Grayscale Analyst Calls on Strategy to Offload $3 Billion in Bitcoin Amid Growing Financial Pressure

Zach Pandl, Head of Research at Grayscale, has made a bold public recommendation: Strategy (ticker: MSTR), the Virginia-based firm known for its massive Bitcoin holdings, should liquidate approximately $3 billion worth of BTC to address looming cash obligations and rebuild shattered investor confidence.

The suggestion comes at a particularly turbulent moment for the company. Strategy's enterprise multiple to net asset value (mNAV) has reportedly dropped below 1 for the first time ever — meaning the market is now pricing the company at less than the total value of the Bitcoin it holds on its balance sheet. That is a striking and historically unprecedented signal of distress.

Pandl raised concerns about another potential misstep: if Strategy decides to raise the dividend on its STRC preferred stock by 50 basis points in the coming week, the move would translate to roughly $100 million in additional dividend obligations over the following two years. In his assessment, such an adjustment would likely do little to restore market confidence — and could even deepen the crisis.

Not all voices in the space agree with Pandl's liquidation recommendation, however. Researcher André Dragosch offered a contrarian perspective, pointing out that the current mNAV valuation essentially implies the market anticipates Strategy selling around 1% of its Bitcoin stack. Dragosch suggested that if investors believe such a sale remains unlikely, then MSTR shares are actually becoming more attractive at current price levels.

Crypto commentator Bit Paine pushed back against the idea of manual intervention altogether. He argued that an often-overlooked feature of the STRC structure is its built-in equilibrium mechanism: as the price falls, the effective yield naturally rises, which should attract investors on a risk-adjusted basis without any manual rate adjustments by the company.

Paine characterized the current market behavior as a "panicked rush to the exit" — a bank-run mentality that is dragging the security's price well below its fundamental credit value. His recommendation was straightforward: maximize USD reserves, avoid aggressive interest rate hikes, and let the market naturally discover the yield level at which STRC becomes attractive again. He also emphasized the importance of giving Bitcoin adequate time to recover.

Adding another layer to the debate, Blockstream CEO Adam Back argued that analysts treating STRC as distressed debt are fundamentally misreading the situation. Back pointed out that Strategy's convertible notes are long-dated instruments, which changes the risk calculus considerably — a nuance he believes the distressed-debt crowd is failing to appreciate.

The divide in expert opinion reflects the broader uncertainty gripping the market around Strategy's next move. Whether the company chooses to sell a portion of its Bitcoin treasury, hold firm, or take some intermediate action, the decision will carry significant weight — both for MSTR shareholders and for broader crypto market sentiment.