Change of Strategy or Collapse? Grayscale Urges MicroStrategy to Sell $3 Billion in Bitcoin to Save

Reputation

A serious drama is unfolding around Michael Saylor's company. Zach Pandl, Head of Research at Grayscale, stated that MicroStrategy must sacrifice part of its Bitcoin reserves to plug short-term financial holes and win back investor confidence. However, CryptoQuant analysts are confident that the company has other levers of influence.

What Grayscale Calls For

Zach Pandl expressed hope that MicroStrategy would sell at least $3 billion worth of Bitcoin. This would allow the company to cover most of its dollar liabilities for the next two years

Instead, according to Pandl's forecasts, the company will most likely choose to increase the dividend rate on its preferred shares (STRC) by 50 basis points, which will increase its annual expenses by another $100 million and is unlikely to add optimism to the market

Currently, MicroStrategy's annual dividend obligations for STRC amount to a massive $1.2 billion

Shares Roll Down and Cash Melts

Flagship STRC preferred shares, which should trade close to the nominal value of $100, crashed to $71.25 on Friday (a 28.75% discount). Ordinary MSTR shares fell by 26.86% over the trading week, closing at the $82.31 mark

According to SEC filings, the company's cash reserves decreased by 38% in 2026. Despite the fact that the company urgently increased its dollar cushion by $300 million (to $1.4 billion), this reserve will only last for 14 months of dividend payments. For comparison: previously, this reserve provided 7 years of coverage

What CryptoQuant Advises and What Samson Mow Has to Do With It

CryptoQuant analysts urged Saylor to immediately pause the purchase of new BTC (although from June 15 to 21, the company managed to buy another 520 BTC for $34.9 million) and focus on accumulating fiat

However, experts emphasize: MicroStrategy is not legally obliged to sell Bitcoin to support the STRC rate. They can simply raise the current dividend yield, which already stands at 11.5%

Bitcoin maximalist Samson Mow added that STRC has a built-in self-healing mechanism: as soon as the price falls below $100, the company stops issuing new shares on the market (ATM). Due to the drop in price, the yield for new buyers mechanically grows, which should naturally return demand and pull the price back to face value

Current Balances

At the moment, MicroStrategy remains the largest corporate holder of BTC in the world. It holds a colossal stack of 847,363 BTC on its balance sheet, which is why any financial maneuvers of the company are viewed by the market under a microscope

Conclusion: MicroStrategy found itself in the grip of its own aggressive debt model. The sale of $3 billion worth of Bitcoin, which is being discussed at Grayscale, would deal a severe psychological blow to the entire crypto market. Saylor will try to protect the shares until the very end by increasing yields and halting issuance, but if the decline drags on, he simply will not have any cash left for dividend payments in a year. $BTC