Grayscale’s Head of Research Says Strategy Should Sell $3B Bitcoin as BTC Holds Below $60K

• Grayscale says Strategy should sell $3B in Bitcoin instead of raising its STRC dividend
• Bitcoin’s price remains below $60K as Strategy faces nearly $13B in unrealized losses
• Michael Saylor hints at another Bitcoin purchase despite growing criticism of Strategy’s funding model

Bitcoin has struggled to reclaim the $60,000 level in recent days. This put fresh attention on the biggest corporate holder of the asset. As Strategy’s Bitcoin holdings remain deeply underwater, investors are once again waiting for Michael Saylor’s next move. This time, however, the conversation isn’t just about another purchase. A proposal from Grayscale has all attention on whether doubling down is still the best strategy for the company.

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Grayscale Says Selling Bitcoin May Be Better Than Raising STRC Dividend

The discussion began after Grayscale Head of Research Zach Pandl argued that Strategy should consider selling more than $3 billion in Bitcoin. This is instead of moving ahead with a planned 50-basis-point increase to its STRC dividend.

According to Pandl, the dividend increase would add roughly $100 million in obligations over the next two years while doing little to improve investor confidence. A partial Bitcoin sale, he suggested, could cover nearly all of the company’s expected cash needs. This is over the same period without increasing those liabilities.

The comments come as Strategy holds 847,363 BTC, according to the company’s latest filings. This makes it the world’s largest corporate Bitcoin treasury. With Bitcoin trading around $60,000, those holdings remain roughly $13 billion below their aggregate purchase cost.

The debate has intensified after Michael Saylor posted Strategy’s signature Bitcoin acquisition chart on X alongside the caption, “We’re gonna need more charts.” This is a message investors have historically interpreted as a precursor to another purchase.

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Bitcoin Price Pressure Brings In Criticism Of Strategy’s Approach

The latest proposal arrives as questions surrounding Strategy’s financing model continue to grow. Ripple CEO Brad Garlinghouse argued that Michael Saylor’s Bitcoin funding strategy has hurt the crypto market. This adds another voice to an increasingly public debate.

Meanwhile, Strategy’s recent buying pace has slowed. The company disclosed a purchase of just 520 BTC last week. It should be noted that this is significantly smaller than several of its previous acquisitions.

With Bitcoin still trading well below Strategy’s average purchase price of roughly $75,600, analysts are no longer focused solely on how much more the company can buy. Increasingly, the conversation has turned to whether preserving capital should become just as important as expanding its Bitcoin treasury.

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