Zach Pandl, head of research at Grayscale, recently stated that MicroStrategy (Strategy) should sell approximately $3 billion of its Bitcoin holdings to cover cash obligations, a move he believes could restore market confidence in the company's stock (STRC). CryptoQuant analysts countered, arguing that Strategy has other financing avenues—such as bond issuances or equity offerings—to meet cash needs without resorting to a Bitcoin sale that might trigger panic.
Pandl's recommendation is based on Strategy's high leverage and significant unrealized gains on its Bitcoin position. He argues that reducing the Bitcoin stash would improve the balance sheet. In contrast, CryptoQuant warns that a large sale could destabilize the market and undermine the very confidence Pandl seeks to restore.
Strategy remains one of the largest corporate holders of Bitcoin, and its stock price is closely tied to Bitcoin's performance. The debate underscores ongoing concerns about the risk of large-scale Bitcoin liquidation by major holders.