f6demelerimizi finanse etmek i\u00e7in Bitcoin satabiliriz ve satar\u0131z.&#8221;<\/em><\/p>\n<\/blockquote><p class=\"wp-block-paragraph\"><\/p><div class=\"cpp-crypto-chart cpp-crypto-chart-btc\" data-coin-symbol=\"btc\" data-price-usd=\"BTC Price (USD)\" data-main-color=\"#007bff\" data-watermark-image=\"\" data-chart-style=\"cryptonews\"><div class=\"cpp-chart-header-wrapper\"><div class=\"cpp-chart-header\"><img decoding=\"async\" class=\"cpp-chart-header-logo lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"btc logo\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/2024\/02\/26205235\/btc.svg\" data-srcset=\"\"><div class=\"cpp-chart-coin-info\"><div class=\"cpp-chart-coin-name\">Bitcoin (BTC)<\/div><div class=\"cpp-chart-price-row\"><span class=\"cpp-chart-price\"><\/span><span class=\"cpp-chart-change\"><\/span><\/div><\/div><\/div><div class=\"cpp-chart-selectors\"><span class=\"cpp-chart-selector\" data-period=\"24h\">24h<\/span><span class=\"cpp-chart-selector\" data-period=\"7d\">7d<\/span><span class=\"cpp-chart-selector\" data-period=\"30d\">30d<\/span><span class=\"cpp-chart-selector\" data-period=\"1y\">1y<\/span><span class=\"cpp-chart-selector\" data-period=\"all_time\">All time<\/span><\/div><\/div><canvas id=\"cpp-chart-6a3df40f6de7a\" class=\"cpp-chart-container\"><\/canvas><\/div><p class=\"wp-block-paragraph\">Strategy&#8217;nin (eski ad\u0131yla <a href=\"https:\/\/cryptonews.com\/tr\/tags\/microstrategy\/\" target=\"_blank\" rel=\"noreferrer noopener\">MicroStrategy<\/a>) A\u011fustos 2020&#8217;den bu yana ilk kez BTC satma fikri\u2014tek bir satoshi bile olsa\u2014bir Bitcoin yat\u0131r\u0131mc\u0131s\u0131n\u0131n t\u00fcylerini \u00fcrpertecek nitelikte. Bu, Saylor i\u00e7in ac\u0131 verici bir geri d\u00f6n\u00fc\u015fe i\u015faret eder, \u015firketin s\u0131k\u0131nt\u0131da oldu\u011funu g\u00f6sterir ve &#8220;sonsuz para hilesi&#8221; g\u00fcnlerinin kesinlikle sona erdi\u011fini do\u011frular.<\/p><p class=\"wp-block-paragraph\">Peki, Strategy resmi olarak ne zaman finansal tehlikeye girmi\u015f say\u0131l\u0131r? Teyit edilmi\u015f bir sat\u0131\u015f, daha geni\u015f kripto piyasas\u0131n\u0131 nas\u0131l etkiler? \u015eirketin art\u0131k bu kripto paran\u0131n toplam arz\u0131n\u0131n %3&#8217;\u00fcn\u00fc kontrol etmesiyle sonu\u00e7lanan Saylor&#8217;\u0131n m\u00fcmk\u00fcn oldu\u011funca \u00e7ok Bitcoin toplama konusundaki agresif yakla\u015f\u0131m\u0131, t\u00fcm sekt\u00f6re zarar verebilecek bir &#8220;yo\u011funla\u015fma riski&#8221; yaratt\u0131 m\u0131?<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Fight. <a href=\"https:\/\/t.co\/W923t4aPPU\">pic.twitter.com\/W923t4aPPU<\/a><\/p>&mdash; Michael Saylor (@saylor) <a href=\"https:\/\/twitter.com\/saylor\/status\/1993684358461325440?ref_src=twsrc%5Etfw\">November 26, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><h2 class=\"wp-block-heading\">Yumurta Analojisi<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">X&#8217;te dola\u015fan bir analoji, @Derivatives_Ape adl\u0131 kullan\u0131c\u0131dan geliyor. Bu kullan\u0131c\u0131, Strategy&#8217;yi piyasadan yumurta alan bir adama benzetiyor.