Grayscale Research Head Says Saylor’s Strategy Faces a $1.5 Billion Cash-Flow Trap, Not a Bitcoin One

Strategy faces about $1.5 billion in annual preferred-stock dividends against roughly $477 million in software revenue, a cash-flow gap that Grayscale’s head of research, Zach Pandl, warns is a financing problem, not a bitcoin one. A Cash-Flow Problem, Not…



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