Grayscale Warns Strategy May Sell More Bitcoin as Losses Top $10B

Grayscale Research now warns Strategy could face forced Bitcoin sales after its preferred shares (STRC) traded below the $100 par, raising dividend costs and limiting equity issuance. The alert follows the firm’s first BTC disposal since 2022—32 coins sold May 26–31 at an average $77,135 for roughly $2.5 million to fund dividends. Strategy’s 843,706 BTC holdings, acquired at an average $75,699, now show an unrealized loss above $10.47 billion while Bitcoin trades near $63,000 amid $4B+ in spot-Bitcoin ETF outflows. Analysts highlight risks from leveraged corporate treasuries, though Standard Chartered retains its $100,000 year-end target.