Strategy’s Bitcoin sale may give BTC a ‘durable bottom,’ Grayscale says
“Investors are now more confident about the instrument,” said Grayscale’s Zach Pandl regarding STRC, which reclaimed $90 for the first time in three weeks.
Strategy’s $216 million Bitcoin sale on Monday should be seen as a positive development for the price of Bitcoin and as a move that renews confidence in STRC, according to analysts.
The sale of 3,588 BTC to fund preferred stock dividend payments and replenish cash has boosted Strategy’s dollar reserves to cover 17 months of dividend payments. “The rebound in STRC suggests investors are responding positively to this decision,” Grayscale Research said Monday.
Andri Fauzan Adziima, research lead at Bitrue Research Institute, told Cointelegraph that Strategy’s recent sale was a “smart, stabilizing move that actually strengthens the setup for Bitcoin.”