Is Saylor’s Strategy Sat on $1.5Bb Cashflow Problem? Grayscale Think So
Grayscale Head of Research Zach Pandl has publicly warned that Michael Saylor’s Strategy faces a structural $1.5 billion annual cash-flow problem driven by its swelling preferred-stock dividend obligations, not by Bitcoin’s price. The trigger for that warning: Strategy sold 32 BTC for approximately $2.5 million between May 26–31, 2026, its first Bitcoin sale since 2022,…