Grayscale argues Strategy's Bitcoin monetization program could help BTC establish a durable price bottom by building cash reserves and securing dividend payments

$2.55B in USD reserves turns Strategy from a pure BTC accumulator into a liability-managed structured product with 843,775 BTC on the balance sheet. The bid no longer comes only from ATM issuance into BTC, because the treasury rule can sell coins to keep the preferred stack money-good after 3,588 BTC were sold from June 29 to July 5. Watch STRC before BTC spot: if it grinds back toward $100 par from around $90, the market is pricing less forced-sale risk than JPMorgan's preferred cash buffer of 24 to 36 months.

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