Bitwise CIO Matt Hougan: MicroStrategy’s Run as Bitcoin’s Top Buyer Is Likely Over
Bitwise Chief Investment Officer Matt Hougan says MicroStrategy’s run as probably the most dominant purchaser of Bitcoin (BTC) is probably going completed, with the treasury large now positioned to promote quite than solely accumulate the asset.
Strategy’s (MSTR) most well-liked inventory has collapsed in latest weeks, and a brand new capital plan now lets the corporate promote Bitcoin for 3 major functions, together with masking its dividend obligations.
How MicroStrategy’s Bitcoin Machine Stalled
For years, Strategy operated as a one-way supply of Bitcoin demand, in response to Hougan. The agency grew its treasury by means of ATM fairness and most well-liked inventory choices, typically shopping for 1000’s of BTC every week.
However, the corporate’s strategy shifted this 12 months, signaling a willingness to sell part of its Bitcoin holdings. BeInCrypto reported that Strategy then bought 32 BTC for roughly $2.5 million between May 26 and May 31. This marked its first sale since December 2022.
The decline in Strategy’s STRC most well-liked inventory also put pressure on one of its major Bitcoin financing mechanisms. Market knowledge confirmed STRC fell to a file low of 71.2 final Friday. The dip got here amid Bitcoin’s drop below $60,000.
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“Bitcoin dipped under $60,000 final week, hitting its lowest stage since 2024. There had been many causes for the pullback, however by far the most important was STRC, the perpetual most well-liked fairness instrument issued by Strategy (MSTR),” Hougan said.
Shortly afterward, on June 29, 2026, Strategy unveiled its Digital Credit Capital Framework. The plan permits it to periodically promote BTC to boost as much as $1.25 billion for its US greenback reserve, meet dividend and curiosity obligations when extra favorable than issuing new shares, and fund share or debt repurchases.
Hougan reads the change as a structural turning level.
“Going ahead, Strategy might purchase or promote bitcoin relying on market situations. Importantly, I don’t assume it will likely be a big vendor. There’s no mechanism that may pressure Strategy to promote quite a lot of billion {dollars} of bitcoin a 12 months. And if bitcoin’s worth rallies, I believe it’s probably it will likely be a internet purchaser. I simply count on it to be a much less essential determine in Bitcoin within the subsequent cycle than it was within the final,” he added.
If not Strategy, who will turn out to be the most important purchaser of Bitcoin? Hougan expects institutional traders to fill the hole.
He pointed to world banks, asset managers, pension funds, endowments, sovereign wealth funds, and monetary advisors, noting that they collectively handle the world’s largest pool of capital.
“There are indications that is already taking place: Morgan Stanley lately launched proprietary bitcoin ETFs, Wells Fargo is placing bitcoin into mannequin portfolios, and so forth… Multiple sovereign wealth funds and sovereign banks both already maintain bitcoin or have introduced research packages. And whereas bitcoin ETFs have seen outflows in 2026, they’ve attracted greater than $50 billion since their 2024 launch,” he defined.
Hougan additionally struck an optimistic tone, saying he believes the market is close to finding a bottom and is positioned to enter a contemporary bull run this fall.
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The put up Bitwise CIO Matt Hougan: MicroStrategy’s Run as Bitcoin’s Top Buyer Is Likely Over appeared first on BeInCrypto.
