Grayscale warns Strategy’s $1.5B annual preferred dividends could force repeated Bitcoin sales

Grayscale Head of Research Zach Pandl said Strategy’s growing preferred-stock obligations could create a structural cash-flow squeeze. He warned the company’s $15.5B preferred stack and roughly $1.5B in annual dividends may compel repeated Bitcoin sales, challenging Michael Saylor’s accumulation thesis, according to Grayscale.