Grayscale's research head Zach Pandl said Strategy should sell $3 billion in Bitcoin to cover its cash obligations, but CryptoQuant argued the company has other ways to support STRC.
Zach Pandl, head of research at Grayscale, said he hopes Strategy will sell at least $3 billion in Bitcoin to cover most of the company’s cash obligations for the next two years.
In a Saturday X post, Pandl argued that the move may restore market confidence in the company's capital structure.
Contrary to his hopes, Pandl said he expects a 50-basis-point increase to the dividend rate on Strategy’s preferred stock, STRC, adding roughly $100 million in annual obligations over two years. Pandl added that this scenario “probably does not help market confidence.”
Strategy faces an annual preferred dividend obligation of approximately $1.2 billion, driven primarily by STRC.
STRC is Strategy's flagship "digital credit" preferred stock designed to trade near its $100 par value, but has been sliding for weeks. On Friday, it fell to as low as $71.25, a 28.75% discount to par. Strategy’s common stock MSTR fared little better and closed Friday at $82.31, down 26.86% throughout the trading week.
Pandl said he expects Strategy to raise STRC's dividend rate but hopes the company sells Bitcoin instead. Source: Zach Pandl
Strategy is the world’s largest publicly-listed corporate Bitcoin holder, placing its 847,363 BTC stash and financing decisions under the industry’s microscope.
According to Strategy’s latest 8-K filing with the US Securities and Exchange Commission, it acquired 520 Bitcoin for $34.9 million between June 15 and June 21.
Blockchain analytics company CryptoQuant argued in a Tuesday report that Strategy should pause Bitcoin purchases and focus on replenishing its cash reserve, which is down 38% in 2026.
Related: Bitcoin doesn't need Ethereum-style yield, says Strategy's Michael Saylor
The 8-K filing also revealed that Strategy increased its US dollar reserve by $300 million to $1.4 billion. This leaves the company with roughly 14 months of dividend coverage, down sharply from what was once a seven-year cushion.
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