Strategy, formerly MicroStrategy, may need to dispose of $3 billion worth of bitcoin to ease its financial burden, a claim has emerged.

On June 28, blockchain outlet U.Today reported that Jack Pandl (잭 판들), head of research at Grayscale, argued that cashing in part of its large bitcoin holdings could be the most realistic solution for Strategy at present.

Pandl said that if Strategy raises the dividend rate on STRC preferred shares by 50 basis points next week, the dividend burden could increase by about $100 million over the next 2 years. He saw a high likelihood that such an adjustment would not help restore market confidence. He said a stronger step, such as selling assets, is needed instead of revising dividend terms.

This claim comes as Strategy's market assessment has worsened. The company's mNAV, a multiple of enterprise value to net asset value, has fallen below 1 for the first time on record. That means the market is valuing Strategy's market capitalisation below the book value of its bitcoin holdings.

Researcher Andre Dragosch (안드레 드라고시) said the current valuation reflects market expectations that Strategy will sell 1 percent of its bitcoin holdings. He offered another interpretation. If one still sees a low likelihood that Strategy will actually sell bitcoin, he said, the current share price level could look more attractive.

Some in the market also argue that anxiety around STRC is excessive. Crypto commentator Bit Paine (비트 페인) said STRC is being undervalued because its effective yield naturally rises as its price falls. He explained that the structure creates a natural balance in which risk-adjusted appeal increases even if Strategy does not directly make large changes to interest rates.

Adam Back (아담 백), chief executive of Blockstream, also said the view of pricing STRC like a distressed bond misses the overall structure. He said investors should also consider the long-dated convertible bond structure when valuing STRC.

The key issue is whether Strategy can stabilise its financing structure while maintaining its bitcoin holding strategy. Raising the dividend rate to soothe short-term anxiety could increase additional costs, while selling bitcoin could be seen as a symbolic retreat from its strategy. As a result, the outlet reported, STRC's price, whether dollar reserves are expanded, and the actual scale of Strategy's dividend adjustment are expected to be the turning point for the market's judgement going forward.