<\/p><p class=\"wp-block-paragraph\">Hikayeye g\u00f6re, bu ki\u015fi yumurtalar\u0131n sadece 1 dolar oldu\u011fu zamanlarda al\u0131ma ba\u015fl\u0131yor ve fiyatlar y\u00fckseldik\u00e7e al\u0131m yapmaya devam ediyor, portf\u00f6y\u00fcn\u00fcn de\u011feri artt\u0131k\u00e7a seviniyor. Bir yumurtan\u0131n maliyeti 20 dolara ula\u015ft\u0131\u011f\u0131nda ise sat\u0131\u015f yapmay\u0131 tercih ediyor.<\/p><p class=\"wp-block-paragraph\">&#8220;Pazara gidip &#8216;T\u00fcm yumurtalar\u0131m\u0131 satmaya haz\u0131r\u0131m!&#8217; diye ilan ediyor. Sat\u0131c\u0131 ona bak\u0131p: &#8216;Kime? Sen yumurta adam\u0131s\u0131n!&#8217; diye cevap veriyor.&#8221;<\/p><p class=\"wp-block-paragraph\">Bu analoji \u015funu zarif\u00e7e ifade ediyor: Bitcoin&#8217;in bu denli b\u00fcy\u00fck ba\u015far\u0131s\u0131ndan Strategy&#8217;nin sorumlu olmas\u0131 olas\u0131. Bu yakla\u015f\u0131m\u0131 taklit etmeye \u00e7al\u0131\u015fan BTC hazine \u015firketleri olsa da, hi\u00e7birinin Strategy kadar b\u00fcy\u00fck bir sava\u015f sand\u0131\u011f\u0131 yok. <\/p><p class=\"wp-block-paragraph\">Saylor, Microsoft gibi teknoloji devlerini de ayn\u0131s\u0131n\u0131 yapmaya <a href=\"https:\/\/cryptonews.com\/tr\/news\/michael-saylordan-microsofta-bitcoin-onerisi-sirketin-degerini-artirabilir\/\" target=\"_blank\" rel=\"noreferrer noopener\">te\u015fvik etmeye<\/a> \u00e7al\u0131\u015fsa da, teklifleri kar\u015f\u0131l\u0131k bulmad\u0131. ABD&#8217;nin Bitcoin rezervinin hen\u00fcz olu\u015fmamas\u0131yla birlikte, ulus devlet d\u00fczeyindeki benimseme de sekteye u\u011fram\u0131\u015f durumda.<\/p><figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-4-3 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Microsoft Bitcoin Strategy - A Presentation by Michael Saylor\" width=\"640\" height=\"480\" src=\"https:\/\/www.youtube.com\/embed\/cH2t6VOdgkE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure><p class=\"wp-block-paragraph\">Ancak, bu analojinin haks\u0131z oldu\u011fu y\u00f6n\u00fcnde bir g\u00f6r\u00fc\u015f de var. Neden mi? \u00c7\u00fcnk\u00fc ba\u015fka yumurta al\u0131c\u0131lar\u0131 da bulunuyor; \u00f6zellikle de Ocak 2024&#8217;ten bu yana Bitcoin borsa yat\u0131r\u0131m fonlar\u0131na (ETF) y\u0131\u011f\u0131lan kurumsal yat\u0131r\u0131mc\u0131lar. <\/p><p class=\"wp-block-paragraph\">D\u00fcnyan\u0131n en b\u00fcy\u00fck yat\u0131r\u0131m platformlar\u0131ndan biri olan <a href=\"https:\/\/cryptonews.com\/tr\/news\/blackrockin-zaferi-sonunda-etkisini-gosterdi-vanguard-kripto\/\" target=\"_blank\" rel=\"noreferrer noopener\">Vanguard arac\u0131l\u0131\u011f\u0131yla<\/a> nihayet sat\u0131n al\u0131nabilir hale gelmeleri, BTC&#8217;nin 90.000 dolar\u0131n \u00fczerine \u00e7\u0131kan etkileyici toparlanmas\u0131nda \u00f6nemli bir etken oldu.<\/p><p class=\"wp-block-paragraph\">Yine de, bu toparlanman\u0131n devam edece\u011fine dair hi\u00e7bir garanti yok ve alt\u0131 haneli rakamlar\u0131n \u00fczerine geri d\u00f6nmek zorlu bir i\u015f olabilir. Peki, Bitcoin fiyat\u0131 tekrar d\u00fc\u015f\u00fc\u015fe ge\u00e7erse, Strategy ne zaman krizle kar\u015f\u0131 kar\u015f\u0131ya kal\u0131r?