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Grayscale Research Head Calls on Strategy to Sell $3 Billion in Bitcoin

6/29/2026

Zach Pandl, head of research at Grayscale, says Strategy should sell $3 billion in Bitcoin ($BTC) to cover its cash obligations and rebuild investor confidence.

CryptoQuant pushed back, arguing the company has other mechanisms available to support STRC without a large-scale liquidation.

Pandl's Case for a $3B Liquidation Pandl's recommendation frames the proposed $3 billion $BTC sale as a balance-sheet credibility move.

The thesis: meeting cash obligations directly signals to the market that Strategy's financial position is sound, rather than relying on alternative financing structures.