The strategy’s capital structure is back in the spotlight following the call of Grayscale’s Head of Research, Zach Bandel. He said a multibillion-dollar sale of Bitcoin could help rebuild investor confidence in its shares.
Grayscale Exec Recommends Bitcoin Sell Strategy
In a post on X, Pandl described two scenarios for next week for perpetual variable rate preferred stocks (STRC).
“What I think is happening: an increase STRC’s profits 50 basis points, which equates to higher dividend commitments of $100 million for the next two years; “This may not help market confidence,” Bandel wrote.
He also added that his preferred scenario would be different: “What I hope will happen: Sell ≥~$3 billion USD worth of Bitcoin to cover almost all cash liabilities for the next 2 years (one former convert); perhaps that would restore market confidence.”
For strategy $MSTR next week
*What I think is happening: Increase $STRC Dividend of 50 basis points, equivalent to higher dividend obligations of $100 million for the next two years; It probably doesn’t help market confidence
*What I hope will happen: Sell ≥~$3B $ Bitcoin To cover almost all cash obligations… https://t.co/8KyZpIBxFL
– Zach Bandel (@LowBeta) June 27, 2026
Furthermore, the comments come on the heels of Strategy (NASDAQ: MSTR) falling behind other prominent cryptocurrency-related stocks. On June 26, MSTR stock STRC stock fell 3.45% to close at $82.31.STRC stock fell 1.48% to $74.57.
What do the critics say?
Peter Schiff, a longtime Bitcoin critic, added fuel to the widespread fire Risks To filter Bitcoin.
“Those who think Saylor can solve the $STRC problem by… Sell Bitcoin You should read my warning from this October 2024 post. $MSTR cannot sell Bitcoin without the price of Bitcoin crashing. Even if the strategy stopped buying Bitcoin, that change alone would crush the market. Schiff warned On X.
For context, Strategy is the largest publicly listed Bitcoin holder in the world and owns 847,363 BTC. Saylor Tracker shows that this currently represents $13 billion in unrealized losses in today’s market.
Additionally, investor sentiment has taken a turn for the worse since then The strategy sold 32 Bitcoin in May 2026. This marked a departure from CEO Michael Saylor’s years-long doctrine against selling the company’s holdings at all.
However, this speculation comes on top of a previous SEC filing, in which the strategy said it might consider selling Bitcoin if its adjusted net asset value (mNAV) fell below 1.22x. The scale has now dropped to around 0.999. This has raised speculation that the company could use its Bitcoin reserves to bolster its balance sheet at some point in the future.
