{"id":46176,"date":"2026-06-05T15:00:03","date_gmt":"2026-06-05T15:00:03","guid":{"rendered":"https:\/\/cryptd.in\/strategys-leveraged-bitcoin-model-is-under-strain-researchers-warn\/"},"modified":"2026-06-05T15:00:03","modified_gmt":"2026-06-05T15:00:03","slug":"strategys-leveraged-bitcoin-model-is-under-strain-researchers-warn","status":"publish","type":"post","link":"https:\/\/cryptd.in\/es\/strategys-leveraged-bitcoin-model-is-under-strain-researchers-warn\/","title":{"rendered":"Strategy\u2019s Leveraged Bitcoin Model Is Under Strain, Researchers Warn"},"content":{"rendered":"<p>Grayscale\u2019s head of research says Strategy\u2019s leveraged business model has come under pressure, and that pressure could make it harder for the company to keep adding Bitcoin to its holdings.<\/p>\n<h2>A Dividend Problem Taking Shape<\/h2>\n<p>Zach Pandl made the <a href=\"https:\/\/www.grayscale.com\/the-stack\/the-mstr-bitcoin-sale-heard-round-the-world-and-what-s-next\" target=\"_blank\" rel=\"noopener nofollow\">assessment<\/a> Thursday after Strategy sold 32 Bitcoin \u2014 a tiny slice of its 843,706 BTC stockpile \u2014 triggering a wave of selling that has knocked Bitcoin down 16% since the transaction.<\/p>\n<p><a href=\"https:\/\/www.strategy.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Strategy<\/a> also offloaded $128 million in shares, and its stock has dropped nearly 13% to a two-month low of $126.<\/p>\n<p>At the center of the concern is STRC, a variable-rate preferred equity instrument that Strategy designed to trade at $100 per share and pay an 11.5% dividend. It is now trading around $95 \u2014 below the target price \u2014 a sign that investors are demanding a higher return than the instrument currently offers.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"aligncenter size-full wp-image-900364\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2026\/06\/a_1519e9.png?resize=965%2C667\" alt=\"\" width=\"965\" height=\"667\" loading=\"lazy\" \/><\/p>\n<p>If Strategy responds by raising the dividend to pull STRC back to par, cash obligations grow. Higher cash obligations could push the company toward selling more Bitcoin. More Bitcoin sales could weigh further on prices.<\/p>\n<p>Pandl put it plainly: Strategy\u2019s levered model is under pressure, and that has increased volatility for the <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">Bitcoin<\/a> market as a whole.<\/p>\n<h2>What Saylor\u2019s First Sale Changed<\/h2>\n<p>Until this week, Strategy had operated under a strict buy-and-hold approach, treating Bitcoin accumulation as a one-way strategy. The sale of 32 BTC \u2014 however small \u2014 broke that pattern and shook confidence among investors who had built a bullish thesis around the assumption that Saylor would never sell.<\/p>\n<p><img decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/AcLWgB6E\/\" width=\"1634\" height=\"951\" loading=\"lazy\" \/><\/p>\n<p>Augustine Fan, a partner at crypto software firm SignalPlus, said markets are blaming the sales and STRC\u2019s discount for driving the latest downturn, but added that even committed supporters are finding fewer reasons to stay structurally bullish.<\/p>\n<p>All eyes, Fan said, are on how Saylor manages liquidity by balancing <a href=\"https:\/\/www.strategy.com\/strc\/learn\" target=\"_blank\" rel=\"noopener nofollow\">STRC<\/a> dividend payments against Bitcoin holdings.<\/p>\n<p>A Healthier Market Without The Concentration<\/p>\n<p>Grayscale\u2019s Pandl sees a broader upside to a potential shift away from concentrated, leveraged BTC holdings. Less Bitcoin sitting on the balance sheets of highly indebted companies, and more spread across diversified corporate holders, would benefit the Bitcoin ecosystem over the long run, he argued.<\/p>\n<p><em>Featured image from Unsplash, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Grayscale\u2019s head of research says Strategy\u2019s leveraged business model has come under pressure, and that pressure could make it harder for the company to keep adding Bitcoin to its holdings. A Dividend Problem Taking Shape Zach Pandl made the assessment Thursday after Strategy sold 32 Bitcoin \u2014 a tiny slice of its 843,706 BTC stockpile [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-46176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Strategy\u2019s Leveraged Bitcoin Model Is Under Strain, Researchers Warn - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/es\/strategys-leveraged-bitcoin-model-is-under-strain-researchers-warn\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strategy\u2019s Leveraged Bitcoin Model Is Under Strain, Researchers Warn - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Grayscale\u2019s head of research says Strategy\u2019s leveraged business model has come under pressure, and that pressure could make it harder for the company to keep adding Bitcoin to its holdings. 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