Strategy Sells 32 BTC on June 1; Grayscale Warns of Pressure on Leveraged Treasury Model

According to Grayscale Head of Research Zach Pandl, Strategy sold 32 Bitcoin on June 1, prompting the investment firm to warn that the company's leveraged accumulation model faces mounting strain. The sale, though modest relative to Strategy's approximately 840,000 BTC holdings, sparked renewed scrutiny of the company's ability to continue expanding its Bitcoin treasury.

Grayscale highlighted weakness in STRC, Strategy's variable-rate preferred equity instrument, as a key vulnerability. Lower preferred-share prices would increase dividend commitments and boost pressure for additional Bitcoin sales, potentially amplifying market volatility. The firm cautioned that Strategy now has limited capacity to acquire more BTC at current share valuations, and suggested additional large buyers may be needed to establish a stable market floor.