According to Zach Pandl, research director at Grayscale Research, the market experienced volatility after Strategy disclosed the sale of 32 bitcoins on June 1st. Although the scale of the sale is relatively small compared to its holdings of about 840000 bitcoins (worth approximately $55 billion), this move has an impact on market sentiment. Pandl pointed out that Strategy's variable rate preferred stock STRC currently has a dividend yield of 11.5%, and a stock price below the target price of $100 may increase the company's cash flow pressure, forcing it to sell more Bitcoin and further affecting BTC prices. He believes that Strategy's leveraged Bitcoin reserve model is facing challenges, as the current stock price level limits its ability to increase holdings. Pandl expects long-term value support for Bitcoin to improve, but short-term performance may lag behind other cryptocurrency sectors.
