Mark Cuban has pushed back against the idea that his Bitcoin stance means he expects the cryptocurrency to collapse. He said he does not believe Bitcoin is headed "to zero," even after revealing that he has sold all of his holdings.
The billionaire investor said Bitcoin’s value is tied mainly to supply and demand, with only a modest premium linked to payments. He added that this is not the reason he originally bought it, which helps explain why he chose to exit the position.
Why Cuban Says He Sold
Cuban said his decision followed the same logic he applies to stocks. If the investment thesis stops working, he sells.
That response came after criticism from crypto podcaster Kyle Chassé, who argued Cuban sold because Bitcoin failed to act as a hedge when the U.S.-Israel war on Iran began. Chassé also noted that Bitcoin had risen 16% since the conflict started, framing Cuban as impatient.
Cuban rejected that version of events. He said he sold before the war and said his lowest sale price was $88,000.
He also said he began selling around $120,000, which was close to Bitcoin’s record price of $126,000 in October. His point was that the trade had already reached a level where the original reasoning no longer fit.
The Original Thesis Behind the Trade
Cuban said he once bought Bitcoin as protection against currency devaluation and broad economic uncertainty. Under that view, he expected Bitcoin to keep setting new highs if the thesis remained intact.
Instead, he said Bitcoin has recently been behaving like a risk-on asset. At the latest reference point, it was trading near $76,000, roughly 40% below its record.
That gap matters to Cuban because his case for holding Bitcoin was tied to defensive qualities, not just price momentum. When those qualities did not show up as expected, he treated the position like any other trade that had weakened.
Market Support and Bitcoin’s Recent Trading Pattern
Cuban also raised the possibility that Bitcoin’s price has been helped by Strategy Inc. and its executive chair, Michael Saylor. He said, “who knows how much of the price is [Strategy Chair Michael] Saylor propping it up.”
Strategy has been one of the biggest buyers of Bitcoin, accumulating nearly 170,000 BTC so far this year. At current rates, that stash is worth nearly $13 billion.
Bitcoin ETFs have also added demand, but the scale has been smaller. They have taken in $2.6 billion in net inflows year-to-date, which still leaves Strategy’s purchases as a major force in the market.
Cuban’s comments suggest that Bitcoin’s price may reflect a mix of investor sentiment, large corporate buying and broader market conditions. Even so, he made clear that selling does not mean he sees the asset as worthless.
What Cuban Is, and Is Not, Saying About Bitcoin
Cuban’s response focused on correcting a single assumption: selling Bitcoin is not the same as predicting a total collapse. He said the asset still has value, but he no longer sees the trade the same way he once did.
That distinction matters for a figure whose comments often shape how investors interpret crypto sentiment. Cuban is not dismissing Bitcoin’s existence or denying that others may still want exposure.
He is saying the position no longer fits the logic that led him to buy in the first place. For investors watching the debate, that leaves Bitcoin in a familiar place: still supported by buyers, still controversial, and still dependent on whether market demand can justify its price.
Read more at: finance.yahoo.com
