Zach Pandl said selling at least $3 billion in Bitcoin could cover most of Strategy’s near-term cash obligations. He argued raising STRC dividends would add costs without meaningfully improvi
Grayscale Research Head Zach Pandl said Strategy may need to take stronger action to address investor concerns around its growing cash obligations. In comments posted ahead of next week, Pandl said raising the dividend on Strategy’s STRC preferred shares would likely add about $100 million in obligations over two years, while selling at least $3 billion in Bitcoin could cover most cash commitments and help restore market confidence.
Pandl outlined two possible outcomes for Strategy next week. First, he said the company could raise the STRC dividend by 50 basis points.
According to Pandl, that move would add roughly $100 million in dividend obligations over the next two years. However, he said such a step would probably do little to improve market confidence.
Instead, Pandl said he hopes Strategy sells at least $3 billion worth of Bitcoin. He noted that the proceeds could cover nearly all cash obligations during the next two years, excluding one convertible debt issue.
The comments came as attention remains focused on Strategy’s capital structure. That structure now includes significant preferred stock commitments alongside its Bitcoin holdings.
Pandl said Strategy faces about $1.5 billion in annual preferred dividend obligations. Meanwhile, the company’s software business generates roughly $477 million in annual revenue.
As a result, a sizeable gap remains between operating income and dividend commitments. According to Pandl, that difference increases pressure on the company’s financial position. The discussion follows Strategy’s sale of 32 BTC in late May.
Notably, the transaction marked the company’s first Bitcoin sale since 2022. Strategy directed the proceeds toward preferred dividend payments. Although the amount was small compared with its holdings, the sale drew market attention.
Strategy currently holds more than 840,000 BTC, making it the largest corporate Bitcoin holder. For years, the company expanded its treasury through equity offerings and convertible notes.
Pandl also pointed to weakness in STRC shares. He said continued trading below the anticipated $100 value could increase future financial pressure.
At the same time, Bitcoin traded near $60,000 when Pandl published his analysis. The broader market had also absorbed roughly $3 billion in spot Bitcoin ETF outflows during preceding weeks.
According to Pandl, investors should monitor STRC pricing and future Strategy filings for any changes to the company’s Bitcoin disposition policy.
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