Grayscale Chef Serves Strategy a $3B Bitcoin Diet 🧂

Grayscale Research Head Zach Pandl said that Strategy’s planned 50 basis point increase to its STRC dividend next week would raise the company’s dividend obligations by approximately $100 million over the next two years without meaningfully restoring market confidence. Pandl made the remarks in a written assessment shared publicly.

Pandl argued that a more effective step would be for Strategy to sell more than $3 billion worth of $BTC, an amount he said would be enough to cover almost all of the cash liabilities the company will face over the next two years. He framed the $100 million dividend increase as too small to shift sentiment, while describing the $3 billion sale as a more decisive move.

“What I expect to happen for Strategy next week is a 50 basis point increase in the STRC dividend. That translates to approximately $100 million in additional dividend obligations over the next two years, and that probably won’t help market confidence,” Pandl said. “What I hope will happen is that the company sells over $3 billion worth of Bitcoin to cover almost all of its cash obligations over the next two years. That would likely restore market confidence.”

Pandl’s comments come as Strategy, the largest corporate holder of $BTC, navigates broader concerns about its capital structure and the pace of its Bitcoin acquisitions. Grayscale’s research team has continued to publish outlooks tied to spot Bitcoin exchange-traded products and corporate treasury strategies, often highlighting liquidity and balance sheet considerations for major holders.

The assessment did not include specific price targets for $BTC or guidance on broader market direction, and Pandl’s remarks were framed as market commentary rather than a formal recommendation. Strategy has not publicly responded to the specific proposals outlined in Pandl’s assessment, and no official announcement regarding a $3 billion Bitcoin sale has been made by the company.