Grayscale Research Head Says Saylors 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 Grayscales 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, Grayscales head of research (who posts []