Grayscale Urges Strategy to Offload $3B in Bitcoin to Stabilize Shares

Strategy, formerly known as MicroStrategy, is currently navigating a liquidity crunch tied to its STRC preferred stock. While the company recently raised its cash reserves by $300 million and holds over 847,000 BTC, the market remains wary. The stock currently trades well below its $100 par value, with yields climbing toward 13.2% as investors demand higher premiums to hold the debt.

Pandl argues that a 50-basis-point dividend increase, expected next week, would only add $100 million to the firm's two-year liability load without addressing core solvency concerns. Conversely, a large-scale sale of BTC could effectively cover cash requirements for the next two years. This shift would signal to shareholders that the company is prioritizing fiscal stability over its long-standing "buy-and-hold" identity. CryptoQuant data estimates the firm's dividend obligations now sit at $1.2 billion annually, with current cash coverage spanning roughly 14 months. For now, the market is watching the STRC price floor, which serves as a barometer for whether Strategy must continue selling its primary asset to keep its funding model afloat.