Grayscale’s Zach Pandl flags Strategy’s $1.5 billion annual dividend bill as a cash-flow strain

Strategy faces about $1.5 billion a year in preferred-stock dividends versus roughly $477 million in software revenue, creating a cash-flow gap that Grayscale research chief Zach Pandl describes as a financing issue rather than a bitcoin one. He said bitcoin generates no yield, leaving limited ways to meet coupon payments if prices fail to rise. Pandl made the comments in a podcast conversation with journalist Laura Shin.