<\/p><p class=\"wp-block-paragraph\">Cheqd&#8217;in kurucu orta\u011f\u0131 ve finans direkt\u00f6r\u00fc (CFO) Javed Khattak, Cryptonews&#8217;e yapt\u0131\u011f\u0131 a\u00e7\u0131klamada, \u015firketin d\u00fc\u015fen piyasa de\u011ferinin i\u015f modelinin tam kalbine darbe vurdu\u011fu i\u00e7in bir sorun te\u015fkil etti\u011fini ve bunun geni\u015flemeyi zorla\u015ft\u0131rd\u0131\u011f\u0131n\u0131 s\u00f6yledi.<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>&#8220;Bu durumdaki bir \u015firket, varl\u0131klar\u0131n\u0131n alt\u0131nda bir de\u011ferden i\u015flem g\u00f6rd\u00fc\u011f\u00fcnde, hisse senedi ihrac\u0131 suland\u0131r\u0131c\u0131 hale gelir, yeniden finansman maliyetlenir ve bilan\u00e7osunu kald\u0131ra\u00e7la daha fazla Bitcoin edinme mekanizmas\u0131n\u0131n tamam\u0131n\u0131 s\u00fcrd\u00fcrmek \u00e7ok daha zorla\u015f\u0131r.&#8221;<\/em><\/p>\n<\/blockquote><p class=\"wp-block-paragraph\">Khattak, Strategy&#8217;nin ge\u00e7mi\u015fte ay\u0131 piyasalar\u0131n\u0131 atlatmay\u0131 ba\u015fard\u0131\u011f\u0131n\u0131 ve di\u011fer d\u00fc\u015f\u00fc\u015flerden ba\u015far\u0131yla toparland\u0131\u011f\u0131n\u0131 da s\u00f6zlerine ekledi. Bitcoin&#8217;in 2022&#8217;de 48.000 dolardan 16.000 dolara d\u00fc\u015ft\u00fc\u011f\u00fc d\u00f6nemde, \u015firketin hisseleri &#8220;varl\u0131klar\u0131n\u0131n de\u011ferinin \u00e7ok alt\u0131nda i\u015flem g\u00f6r\u00fcyordu ve \u015firket incelemeyle kar\u015f\u0131 kar\u015f\u0131ya kalm\u0131\u015ft\u0131,&#8221; ancak o zaman bir kozu vard\u0131.<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>&#8220;\u015eirket, d\u00fc\u015f\u00fc\u015f s\u00fcresince varl\u0131klar\u0131n\u0131 tuttu, zorunlu sat\u0131\u015f\u0131 \u00f6nledi ve Bitcoin toparland\u0131\u011f\u0131nda bundan fayda sa\u011flad\u0131. Ancak o \u00f6nceki toparlanma, \u00e7ok farkl\u0131 ko\u015fullar alt\u0131nda ger\u00e7ekle\u015fmi\u015fti. O zamanlar, hisse senedi piyasalar\u0131 hala Strategy&#8217;ye Bitcoin varl\u0131klar\u0131n\u0131n \u00fczerinde bir prim tan\u0131maya istekliydi, sermaye art\u0131r\u0131m\u0131 daha az suland\u0131r\u0131c\u0131yd\u0131 ve yat\u0131r\u0131mc\u0131lar spot BTC ETF&#8217;lerine kolay eri\u015fime sahip de\u011fildi, bu da hisseleri cazip bir vekil haline getiriyordu. Bug\u00fcn ise durum daha karma\u015f\u0131k.&#8221;<\/em><\/p>\n<\/blockquote><p class=\"wp-block-paragraph\">BlackRock ve Fidelity gibi devlerin ba\u015f\u0131 \u00e7ekti\u011fi ve toplamda 120 milyar dolar de\u011fere, yani bu kripto paran\u0131n piyasa de\u011ferinin %6&#8217;s\u0131na ula\u015fan spot fiyat\u0131 takip eden borsa yat\u0131r\u0131m fonlar\u0131n\u0131n (ETF) patlama yapmas\u0131 nedeniyle art\u0131k vekillere ihtiya\u00e7 kalmad\u0131.<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>&#8220;Artan suland\u0131rma, sermaye piyasalar\u0131na daha fazla ba\u011f\u0131ml\u0131l\u0131k ve b\u00fcy\u00fcyen rekabetle birlikte Strategy, \u00f6nceki d\u00fc\u015f\u00fc\u015flerde var olmayan yap\u0131sal bask\u0131larla kar\u015f\u0131 kar\u015f\u0131ya. Bu anlamda, \u015firket benzer sularda daha \u00f6nce seyretmi\u015f olsa da, modelinin temel mekani\u011finin\u2014sadece Bitcoin fiyat\u0131n\u0131n de\u011fil\u2014aktif olarak sorguland\u0131\u011f\u0131 ilk an bu.