Grayscale researcher calls for MicroStrategy to offload 3 billion in Bitcoin

Zach Pandl wants MicroStrategy to start selling. The Grayscale research head argues the firm needs to dump $3 billion of its Bitcoin holdings to shore up cash obligations and steady investor nerves. It's a bold demand for a company that's built its entire identity on never letting go of a single satoshi. Pandl's logic centers on liquidity, suggesting that liquidating a portion of the treasury is the only way to prove the ship isn't sinking under its own debt weight. Not everyone is buying the fire-sale thesis. Analysts at CryptoQuant countered the claim, insisting the software firm has plenty of alternative levers to pull to support its stock price without touching the cold storage. Michael Saylor has famously spent years treating Bitcoin as a permanent reserve asset, making any pivot to selling a massive psychological hurdle for the market. Whether the board listens to Pandl or sticks to the 'HODL' script will determine if MicroStrategy remains a proxy for the coin or a cautionary tale of leverage.