“Less Bitcoin on levered DAT balance sheets and more on diversified corporate balance sheets will be a positive,” said Grayscale’s head of research, Zach Pandl.
Strategy’s leveraged Bitcoin model is stressed, which could limit the firm’s ability to keep buying BTC and potentially force further sales, according to Grayscale.
“The shift in approach from one of the world’s largest BTC holders has weighed on market sentiment,” said Zach Pandl, Grayscale’s head of research, on Thursday.
Michael Saylor’s Strategy sold 32 BTC on Monday, a tiny fraction of its total holdings of 843,706 BTC, but enough to rattle market sentiment as the asset has tanked by 16% since the sale.
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