Grayscale Research Chief Zach Pandl Says Strategy’s $3B Bitcoin Sale Could Restore Confidence

Grayscale head of research Zach Pandl said he thinks Strategy could restore investor confidence more effectively by selling more than $3 billion worth of Bitcoin than by increasing dividends on its preferred stock, $STRC, by 50 basis points.

“Here’s a sentence you don’t hear every day: selling billions in Bitcoin might actually calm people down”

Bitget

Pandl’s comments were framed as a debate over how companies with significant Bitcoin exposure manage capital allocation and leverage, with the discussion later highlighted through reporting shared by Cointelegraph's official X account.

Cointelegraph

CryptoNinjas reported Pandl’s view that a 50-basis-point increase to STRC dividends would be tantamount to adding costs to investors without restoring their confidence.

In the same line of argument, Bitget said Pandl laid out the case in a June 4 research note that a larger BTC sale could calm markets by removing uncertainty about whether and when Strategy would need to dump Bitcoin.

Pandl said he expects a 50-basis-point increase to STRC’s dividend rate, adding roughly $100 million in annual obligations over two years, but he added that this scenario “probably does not help market confidence.”

Crypto.news reported Pandl said a larger Bitcoin sale could cover nearly all cash obligations over the next two years and give investors a clearer view of how Strategy plans to manage its preferred stock costs.

Crypto Briefing

TradingView tied the pressure to STRC’s performance versus its $100 par value, noting that on Friday it fell to as low as $71.25, a 28.75% discount to par, while Strategy’s common stock MSTR closed Friday at $82.31.

In a Tuesday report, CryptoQuant argued Strategy should pause Bitcoin purchases and focus on replenishing its cash reserve, which the coverage said is down 38% in 2026, while also saying the company has no obligation to sell Bitcoin to support STRC’s price.

Cointelegraph reported that Strategy’s latest 8-K filing with the US Securities and Exchange Commission showed it acquired 520 Bitcoin for $34.9 million between June 15 and June 21, while also increasing its US dollar reserve by $300 million to $1.4 billion.

“Bitcoin spot ETFs see $1”

Crypto Briefing

That same Cointelegraph coverage said the filings leave Strategy with roughly 14 months of dividend coverage, down sharply from what was once a seven-year cushion, and it quoted Strategy saying on Monday it plans to continue replenishing its cash reserves to support the credit quality of its “digital credit” securities.

Crypto Briefing reported that Bitcoin spot ETFs saw $1.79B in net outflows for the week ending June 26, with Thursday posting the heaviest single-day exit at $696.29 million and BlackRock’s IBIT accounting for roughly $1.3 billion of the week’s redemptions.

Against that backdrop, Samson Mow argued in a Monday X post that STRC has a built-in “self-repairing mechanism,” saying that once the stock falls below its $100 reference price, Strategy halts new ATM issuance and the lower price mechanically boosts the yield for new buyers.