Blockstream CEO Adam Back said Strategy’s BTC sale showed Bitcoin is liquid enough that companies may no longer need to maintain large cash reserves against their holdings. Speaking to Bloomberg, Back said the transaction also “shows the market how to value Bitcoin,” framing the sale as a test of how deeply the market can absorb sizable Bitcoin activity. The remarks point to a broader issue for corporate Bitcoin holders: whether the asset can function as a treasury reserve without requiring substantial cash cushions to manage volatility or liquidity needs.