Strategy's $216M Bitcoin Sale Boosts Cash Reserves, Grayscale Says Market Impact Positive

Strategy, the largest corporate holder of Bitcoin, sold 3,588 BTC for roughly $216 million between June 29 and July 5 under its new liquidity program. The proceeds lifted the firm’s dollar reserves to about $2.55 billion, enough to cover roughly 17 months of preferred‑stock dividend obligations. After the sale, Strategy’s cash position rose from about $870 million in May to the current level, while it still holds around 843,775 BTC (about $52 billion) against $7 billion of debt.

Grayscale Research, citing head of research Zach Pandl, argues the sale reduces financing risk and could help Bitcoin find a more durable price floor, noting the rebound in the STRC preferred share price after the transaction. Grayscale contrasts its view with JPMorgan’s warning that Strategy’s buyer‑and‑seller flexibility could increase market volatility.

Separately, Strategy founder Michael Saylor tweeted that Bitcoin “does not have a spam problem,” pointing to low fees of about 1 sat/vB and stating the market has already resolved block‑space concerns. His comment comes as the community debates BIP‑110, a proposal to curb non‑monetary transactions on the blockchain.

Overall, the cash‑raising move is seen by Grayscale as strengthening Strategy’s balance sheet and potentially supporting Bitcoin’s price stability, while Saylor’s remarks address network‑usage concerns.