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Grayscale’s Zach Pandl says $3B+ Strategy Bitcoin sale could restore confidence

Grayscale’s Zach Pandl says $3B+ Strategy Bitcoin sale could restore confidence

Strategy’s stressed STRC preferred, falling mNAV ratio and broader market pressure have intensified scrutiny of its Bitcoin-backed capital structure, dividends and whether valuation stress is weighing on Bitcoin near the $59,000-$60,000 support zone.

BTC

Fact Check
The claim is confirmed by multiple sources. The Wu Blockchain X post — the originating source cited by crypto.news — quotes Pandl saying a 50 bps STRC dividend increase next week would add about $100 million in obligations over two years and likely not restore confidence, while selling more than $3 billion in BTC could be more effective. The crypto.news article restates these same figures and conclusions. The Block independently corroborates Pandl's role as Grayscale Head of Research and his ongoing commentary on Strategy's STRC/dividend pressure. All specific numbers in the claim (50 bps, ~$100 million, two years, $3B+) match the sources exactly.
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Summary

Grayscale Head of Research Zach Pandl said a sale of more than $3 billion of Strategy’s Bitcoin could help restore market confidence, framing a partial sale as one possible response to balance-sheet pressure rather than an announced company plan. The comments come as Strategy’s perpetual preferred stock STRC has fallen to about $74 from its $100 design price and Reuters reported its mNAV ratio fell to 0.99, meaning enterprise value slipped below the value of its Bitcoin holdings. Mike Novogratz said Bitcoin’s latest drop reflects overlapping pressure from Strategy-related stress, weak crypto sentiment, a stronger U.S. dollar and a key support zone around $59,000 to $60,000. Pandl said a 50-basis-point increase in Strategy’s STRC dividend next week would add about $100 million in dividend obligations over the next two years, while Novogratz said annual dividend obligations are about $1.2 billion with roughly 14 months of cash coverage.

Terms & Concepts
  • mNAV: A metric comparing a company’s enterprise value with the value of its bitcoin holdings.
  • perpetual preferred stock: A preferred share with no maturity date that typically pays regular dividends.
  • basis points: One hundredth of a percentage point, commonly used to describe rate changes.