Grayscale Exec Dreams Of A $3B Bitcoin Sale Spa Day For Strategy 🛁

Grayscale's head of research, Zach Pandl, has publicly suggested that Strategy could rebuild investor confidence by selling approximately $3 billion worth of Bitcoin to cover near-term cash obligations tied to its Variable Rate Perpetual Stretch Preferred Stock. In a post on X, Pandl outlined two scenarios for the week ahead involving STRC, the preferred equity instrument issued by Strategy (NASDAQ: MSTR). Under the first scenario, Pandl said he expects STRC's dividend to rise by 50 basis points, translating to roughly $100 million in additional dividend obligations over the next two years, a path he indicated "probably does not help market confidence." Under his preferred scenario, Pandl wrote that a sale of "≥ ~$3bn $BTC" could cover nearly all cash obligations for the next two years, excluding one of the outstanding convertible instruments, a move he said "probably would restore market confidence."

The comments come as MSTR and STRC have lagged other prominent crypto-related equities. On June 26, MSTR closed at $82.31, down 3.45%, while STRC fell 1.48% to $74.57, according to market data cited in the report. The renewed scrutiny of Strategy's capital structure follows weeks of debate over how the company, long known for accumulating Bitcoin on its balance sheet, will service obligations across its expanding stack of preferred and convertible securities.

Critic Peter Schiff weighed in on the proposal, warning that selling Bitcoin to meet STRC obligations would carry its own risks for Strategy shareholders. Schiff pointed to prior commentary in which he cautioned that liquidating holdings of $BTC to fund preferred dividends could undermine the very thesis that has defined the company under Executive Chairman Michael Saylor. Pandl's remarks did not directly address those criticisms but framed the potential sale as a confidence-restoring measure rather than a fundamental shift away from Strategy's Bitcoin-centered treasury approach.

Pandl did not specify a timeline for any potential transaction, and Strategy has not publicly committed to a Bitcoin sale of the size described. The company's leadership has historically maintained that long-term Bitcoin holdings remain central to its corporate strategy, even as it has diversified its capital raises through instruments including common equity, convertible notes and the STRC preferred stock. Investors are expected to look for further commentary from Strategy as the company's next dividend decision approaches and as STRC trading volumes continue to be closely watched by both bulls and skeptics of the Bitcoin treasury model.