Grayscale's Head of Research publicly suggested that Strategy sell $3 billion in BTC to improve its capital structure, putting the "corporate Bitcoin hoarding" narrative to an extreme test. Strategy's preferred stock STRC recently fell below $84, and market concerns about whether it needs to sell BTC to pay off debt continue to ferment. Pandl's proposal cuts to the core: when Bitcoin prices fall and preferred stock discounts widen, the fragility of corporate leverage is exposed. Strategy's hoarding model is built on the assumption of continuous BTC appreciation; once prices stagnate or decline, the mismatch between financing costs and collateral value amplifies. CryptoQuant believes Strategy has other ways to support STRC, but market confidence has already wavered. If even Grayscale's Head of Research publicly recommends selling BTC, it indicates that internal consensus on the "only buy, never sell" strategy is weakening. This is not just a problem for Strategy alone—it is a test of trust for the entire "corporate balance sheet hoarding" narrative. Downside risk: if Strategy actually sells BTC, short-term selling pressure will impact the market and undermine the "digital gold" institutional holding logic. Even if it doesn't sell, ongoing doubts will suppress Bitcoin's valuation narrative.