{"id":98704,"date":"2026-06-05T15:18:09","date_gmt":"2026-06-05T15:18:09","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=98704"},"modified":"2026-06-05T15:18:09","modified_gmt":"2026-06-05T15:18:09","slug":"strategy-cant-buy-much-more-bitcoin-with-mstr-around-125-grayscale-exec-argues","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=98704","title":{"rendered":"Strategy Can&#8217;t Buy Much More Bitcoin With MSTR Around $125, Grayscale Exec Argues"},"content":{"rendered":"<div>\n<p>Grayscale Head of Research <strong>Zach Pandl<\/strong> says <strong>Strategy Inc.\u2019s<\/strong> <a class=\"ticker-link\" data-ticker=\"MSTR\" data-exchange=\"NASDAQ\" href=\"https:\/\/www.benzinga.com\/quote\/MSTR\" target=\"_blank\" rel=\"noopener\">(NASDAQ:<\/a><a class=\"ticker\" href=\"https:\/\/www.benzinga.com\/quote\/MSTR\">MSTR<\/a>) ability to accumulate more <strong>Bitcoin<\/strong> <a class=\"ticker-link\" data-ticker=\"BTC\" data-exchange=\"CRYPTO\" href=\"https:\/\/www.benzinga.com\/quote\/BTC-USD\" target=\"_blank\" rel=\"noopener\">(CRYPTO: <\/a><a class=\"ticker\" href=\"https:\/\/www.benzinga.com\/quote\/btc\/usd\">BTC<\/a>) is effectively gone at current share prices, as the company now sits on a record $10.8 billion unrealized loss on its holdings.<\/p>\n<h3 class=\"wp-block-heading\">STRC Below $100 Is The Core Problem<\/h3>\n<p>Pandl\u2019s Thursday note <a href=\"https:\/\/www.grayscale.com\/the-stack\/the-mstr-bitcoin-sale-heard-round-the-world-and-what-s-next\">argued<\/a> that the real issue is not Strategy\u2019s 32 Bitcoin sale but what it did to <a href=\"https:\/\/www.benzinga.com\/quote\/STRC\" target=\"_blank\" class=\"ticker-link\" data-ticker=\"STRC\" data-exchange=\"NASDAQ\" rel=\"noopener\">(NASDAQ:<\/a><a class=\"ticker\" href=\"https:\/\/www.benzinga.com\/quote\/STRC\">STRC<\/a>), the company\u2019s variable rate preferred stock designed to trade near $100.<\/p>\n<p>STRC closed Thursday at $95.42 with $10.5 billion in total notional outstanding. A price below $100 means investors demand higher returns, forcing Strategy to raise dividends and increasing cash obligations tied to its Bitcoin-backed balance sheet.<\/p>\n<p>\u201cStrategy\u2019s levered business model is under pressure, and this has increased the volatility for the BTC market as a whole,\u201d Pandl wrote.\u00a0<\/p>\n<p>\u201cWe think that Strategy, which historically has been &#8230;<\/p>\n<p><a href=\"https:\/\/www.benzinga.com\/crypto\/cryptocurrency\/26\/06\/53031599\/strategy-cant-buy-much-more-bitcoin-with-mstr-around-125-grayscale-exec-argues?utm_source=benzinga_taxonomy&amp;utm_medium=rss_feed_free&amp;utm_content=taxonomy_rss&amp;utm_campaign=channel\" alt=\"Strategy\" can buy much more bitcoin with mstr around grayscale exec argues>Full story available on Benzinga.com<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale Head of Research Zach Pandl says Strategy Inc.\u2019s (NASDAQ:MSTR) ability to accumulate more Bitcoin (CRYPTO: BTC) is effectively gone at current share prices, as the company now sits on a record $10.8 billion unrealized loss on its holdings. STRC Below $100 Is The Core Problem Pandl\u2019s Thursday note argued that the real issue is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-98704","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/98704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=98704"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/98704\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=98704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=98704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=98704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}