Grayscale Exec Calls for Strategy $3 Billion Bitcoin Sale to Restore Market Trust

Pandl's Proposal on Bitcoin Sale

Zach Pandl, head of research at Grayscale, shared his views on Strategy's capital structure via a post on X. He outlined two possible paths for the company regarding its Variable Rate Perpetual Stretch Preferred Stocks, known as STRC.

In one scenario, Pandl anticipates an increase in the STRC dividend rate by 50 basis points. This change would add around $100 million in obligations over the next two years and, in his assessment, would likely fail to improve market sentiment.

Current Pressures on Strategy's Holdings

Strategy maintains its position as the largest publicly listed corporate holder of Bitcoin, with 847,363 BTC according to recent data. The company has faced increased attention following a small sale of 32 Bitcoin in May 2026, marking a shift from its previous stance of holding without selling.

STRC has traded below its $100 par value target, reaching levels as low as around $71 to $74 in recent sessions. Strategy's common stock MSTR also closed lower, at $82.31 on June 26, reflecting broader concerns.

Strategy's latest SEC filing indicates it acquired 520 Bitcoin for approximately $34.9 million in mid-June while increasing its cash reserves by $300 million to $1.4 billion. Dividend coverage stands at roughly 14 months, down from previous levels, against annual preferred dividend obligations near $1.2 billion driven largely by STRC.

Views from Market Participants

Peter Schiff, a noted Bitcoin critic, warned about potential risks of Bitcoin liquidation. He stated that Strategy cannot sell large amounts without impacting Bitcoin prices, and even halting purchases could affect the market.

Broader Context for Strategy's Approach

Strategy has used equity, debt, and preferred shares to support its Bitcoin strategy. A past SEC filing mentioned possible Bitcoin sales if modified net asset value falls below certain thresholds, with the metric currently near 0.999.

The discussion centers on balancing liquidity needs with the credit profile of its digital credit products. Pandl's comments come amid questions about how Strategy will manage obligations without further straining investor views.

Recent stock performance shows MSTR down 3.45% and STRC down 1.48% in one session, underscoring the market's focus on these developments.