Grayscale Brain Floats a $3B BTC Bailout for Strategy's $14B Ouchie 📉

Grayscale's Head of Research Zach Pandl has suggested Strategy offload roughly $3 billion in Bitcoin to cover nearly all of its cash obligations for the next two years, with the exception of one convertible. In a post on X, Pandl argued the sale would restore market confidence by addressing the company's near-term liquidity needs, even though it would reduce Strategy's Bitcoin reserves.

Strategy is also weighing whether to raise the dividend on its STRC preferred shares by 50 basis points to draw in new capital. Pandl noted that such an increase would add about $100 million to the company's fixed financial commitments over the following two years, potentially weighing on investor sentiment.

The discussion comes as Strategy holds 847,363 BTC, valued at $50.9 billion, accumulated across 113 purchases and one sale since August 11, 2020, at an average cost of $75,646. The company is also carrying an approximately $14 billion unrealized loss, while its 11.5% dividend translates to roughly $1.2 billion in yearly payouts.

Shares of MSTR fell below $100 for the first time since March 2024, trading at $82.31 after a 3.54% daily decline, while STRC was last seen at $74.870. Bitcoin was trading at $60,086.07, down more than 18% over the previous month. Data from the MicroStrategy Price-to-BTC Reserve Ratio chart shows both the ratio and MSTR's share price have dropped sharply, indicating investors are paying a far lower premium to Strategy's Bitcoin treasury strategy than during 2024 and 2025.