Grayscale research head Zack Pandel stated that selling Strategy 3,588 BTC for $216 million would restore investors' confidence in the company’s financial structure by strengthening cash reserves to pay dividends. According to his assessment, Strategy’s balance remains healthy: ~$52 billion in bitcoins against $7 billion of debt, with annual liabilities on STRC preferred shares less than $2 billion. BTC sales, according to the Digital Credit Capital Framework, are the planned mechanism for maintaining fiat reserve.

The observed increase in the STRC price indicates that investors' confidence in the instrument is increasing. Pundel emphasized that sales of Bitcoin would help the asset to find a more stable bottom, without becoming a signal of financial weakness. Strategy allocated $216 million to close the second quarter’s STRF, STRE, STRK, STRD and STRC preferred share series.

The analysts were divided: in Bernstein, they agreed with Grayscale’s assessment, questioning the forced-sale scenario and forecasting that Strategy would remain a net buyer. JPMorgan takes the opposite view: it can now act as both a buyer and seller of Bitcoin, creating "two-way risk" and increasing volatility. Experts recommend increasing liquidity for 24-36 months to reduce the likelihood of future BTC sales.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.