Key Takeaways:
- Grayscale’s Zach Pandl is urging Strategy to sell off upwards of $3 billion worth of Bitcoin to bolster its balance sheet.
- He said he would caution an increase in STRC dividends to be tantamount to adding costs to investors without restoring their confidence.
- The proposed move comes across as a new discussion on Strategy’s long-term manage of the Bitcoin treasury.
The company formerly known as MicroStrategy returns to the Bitcoin spotlight. Instead of making acquisitions this time, though, the question now is whether selling some of its huge reserves might calm investor nerves.
Read More: Strategy Shuts Down Bitcoin Exit Rumors, Hinting at Another Massive BTC Buy
Grayscale Executive Calls for a $3 Billion Bitcoin Sale
Grayscale Head of Research Zach Pandl shared his expectations ahead of Strategy’s upcoming decisions regarding its STRC preferred stock.
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
According to Pandl, the most likely outcome is a 50-basis-point increase in the STRC dividend, a move he estimates would add roughly $100 million in additional dividend obligations over the next two years. In his view, higher payouts alone would not solve investors’ concerns about the company’s long-term funding needs.
The company formerly known as MicroStrategy returns to the Bitcoin spotlight. Instead of making acquisitions this time, though, the question now is whether selling some of its huge reserves might calm investor nerves.
Why Pandl Believes a BTC Sale Could Improve Confidence
A Stronger Balance Sheet May Matter More Than Holding Every Bitcoin
Since making the announcement, Strategy’s image has been shaped by acquiring Bitcoin and it is the biggest publicly listed corporate owner of BTC. That’s worked for them in the long term but raised scrutiny on the company’s financing of dividend payments and other obligations.
According to Pandl’s proposal, such a sale would not not mark a change in Strategy’s longer term Bitcoin thesis if carried out appropriately. Rather, it’ll showcase responsible treasury management, and turn a large part of its digital currency into liquid currency before the pressure is increased.
Backers of this position say removing uncertainty about future cash requirements is a more effective way to boost market sentiment than increase financing costs via bigger dividends.
Read More: Strategy Sells Bitcoin for First Time Since 2022 While Still Holding 843,706 BTC
Debate Continues Over the Best Funding Strategy
However, not all are sure of the answer of selling Bitcoin.
Several market participants think Strategy can maintain its capital markets, refinancing or raising capital in the future, without reducing its Bitcoin holdings. Some raise concerns about the sale of BTC even if it constitutes just a small portion of the company’s reserves, since it could impact the market’s perception of the entity.
It’s become a hot topic due to the length of time Strategy’s Bitcoin buy-and-hold move has sat at the back of many bulls’ minds, and they’re now about to see a significant amount of them move to the opposite side of the crypto scene for the first time.
The one thing that investors want to know is how the company will cover future commitments while preserving the integrity of its balance sheet and image as the world’s largest corporate Bitcoin holder.
