Strategy, formerly known as MicroStrategy, recently sold Bitcoin worth over $200 million. Following the sale, the price of Bitcoin rose to approximately $64,000. Bitwise CIO Matt Hougan noted that this price movement indicates strong market demand capable of absorbing significant supply.
The company has implemented a new capital framework that allows for up to $1.25 billion in Bitcoin sales to cover cash obligations and preferred stock dividends. As of mid-2026, Strategy maintains a reserve of over 650,000 BTC, acquired at prices well below current market levels.
Hougan stated that the ability to sell assets without triggering a price drop mitigates concerns regarding forced-liquidation risks. He expects the company to shift from continuous accumulation to a strategy of judicious monetization based on market conditions.
Investors are currently discussing the potential removal of Strategy from certain MSCI indexes, with Hougan estimating a 75% probability of this event. He believes such a change would have minimal impact on Bitcoin prices and is unlikely to force further asset sales.
