Strategy has been the subject of community research for some time, and now Zach Pandl, head of research at Grayscale, has added his voice. According to Pandle’s recent X-post, Strategy had to make a crucial financial decision the following week.
He expects that to attract investors and generate new funds, the company will increase the dividend on its STRC preferred shares by 50 basis points.
Grayscale’s head of research adds to the chatter
Nevertheless, this would also add to Strategy’s fixed financial obligations and potentially erode investor confidence by increasing dividend obligations by approximately $100 million over the next two years.
Instead, he suggests in
Selling ≥ ~$3 billion $BTC to cover almost all cash obligations for the next two years (ex one of the converts); would likely restore market confidence.
Although Bitcoin is sold [BTC] would result in a decline in the company’s BTC reserves, but it would also significantly improve its liquidity position.
Additionally, it would reduce the risk of refinancing and likely reassure investors that Strategy can easily meet its short-term obligations. All of these factors could ultimately boost market confidence in MSTR.
The market dynamics of strategy
All this is happening as Strategy’s Bitcoin holdings have grown to 847,363 Bitcoin, worth $50.9 billion. In fact, since August 11, 2020, there have been one sale and 113 purchases, with an average cost of $75,646.
This comes as Strategy’s stock, MSTR, fell below $100 for the first time since March 2024, as previously reported by AMBCrypto.
Meanwhile, STRC was trading at $74.870 at the time of writing, and MSTR shares were trading at $82.31, after falling 3.54% the day before.
Additionally, AMBCrypto further revealed that Strategy has an unrealized loss of approximately $14 billion, while the 11.5% dividend translates to approximately $1.2 billion in annual payouts.
Bitcoin, on the other hand, was trading at $60,086.07, after dropping more than 18% from the previous month.
The MSTR-BTC ratio is of more concern
While all this is happening, the MicroStrategy Price-to-BTC Reserve Ratio chart indicates that by June 2026, the Price-to-BTC Reserve Ratio and MSTR’s stock price had both fallen significantly.
This means that compared to 2024-2025, when the stock traded at a significant premium, investors are now paying a much lower premium to Strategy’s Bitcoin treasury strategy.
Finally, simultaneous declines in the stock price and valuation ratio indicate declining investor confidence.
Final summary
- Despite all the talk, Strategy’s Bitcoin holdings have reached a total of 847,363 Bitcoin, worth $50.9 billion.
- The drop in the MicroStrategy Price-to-BTC Reserve Ratio also puts further pressure on Strategy’s action plan.