Grayscale Warns Strategy’s Bitcoin Model May Be Adding Market Pressure

Grayscale Head of Research Zach Pandl said concerns are growing around Strategy’s leveraged Bitcoin accumulation strategy after the company disclosed the sale of 32 BTC. According to Pandl, weaker performance in Strategy’s preferred shares could raise dividend costs, increasing financial pressure and potentially leading to additional Bitcoin sales. The comments matter because Strategy is one of the largest corporate holders of Bitcoin, and changes in its buying or selling activity can influence broader market sentiment. Grayscale believes the company’s ability to continue accumulating BTC may be becoming more constrained. Pandl added that Bitcoin could require new sources of demand before establishing a more durable market bottom, with ongoing uncertainty contributing to elevated volatility.