Grayscale Research Director Zach Pandl stated that Strategy's sale of 32 BTC, while limited in scale, has intensified market concerns over its leveraged Bitcoin reserve model. The organization pointed out that the STRC preferred stock price below $100 has increased financing costs and cash flow pressure, potentially limiting Strategy's ability to continue increasing its BTC holdings. Grayscale believes that Bitcoin needs more buyers to form a sustainable bottom, and in the long term, diversifying Bitcoin holdings to more enterprises will help strengthen market resilience.

BTC-5.39%
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BlocktimeBarista
· 18h ago
Let more institutions enter with real money; for now, it's still a game of existing assets.
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FragilePosition
· 18h ago
Will STRC preferred shares break 100? As financing costs rise, the “bullets” for adding to BTC holdings are gone—creating a vicious cycle.
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GateUser-f4ae43e9
· 18h ago
Grayscale is right, the bottom needs real buy-in, not just talk.
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ColdLightNftCabinet
· 18h ago
Decentralized corporate holdings are indeed a good thing; the risk of Michael Saylor's family having a monopoly is too high.
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AutumnSlopeCabin
· 18h ago
Over-leveraging will eventually backfire; this move by Strategy has taught all companies a lesson.
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