&#8221;<\/em><\/p>\n<\/blockquote><p class=\"wp-block-paragraph\">Khattak, Strategy hisse fiyat\u0131nda k\u0131sa vadeli bir toparlanman\u0131n, Bitcoin&#8217;de &#8220;anlaml\u0131 bir toparlanma&#8221; olmadan pek olas\u0131 g\u00f6r\u00fcnmedi\u011fi konusunda uyard\u0131 ve ufukta ba\u015fka tehditlerin de oldu\u011funu belirtti.<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>&#8220;Strategy ayn\u0131 zamanda, pasif ara\u00e7lar taraf\u0131ndan otomatik sat\u0131\u015flar\u0131 tetikleyebilecek potansiyel endeks d\u0131\u015f\u0131 kalma riskiyle de kar\u015f\u0131 kar\u015f\u0131ya. Bu s\u0131rada, \u015firketin g\u00fcncellenmi\u015f kazan\u00e7 beklentisi, sonu\u00e7lar\u0131n tamamen Bitcoin&#8217;in y\u0131l sonu fiyat\u0131na ba\u011fl\u0131 olarak b\u00fcy\u00fck zararlardan \u00f6nemli kazan\u00e7lara savruldu\u011funu g\u00f6steriyor; bu da hissenin tek bir varl\u0131\u011f\u0131n oynakl\u0131\u011f\u0131na ne kadar ba\u011fl\u0131 oldu\u011funun alt\u0131n\u0131 \u00e7iziyor.&#8221;<\/em><\/p>\n<\/blockquote><p class=\"wp-block-paragraph\">O halde, Strategy k\u00f6\u015feye s\u0131k\u0131\u015f\u0131r ve devasa BTC rezervlerinin bir k\u0131sm\u0131n\u0131 elden \u00e7\u0131karmak zorunda kal\u0131rsa, bu durum piyasa pani\u011fini tetikler mi?<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>&#8220;Muhtemelen evet, temel olarak sinyal etkisi nedeniyle&#8230; En b\u00fcy\u00fck ve en g\u00f6r\u00fcn\u00fcr kurumsal Bitcoin sahibi, likidite veya operasyonel nedenlerle bile olsa sat\u0131\u015f yaparsa, piyasa bunu bir stres kan\u0131t\u0131 olarak yorumlayabilir. Zaten kald\u0131ra\u00e7, d\u00fc\u015fen \u00f6z sermaye de\u011ferleri ve zorunlu sat\u0131\u015flarla m\u00fccadele eden bir segmentte, b\u00f6yle bir hareketin psikolojik etkisi, piyasaya giren ger\u00e7ek arz\u0131n etkisinden daha a\u011f\u0131r basabilir.&#8221;<\/em><\/p>\n<\/blockquote><p class=\"wp-block-paragraph\">Khattak burada olduk\u00e7a kasvetli bir senaryo \u00e7izmi\u015f olsa da, herkes Strategy&#8217;ye kar\u015f\u0131 bahis oynam\u0131yor ya da bir zamanlar on milyarlarca dolar ka\u011f\u0131t \u00fczerinde k\u00e2r \u00fcreten cesur bir deneyin sonunun geldi\u011fini d\u00fc\u015f\u00fcnm\u00fcyor.<\/p><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"\" class=\"wp-image-459270 lazyload\" data-src=\"https:\/\/cryptonews.com\/wp-content\/uploads\/2025\/12\/btc-stock-1024x491.jpg\" data-srcset=\"\"><figcaption class=\"wp-element-caption\">G\u00f6rsel: BitcoinTreasuries.net<\/figcaption><\/figure><p class=\"wp-block-paragraph\">The Bitcoin Bond Company CEO&#8217;su Pierre Rochard, Cryptonews&#8217;e yapt\u0131\u011f\u0131 a\u00e7\u0131klamada, \u015firketin ancak &#8220;devlet b\u00fct\u00e7esi fazlal\u0131klar\u0131, d\u00fc\u015fen ulusal bor\u00e7 ve y\u00fcksek reel faiz oranlar\u0131n\u0131n birle\u015fimi&#8221; durumunda ger\u00e7ek bir mali tehlikeye girece\u011fini s\u00f6yledi.<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>&#8220;Bu fakt\u00f6rler mevcut olmad\u0131\u011f\u0131 s\u00fcrece, itibari para bas\u0131m\u0131 Bitcoin benimsemesini y\u00f6nlendirdi\u011fi i\u00e7in Strategy i\u00e7in yap\u0131sal bir destek mevcuttur.