Bitwise Chief Investment Officer Matt Hougan says MicroStrategy’s run as the largest Bitcoin (BTC) buyer may be over, and the financial giant now has an opportunity to sell rather than hoard the stock.
Strategy’s (MSTR) favorite stock has fallen in recent weeks, and the new capital structure now allows the company to sell Bitcoin for three main purposes, including covering its distribution.
How MicroStrategy’s Bitcoin Machine Stopped
For many years, Strategy has served as one way to earn Bitcoin, according to Hougan. The company grew its wealth through ATM transactions and preferred stock offerings, often buying thousands of BTC each week.
However, the company’s strategy changed this year, showing a willing to sell his share Bitcoin Holdings. BeInCrypto said that Strategy then sold 32 BTC worth about $2.5 million between May 26 and May 31. This was the first sale since December 2022.
A decline in Strategy’s STRC preferred stock put pressure on one again about his original methods of earning money for Bitcoin. Market data showed that STRC fell to 71.2 last Friday. The dip came amid Bitcoin drop below $60,000.
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“Bitcoin dipped below $60,000 last week, hitting its lowest level since 2024. There were many reasons for the revival, but the biggest one was STRC, a stable instrument favored by Strategy (MSTR),” Hougan. he said.
Shortly thereafter, on June 29, 2026, Strategy unveiled its Digital Credit Capital Framework. The plan allows it to periodically sell BTC to raise up to 1.25 billion dollars for its US treasury, to meet dividends and interest when it is better than issuing new shares, and to share income or repay debts.
Hougan reads this change as a process of change.
“Going forward, Strategy can buy or sell bitcoin depending on the market conditions. Most importantly, I don’t think it will be a big seller. There is no way that will force Strategy to sell several billion dollars of bitcoin a year. And if the price of bitcoin is high, I think it will be a buying net. I just hope it will be less in the final number of Bitcoin.”
If not Strategy, who will be the biggest buyer of Bitcoin? Hougan hopes institutional investors will make up the difference.
He cited international banks, asset managers, pension funds, endowments, sovereign wealth funds, and financial advisors, saying they all manage the largest pool in the world.
“There are signs that this is already happening: Morgan Stanley has recently launched bitcoin ETFs, Wells Fargo is putting bitcoin in a model portfolio, etc… several financial independent banks are either already in bitcoin or have announced programs to learn.
Hougan was also optimistic, saying he believed the market is about to find the bottom and is set to enter a new bull run this fall.
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A note Bitwise CIO Matt Hougan: MicroStrategy’s Run As Top Bitcoin Buyer Must End appeared for the first time BeInCrypto.
