Strategy’s capital structure has come back into the spotlight following a call by Grayscale’s head of research, Zach Pandl. He said a multibillion-dollar sale of Bitcoin can help rebuild investor trust in its stock.
Grayscale Exec Advises Strategy To Sell Bitcoin
In a post on X, Pandl described two scenarios for the upcoming week for Strategy’s Variable Rate Perpetual Stretch Preferred Stocks (STRC).
“What I think happens: increase in STRC dividend of 50bp, which equates to ~$100mn higher dividend obligation for next 2yrs; probably does not help market confidence,” Pandl wrote.
He also added that his preferred scenario would be different: “What I hope happens: sale of ≥ ~$3bn $BTC to cover nearly all cash obligations for next 2yrs (ex one of the converts); probably would restore market confidence.”
For Strategy $MSTR next week
*what I think happens: increase in $STRC dividend of 50bp, which equates to ~$100mn higher dividend obligation for next 2yrs; probably does not help market confidence
*what I hope happens: sale of ≥ ~$3bn $BTC to cover nearly all cash obligations… https://t.co/8KyZpIBxFL
— Zach Pandl (@LowBeta) June 27, 2026
The comments follow Strategy (NASDAQ: MSTR) having trailed other prominent crypto-related stocks amid a market downturn. On June 26, the MSTR stock declined 3.45% to close at $82.31 and STRC dropped 1.48% to $74.57.
What Do Critics Say?
Longtime critic of Bitcoin, Peter Schiff, added fuel to the fire over the risks of liquidating Bitcoin.
“Those of you who think Saylor can solve the $STRC problem by selling Bitcoin should read my warning from this Oct. 2024 post. $MSTR can’t sell Bitcoin without crashing the price of Bitcoin. Even if Strategy merely stops buying Bitcoin, that change alone would crush the market,” Schiff warned on X.
For context, Strategy is the world’s biggest publicly listed corporate Bitcoin carrier holding 847,363 BTC. Saylor Tracker shows that currently, that’s a $13 billion in unrealized losses in today’s market.
Additionally, investor sentiment has taken a turn for the worse since Strategy sold 32 Bitcoin in May 2026. This marked a departure from Executive Chairman Michael Saylor’s years-long principle against ever selling the company’s holdings.
However, the speculation comes on top of a past SEC filing in which Strategy said it may consider selling Bitcoin if its modified net asset value (mNAV) drops below 1.22x. The metric is now down to around 0.999. It has raised speculation that the company could use its Bitcoin reserves to boost its balance sheet at some time in the future.
