Foreign media: Grayscale believes that the market’s interpretation of Strategy’s recent sale of bitcoin may be too pessimistic. In its research brief, the Agency stated that, while the transaction raised air and space concerns, it might, from the point of view of the financing structure and liquidity, improve the financial position of the company and provide a stronger support for the price of bitcoin.
Grayscale claims that the money sold helped repair the financing expectations
Grayscale Research Manager Zach Pandl states that Strategy converted a small amount of bitcoin into cash does not imply a change in its core warehouse logic. Rather, it helps to reduce financial pressures and make the capital structure of companies more sustainable.
According to Grayscale, Strategy currently holds approximately $52 billion in bitcoin, with a debt of about $7 billion and a priority equity obligation of less than $2 billion annually. According to Pandl, the company still has sufficient resources to cover debt and dividends expenditure on the scale of its current assets.
Cash reserve raised to approximately $2.55 billion
Strategy had previously sold 3,588 BTCs under the new Bitcoin Liquidation Plan, with an estimated $216 million. The scheme allows companies to sell up to $1.25 billion in bitcoin to enhance cash reserves and support financing needs.
- Size of sale: 3,588 BTC
- Cash pool: approximately $216 million
- Cash reserve: approximately $2.55 billion
Grayscale estimates that after the sale, Strategy ' s cash reserve rose to approximately $25.5 billion, sufficient to cover approximately 17 months of priority dividends. According to Pandl, such a liquidity buffer would help restore investor confidence in its financing model.
Disagreement with Morgan Chase.
Grayscale's views differ markedly from those of Morgan Chase in the recent past. The latter had warned that Strategy ' s simultaneous role as a bitcoin buyer and seller might create additional uncertainty in the market and suggested that companies rely more on equity financing to build cash reserves than to sell bitcoin directly.
Pandl argued that if Strategy ' s financial position was thus more robust, it would, in the long run, reduce the exposure of the large institution to the market. His judgement was that a stronger balance sheet would not only benefit the company itself, but could also help Bitcoin to create a more durable price base in terms of volatility.
Still the world's largest corporate bitcoin holder.
Despite the completion of the sale, Strategy still held 843,775 BTCs, which continued to be the largest globally held firm. The core view of Grayscale is that this reduction is closer to a liquidity management move, rather than a negative orientation of the bitcoin outlook.