TLDR
- Grayscale research head Zach Pandl says Strategy should sell at least $3 billion in Bitcoin to cover two years of cash obligations
- Strategy’s preferred stock STRC fell to $71.25 last Friday, a nearly 29% discount to its $100 par value
- Strategy holds 847,363 BTC but has only about 14 months of dividend coverage remaining
- CryptoQuant says Strategy has other options, including raising its 11.5% dividend yield
- Critics like Peter Schiff warn a large Bitcoin sale could crash the broader Bitcoin market
Grayscale’s head of research, Zach Pandl, publicly called on Strategy to sell at least $3 billion in Bitcoin. He says the move would cover nearly all of the company’s cash obligations for the next two years and help restore investor confidence.
Grayscale Research Head: Strategy Selling Over $3B in BTC Could Help Restore Market Confidence
Grayscale Research Head Zach Pandl said Strategy raising the STRC dividend by 50 basis points next week would add about $100 million in dividend obligations over the next two years and… pic.twitter.com/oB1EdoYjCs
— Wu Blockchain (@WuBlockchain) June 28, 2026
Pandl shared his view on X on Saturday. He outlined two possible outcomes for Strategy heading into this week.
His expected outcome is a 50-basis-point increase to the dividend rate on STRC, Strategy’s preferred stock. That would add around $100 million in annual obligations over two years. He said that move “probably does not help market confidence.”
His preferred outcome is a direct Bitcoin sale.
Strategy’s Cash Position Is Tightening
Strategy is the largest publicly listed corporate Bitcoin holder in the world, holding 847,363 BTC.
Despite that massive position, its cash reserve is under pressure. Strategy’s reserve is down 38% so far in 2026, according to blockchain analytics firm CryptoQuant.
An 8-K filing with the SEC showed Strategy raised its US dollar reserve by $300 million to $1.4 billion. That now gives the company roughly 14 months of dividend coverage — down sharply from a seven-year cushion it once held.
Strategy’s annual preferred dividend obligation is about $1.2 billion, driven mainly by STRC.
STRC and MSTR Have Dropped Sharply
STRC is designed to trade near its $100 par value. Last Friday it fell as low as $71.25, a 28.75% discount. Strategy’s common stock closed the same day at $82.31, down nearly 27% for the trading week.
On June 26 alone, Strategy’s common stock fell 3.45% and STRC dropped 1.48% to $74.57.
The pressure follows news that Strategy sold 32 Bitcoin in May 2026. That was a break from Executive Chairman Michael Saylor’s long-held stance against ever selling company holdings.
A past SEC filing also noted Strategy may consider selling Bitcoin if its modified net asset value drops below 1.22x. That metric is now sitting at around 0.999.
Strategy currently holds an unrealized loss of around $13 billion on its Bitcoin position at current market prices, according to the Saylor Tracker.
Other Options on the Table
CryptoQuant says Strategy has no obligation to sell Bitcoin. The firm argues the company could raise its current 11.5% dividend yield to support STRC’s price instead.
Bitcoin advocate Samson Mow pointed to a built-in mechanism in STRC’s structure. When the stock trades below its $100 reference price, Strategy stops new share issuance. That reduced supply, combined with a higher implied yield, could attract new buyers and push the price back toward par.
Critic Peter Schiff warned that selling a large amount of Bitcoin could itself damage the Bitcoin market. “Even if Strategy merely stops buying Bitcoin, that change alone would crush the market,” he wrote on X.
Strategy said Monday it plans to keep replenishing its cash reserves to support the credit quality of its preferred stock.
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