Grayscale Head of Research Zach Pandl says Strategy Inc.'s (NASDAQ:MSTR) ability to accumulate more Bitcoin (CRYPTO: BTC) is effectively gone at current share prices, as the company now sits on a record $10.8 billion unrealized loss on its holdings. STRC Below $100 Is The Core Problem Pandl's Thursday note argued that the real issue is not Strategy's 32 Bitcoin sale but what it did to (NASDAQ:STRC), the company's variable rate preferred stock designed to trade near $100.