Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC Gray Research Director Calls on Strategy to sell Bitcoin to ease cash pressure
Gray Research Director Zach Pander said in a post on Platform X on Saturday that he hopes Strategy can sell at least $3 billion in Bitcoin to cover most of its cash debt over the next two years. He believes the move will help restore market confidence in Strategy\'s capital structure. However, he predicts that the actual situation may be the opposite-the company may raise the dividend yield on preferred stock STRC by 50 basis points, which would add about $100 million to its debt burden each year for two years.
Pressure on cash reserves continues to increase
Strategy needs to pay approximately US$1.2 billion in preferred stock dividends every year, mainly from STRC. The preferred stock was designed to trade close to its face value of $100, but has continued to fall for weeks, falling to $71.25 on Friday, a discount of nearly 29% to its face value.
Strategy\'s common stock MSTR also performed poorly, closing at $82.31 last Friday, down about 27% for the week. As the world\'s largest publicly listed company Bitcoin holder, the company holds 847,363 bitcoins on its balance sheet, making its financing decisions closely watched.
According to Strategy\'s latest 8-K filing with the Securities and Exchange Commission, the company purchased 520 bitcoins for US$34.9 million between June 15 and June 21. Blockchain analyst firm CryptoQuant pointed out in a report on Tuesday that Strategy should suspend Bitcoin purchases and focus instead on rebuilding its cash reserves-which have dropped 38% so far in 2026.
Alternatives to Selling Bitcoin
The 8-K document also shows that Strategy increased its dollar reserves by $300 million to $1.4 billion. That means the company now has about 14 months of dividend coverage, well below the buffer level of the previous seven years. Strategy said Monday it plans to continue to replenish cash reserves to support the credit quality of its preferred securities.
CryptoQuant added that Strategy is not obligated to maintain the price of the STRC by selling Bitcoin because it could use other methods, such as increasing the current dividend yield of 11.5%.
Bitcoin advocate Samson Mo said in a post on Platform X on Monday that STRC has an inherent self-healing mechanism. Once the stock price falls below the reference price of $100, Strategy suspends new issues through its market-to-market offering plan, cutting off the supply of new shares. Mo pointed out that lower prices would also mechanically increase the yield of new buyers (relative to their purchase costs), which should attract new demand and pull prices back towards face value over time.
