Grayscale Reveals Why Michael Saylor’s Strategy May Sell More Bitcoin
Highlights
- Michael Saylor’s Strategy will likely sell more Bitcoin, as per Grayscale Research.
- Strategy’s future BTC accumulation capacity may be limited amid low MSTR and STRC stock prices.
- Fewer BTC on leveraged DAT balance sheets will boost Bitcoin recovery case.
Michael Saylor’s Strategy will likely sell more Bitcoin to meet cash flow obligations, Grayscale Research revealed on Thursday. Grayscale also sees the company’s ability to accumulate more Bitcoin as limited at current MSTR and STRC stock prices.
Michael Saylor’s Strategy Under Pressure to Sell More Bitcoin: Grayscle Research
Bitcoin and the broader crypto market are under selling pressure after Michael Saylor’s Strategy sold 32 BTC. The move highlighted mounting pressure on Strategy’s highly leveraged business model, causing the company to shift its approach.
Grayscale’s head of research Zach Pandl warned that the largest Bitcoin treasury will likely sell more Bitcoin in the future. The recent volatility caused STRC stock price to crash to near $95.
Designed to trade near $100 per share with a current 11.5% dividend, any drop below that target price forces Strategy to raise its dividend. This increases the company’s cash flow obligations, potentially requiring more Bitcoin sales in the future.
Moreover, Strategy will have a limited ability to accumulate more Bitcoin at the current share prices for both STRC and MSTR. STRC stock is trading at $95.31 today.
Bitcoin Recovery Coming
While this short-term dynamic may weigh on Bitcoin, Grayscale views the broader shift as ultimately positive. It claimed that fewer BTC on leveraged DAT balance sheets and more distributed across diversified corporate treasuries will strengthen Bitcoin’s recovery case.
Grayscale expected a price recovery in the coming months. The top crypto asset could temporarily lag other crypto assets profiting from regulatory clarity.
BTC price jumped more than 1% in the past 24 hours, currently trading at $63,905. The 24-hour low and high are $61,335 and $65,758, respectively. Furthermore, trading volume has increased by almost 35% over the last 24 hours, indicating a rise in interest among traders.
Standard Chartered claims Bitcoin bottom is nearing and suggests buying the dip. The bank maintained its $100,000 target for year-end. In contrast to Grayscale, Standard Chartered expects Michael Saylor’s Strategy to buy heavily similar to acquisitions following Bitcoin sale in 2022.
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