Grayscale says Strategy’s (MicroStrategy) Bitcoin sale could reduce financing risk and support BTC price stability. Research head Zach Pandl argues that selling Bitcoin may restore confidence better than raising the STRC dividend.

Here is why the asset manager sees a controlled sale as a potential turning point for both Strategy (formerly MicroStrategy) and Bitcoin.

Why Grayscale Backs MicroStrategy’s Bitcoin Sale

A financing risk is the danger that a company cannot meet its debt or dividend obligations without raising fresh capital under difficult conditions. Grayscale argues that a planned Bitcoin sale could ease exactly that pressure for Strategy across the coming quarters.

Zach Pandl, Grayscale’s Head of Research, laid out the case directly. He said selling over $3 billion in Bitcoin could restore more market confidence than a higher STRC dividend. Furthermore, the move would raise cash before financial pressure grows.

The numbers explain the concern behind the shift. CryptoQuant estimates the Strategy’s annualized STRC dividend obligations reached roughly $1.2 billion. Moreover, dividend coverage fell to about 14 months as the company’s cash reserves declined throughout 2026.

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Strategy has now started acting on that idea. Today, the company reported selling 1,363 Bitcoin for approximately $80.8 million at an average price of $59,256. Notably, the transaction marked one of its first sales after years of steady, buy-only accumulation.

A controlled sale would significantly improve liquidity. It would also reassure investors that the firm can meet short-term obligations. As a result, Strategy would not depend solely on new share issuance or a rising Bitcoin price to stay solvent.

“Recent actions by Strategy, a leading Bitcoin digital asset treasury (DAT) corporation, should restore market confidence over its financing structure and, in our view, may help Bitcoin’s price find a more durable bottom,” Zach Pandl said.

The logic reframes selling as a strength. For years, the company acted purely as a relentless buyer. However, a transparent sale removes the biggest uncertainty haunting investors, when and whether it might be forced to liquidate.

How the Sale Could Support BTC Price Stability

The backdrop behind the idea remains challenging. Strategy holds roughly 847,775 Bitcoin, recently valued at nearly $54 billion. Furthermore, the token fell 49% from $126,000 to its current levels, leaving the company with more than $10 billion in unrealized losses.

Bitcoin’s current price reflects that pressure. BTC trades around $63,820 after a difficult stretch that pushed it to a 21-month low near $58,000 earlier this month, according to BeInCrypto data. As a result, the entire market remains highly sensitive to any large holder’s next move.

The stock mirrored the stress. MSTR fell below $100 for the first time since March 2024. Moreover, its market capitalization dropped below the value of its Bitcoin holdings, erasing the premium that long supported its aggressive model.

For Bitcoin itself, a predictable sale reduces tail risk. A forced, chaotic liquidation would severely rattle sentiment. However, a planned and transparent approach removes that fear, which could ultimately support broader price stability across the sector.

Grayscale frames the shift as healthy overall. In its research, the firm argued that treasury flexibility now matters more than pure accumulation. Consequently, a disciplined Strategy could remain a stabilizing force rather than a hidden source of market risk.

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Источник: BeInCrypto