{"id":617072,"date":"2026-06-20T12:30:11","date_gmt":"2026-06-20T12:30:11","guid":{"rendered":"https:\/\/news.bitcoin.com\/?p=824509"},"modified":"2026-06-20T12:30:11","modified_gmt":"2026-06-20T12:30:11","slug":"grayscale-research-head-says-saylors-strategy-faces-a-1-5-billion-cash-flow-trap-not-a-bitcoin-one","status":"publish","type":"post","link":"https:\/\/e-bitco.in\/index.php\/2026\/06\/20\/grayscale-research-head-says-saylors-strategy-faces-a-1-5-billion-cash-flow-trap-not-a-bitcoin-one\/","title":{"rendered":"Grayscale Research Head Says Saylor\u2019s Strategy Faces a $1.5 Billion Cash-Flow Trap, Not a Bitcoin One"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"432\" src=\"https:\/\/static.news.bitcoin.com\/wp-content\/uploads\/2026\/06\/saylor-blasts-bitcoin-doom-narrative-says-400b-ai-frenzy-drained-crypto-capital_nwmk-768x432.png\" class=\"attachment-medium_large size-medium_large wp-post-image\" alt=\"Image of Michael Saylor standing on a stage.\" style=\"float:left;margin:0 15px 15px 0\" \/>Strategy faces about $1.5 billion in annual preferred-stock dividends against roughly $477 million in software revenue, a cash-flow gap that Grayscale\u2019s head of research, Zach Pandl, warns is a financing problem, not a bitcoin one. A Cash-Flow Problem, Not a Crypto Problem In a podcast with journalist Laura Shin, Grayscale\u2019s head of research (who posts [&#8230;] <a href=\"https:\/\/news.bitcoin.com\/\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strategy faces about $1.5 billion in annual preferred-stock dividends against roughly $477 million in software revenue, a cash-flow gap that Grayscale\u2019s head of research, Zach Pandl, warns is a financing problem, not a bitcoin one. A Cash-Flow Problem, Not a Crypto Problem In a podcast with journalist Laura Shin, Grayscale\u2019s head of research (who posts [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":617073,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":{"0":"post-617072","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"_links":{"self":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/617072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/comments?post=617072"}],"version-history":[{"count":0,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/617072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media\/617073"}],"wp:attachment":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media?parent=617072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/categories?post=617072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/tags?post=617072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}