‘Sale of…’ – Inside Grayscale’s plan to erase Strategy’s $14B unrealized loss

For a while now, Strategy has been the subject of community scrutiny, 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 anticipates that to attract investors and generate new funds, the company will raise 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 commitments and possibly erode investor confidence by increasing its dividend obligations by about $100 million over the following two years.

Instead, he suggests in

Sale of ≥ ~$3bn $BTC to cover nearly all cash obligations for next 2yrs (ex one of the converts); probably would restore market confidence.

Although selling Bitcoin [BTC] would result in a decrease in the company’s BTC reserves, it would also greatly improve its liquidity position.

Additionally, it would reduce the risk of refinancing and probably reassure investors that Strategy can easily meet its short-term obligations. All of these factors could eventually boost market confidence in MSTR.

Strategy’s market dynamics

All of this occurs as Strategy’s Bitcoin holdings have grown to 847,363 Bitcoin, valued at $50.9 billion. In fact, since the 11th of August 2020, there has 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 stock was trading at $82.31 following a 3.54% decline the day before. 

Furthermore, AMBCrypto further revealed that Strategy is holding an approximately $14 billion unrealized loss, while its 11.5% dividend translates to approximately $1.2 billion in yearly payouts. 

In contrast, Bitcoin was trading at $60,086.07 following a decline of more than 18% over the previous month. 

MSTR-BTC ratio raises more concerns

While all this happens, the MicroStrategy Price-to-BTC Reserve Ratio chart indicates that by June 2026, the Price-to-BTC Reserve Ratio and the share price of MSTR had both dropped significantly.

This implies that compared to 2024–2025, when the stock traded at a substantial premium, investors are now paying a far lower premium to Strategy’s Bitcoin treasury strategy.

Lastly, simultaneous drops in the stock price and valuation ratio indicate waning investor confidence. 

Final Summary

• Despite all the chatter, Strategy’s Bitcoin holdings have reached a total of 847,363 Bitcoin, valued at $50.9 billion.
• The drop in the MicroStrategy Price-to-BTC Reserve Ratio is also putting further strain on Strategy’s plan of action.