Grayscale’s Pandl Wants Strategy To Sell $3 Billion In Bitcoin

Grayscale’s head of research Zach Pandl said in a Saturday X post he hopes Strategy sells at least $3 billion in Bitcoin to cover most of its cash obligations over the next two years. He believes this could help restore market confidence in the company’s capital structure.

Instead, Pandl expects Strategy to raise the dividend rate on its STRC preferred stock by 50 basis points, adding roughly $100 million in annual obligations over two years, a move he says “probably does not help market confidence.” Strategy already faces about $1.2 billion in annual preferred dividend obligations, mostly tied to STRC.

STRC And MSTR Keep Sliding

STRC, designed to trade near its $100 par value, fell to as low as $71.25 on Friday, a 28.75% discount. MSTR closed Friday at $82.31, down 26.86% on the week. Strategy still bought 520 BTC for $34.9 million between June 15 and 21, according to its latest SEC filing, even as CryptoQuant urged the company to pause purchases and rebuild cash instead. The filing showed Strategy boosted its dollar reserve by $300 million to $1.4 billion, leaving just 14 months of dividend coverage, down sharply from a once seven-year cushion.

Other Options Besides Selling Bitcoin

Strategy isn’t required to sell Bitcoin to support STRC and could instead raise its current 11.5% dividend yield. Bitcoin advocate Samson Mow argued STRC has a “self-repairing mechanism,” since falling below $100 halts new share issuance and boosts yield for new buyers, which could eventually pull the price back toward par.