&#8221;<\/em><\/p>\n<\/blockquote><p class=\"wp-block-paragraph\">Rochard ayr\u0131ca, \u015firketin herhangi bir BTC sat\u0131\u015f\u0131n\u0131n yarataca\u011f\u0131 etkiyi k\u00fc\u00e7\u00fcmsedi ve ekledi:<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>&#8220;Bitcoin piyasas\u0131, 0 dolardan 1 trilyon dolar\u0131n \u00fczerine \u00e7\u0131karken, son 16 y\u0131lda di\u011fer t\u00fcm varl\u0131klardan daha fazla kitlesel pani\u011fe dayanm\u0131\u015ft\u0131r. Strategy Bitcoin satsa da satmasa da gelecekte daha fazla kitlesel panik ya\u015fanacakt\u0131r.&#8221;<\/em><\/p>\n<\/blockquote><p class=\"wp-block-paragraph\">Rochard, Strategy&#8217;nin yo\u011funla\u015fma riskinin, Bitcoin hazine \u015firketlerinin, ETF benimsemesinin ve egemen rezervlerin b\u00fcy\u00fcmeye devam etmesiyle azalaca\u011f\u0131n\u0131 savundu; ancak hissenin yeniden ivme kazanmas\u0131n\u0131n zaman alabilece\u011fini belirtti.<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>&#8220;Strategy&#8217;nin hisse performans\u0131, Bitcoin fiyat\u0131 ve piyasa duyarl\u0131l\u0131\u011f\u0131n\u0131n birle\u015fimidir. Bitcoin ralli yapsa bile, duyarl\u0131l\u0131\u011f\u0131n buna yeti\u015fmesi muhtemelen zaman alacakt\u0131r.&#8221;<\/em><\/p>\n<\/blockquote><p class=\"wp-block-paragraph\">Ger\u00e7ekten de zaman alacak. Strategy&#8217;nin hissesi ge\u00e7ti\u011fimiz y\u0131l %51 d\u00fc\u015ferken, buna k\u0131yasla Bitcoin nispeten yatay seyrediyor ve bu yaz\u0131 haz\u0131rlan\u0131rken %0,09&#8217;luk k\u00fc\u00e7\u00fck bir kazan\u00e7 elde etmi\u015f durumda.<\/p><p class=\"wp-block-paragraph\">Saylor endi\u015feliyse bile bunu belli etmiyor. Onun g\u00f6z\u00fcnde &#8220;oynakl\u0131k, canl\u0131l\u0131kt\u0131r.&#8221; \u00d6n\u00fcm\u00fczdeki aylarda, \u00f6zellikle de tek alt\u0131n kural\u0131n\u0131 bozarsa, bolca sert dalgalanma ya\u015fanabilir.<\/p>","protected":false},"excerpt":{"rendered":"<p>&#8220;Asla Bitcoin&#8217;inizi satmay\u0131n&#8221; Michael Saylor&#8216;\u0131n mottosu. Ancak bir zamanlar akla dahi gelmeyecek bir geli\u015fmeyle Strategy, bu kural\u0131n bozulmas\u0131 gerekebilece\u011fini kabul etti.\u015eirketin hisselerinin birka\u00e7 haftad\u0131r a\u011f\u0131r darbe ald\u0131\u011f\u0131n\u0131 konu\u015fuyoruz; \u00f6yle ki, piyasa de\u011feri elindeki Bitcoin rezervlerinden daha d\u00fc\u015f\u00fck bir seviyeye geriledi.Bitcoin al\u0131mlar\u0131n\u0131n bor\u00e7lanma yoluyla finanse edildi\u011fi g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, ele\u015ftirmenler Strategy&#8217;nin bir d\u00fc\u015f\u00fc\u015f durumunda t\u00fcm finansal [&hellip;]<\/p>\n","protected":false},"author":235,"featured_media":246351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2,5],"tags":[96,233,809,107,464,443,879,244],"editors":[352],"sponsored_companies":[],"class_list":["post-246350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusives","category-features","tag-bitcoin","tag-bitcoin-etf","tag-blackrock","tag-blockchain","tag-btc","tag-etf","tag-michael-saylor","tag-microstrategy","editors-ufuk-toprak"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Saylor&#039;\u0131n &quot;Asla Bitcoin Satmay\u0131n&quot; Mottosu \u00c7\u00f6kt\u00fc m\u00fc? 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