Why Grayscale Sees The Sales As A Positive Signal
Strategy holds roughly $52 billion in Bitcoin against just $7 billion in debt, with annual preferred dividend obligations under $2 billion.
The balance sheet was never the problem, Pandl argued.
What unsettled markets was Strategy letting its USD cash reserve fall to around $870 million in late May, covering only six months of dividends.
Investors didn’t know whether Saylor would sell shares at depressed prices, sell Bitcoin, or leave preferred shareholders exposed.
