Grayscale analysts assessed the recent sale of 32 BTC and $128 million shares by Strategy as a "stress test" of its financial model. Although sales amounted to only a small fraction of the company’s total reserve of 843,706 BTC, the market reacted sharply: the price of Bitcoin fell by 16% and Strategy (MSTR) stock prices plunged by 12.8%, reaching $126.

Grayscale Research Director Zak Pandel noted the glut of floating-rate preferred stock STRC trading below par ($95 versus $100). Attempting to close this discounter by raising dividends would increase the company’s debt liabilities and could push it into selling Bitcoin again. According to Pandell, at the current levels of MSTR and STRC, Strategy’s ability to aggressively buy cryptocurrency is significantly limited, and it would be more beneficial for the ecosystem if Bitcoin were distributed across diversified corporate balances rather than concentrated through debt.

Skepsis is shared by other experts. Partner SignalPlus Augustine Fan noted that the STRC discountment is undermining investors' sentiment, while CoinEx analyst Jeff Ko believes that moving to flexible portfolio management will help Strategy better control risks. Earlier in May, the company had already been forced to buy its own convertible bonds for $1.5 billion with an 8% discount.