Strategy, the company formerly known as MicroStrategy, sold 32 Bitcoin on June 1 for roughly $2.5 million. That’s pocket change for a firm sitting on approximately 840,000 BTC worth around $55 billion. But Grayscale’s research team thinks this small transaction tells a much bigger story.
The sale was made to cover costs tied to Strategy’s STRC preferred equity instrument, and Grayscale’s head of research, Zach Pandl, says it signals that the company’s leveraged Bitcoin accumulation model is under meaningful stress.
The math problem behind the headlines
The company’s STRC preferred shares carry dividend obligations that require real cash. Those shares were designed to trade around $100 but are currently sitting near $95, which makes the financing economics progressively worse.
Meanwhile, Strategy’s average acquisition cost for its Bitcoin sits at an estimated $75,500 to $76,000 per coin. With Bitcoin trading in the $62,000 to $63,000 range, that puts the company’s unrealized losses somewhere around $11 billion to $12 billion.
