Grayscale's Pandl Urges Strategy to Sell $3B in Bitcoin
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- Zach Pandl of Grayscale hopes Strategy sells $3B in Bitcoin to shore up investor confidence, though he expects the company will instead raise STRC's dividend rate.
- Strategy holds 847,363 BTC — the world's largest publicly-listed corporate Bitcoin treasury — and acquired 520 BTC for $34.9M between June 15 and June 21 per its latest 8-K SEC filing.
- CryptoQuant recommended Strategy pause BTC purchases, noting its cash reserve has dropped 38% in 2026 even after a $300M boost to $1.4B.
- Strategy's dividend coverage now stands at roughly 14 months, down sharply from a prior seven-year cushion, per its filing.
- Samson Mow argued STRC has a built-in 'self-repairing mechanism': when the stock falls below its $100 reference price, Strategy halts ATM issuance, which mechanically boosts yield for new buyers.
- CryptoQuant added that Strategy has no obligation to sell Bitcoin to defend STRC's price, since it can raise the current 11.5% dividend yield instead.
Why it matters: Strategy's 847,363-Bitcoin treasury model is being stress-tested: with cash reserves down 38% in 2026 and dividend coverage cut from a seven-year to 14-month cushion, whichever path the company chooses — selling BTC, raising STRC's 11.5% yield, or triggering its self-repair mechanism — will set the template for every corporate Bitcoin treasury that follows.
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