Grayscale Research Chief Calls on Strategy to Sell $3 Billion in Bitcoin to Restore Confidence
Strategy has built a large Bitcoin position through debt issuance, stock sales and other financing methods, leaving its valuation and debt-servicing capacity highly exposed to Bitcoin prices and financing conditions. Zach Pandl, head of research at Grayscale Investments, said proactively reducing the company’s holdings could help the market reassess risks surrounding its capital structure and liquidity.
As of July 20, 2026, Pandl was calling on Strategy to sell at least $3 billion in Bitcoin to cover its cash obligations for the next two years. However, the company’s preferred-stock dividend obligations continue to grow, and restoring confidence could take longer. Its floating-rate preferred stock, STRC, and common shares, MSTR, have both fallen sharply recently.
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The history behind this eventStrategy Sells $105 Million in Bitcoin to Fund Dividends, STRC Buyback
Strategy, best known for financing a vast Bitcoin stockpile through equity and preferred-share issuance, has begun using some of its cryptocurrency holdings to support shareholder payouts and liquidity. The move is significant because Bitcoin remains the company’s core treasury asset, while dividends on its preferred securities and share repurchases create recurring dollar obligations that must be balanced against its long-term accumulation strategy.
In the week ended Aug. 2, Strategy sold 1,638 Bitcoin for about $104.7 million, its first disposal since June, reducing holdings to 842,138 tokens. Roughly half of the proceeds was allocated to preferred-stock dividends and the remainder to repurchases of STRC shares. The transaction extended the company’s estimated dollar liquidity runway to 2.3 years, giving it more capacity to meet cash commitments without relying solely on fresh stock issuance.
Strategy Sells 3,588 Bitcoin for $216 Million
Strategy (MSTR) has long financed Bitcoin purchases through debt and preferred-share issuance, tying its stock price and balance sheet closely to the cryptocurrency. Selling Bitcoin to fund preferred-share dividends broke with market expectations that the company would only buy and never sell. The move has also renewed scrutiny of its liquidity management and Bitcoin-holding strategy.
Strategy recently sold 3,588 Bitcoin for about $216 million, its largest disposal on record, while Bitcoin remained near $63,000. The cryptocurrency’s decline also led the company to recognize more than $8.3 billion in unrealized losses in the second quarter of 2026. Grayscale recommended that Strategy sell $3 billion worth of Bitcoin to rebuild market confidence.
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