Strategy’s financing model is facing renewed scrutiny after Zach Pandl, head of research at Grayscale, said he hopes the company will sell at least $3 billion in bitcoin to cover most of its cash obligations for the next 2 years. In a Saturday post on X, Pandl argued that a bitcoin sale could help restore market confidence in the company’s capital structure. His view puts Strategy’s balance sheet at the center of a wider debate over whether the world’s largest publicly listed corporate bitcoin holder should keep accumulating BTC or use part of its holdings to support its credit-linked securities. Strategy holds ... (full story)