Grayscale’s Head of Research, Zach Pandl, believes that Strategy’s recent Bitcoin sales are a positive signal rather than a negative one. Following the sale of 3,588 BTC (~$216 million) last week, the company’s cash reserves now stand at around $2.55 billion—enough to cover approximately 17 months of dividend payments. “Strategy is selling BTC. But this will restore confidence in its financial structure and help BTC find a more stable bottom,” Pandl wrote.
This view contrasts with JPMorgan’s assessment: the bank’s analysts believe that Strategy, which has become both a buyer and seller of Bitcoin, is introducing “excessive two-way risk” into the market and recommend increasing reserves to cover 24–36 months of dividend obligations.