Bitwise Chief Investment Officer Matt Hougan says MicroStrategy’s run as the most dominant buyer of Bitcoin BTC is likely finished, with the treasury giant now positioned to sell rather than only accumulate the asset.
MicroStrategy’s MSTR preferred stock has collapsed in recent weeks, and a new capital plan now allows the company to sell Bitcoin for three primary purposes: to build its U.S. dollar reserve, cover dividend and interest obligations when more cost-effective than issuing new shares, and fund share or debt repurchases.
How MicroStrategy’s Bitcoin Machine Stalled
For years, MicroStrategy operated as a one-way source of Bitcoin demand, according to Hougan. The firm grew its treasury through ATM equity and preferred stock offerings, often purchasing thousands of BTC each week.
However, the company’s approach shifted this year, signaling a willingness to sell part of its Bitcoin holdings. BeInCrypto reported that MicroStrategy sold 32 BTC for roughly $2.5 million between May 26 and May 31—its first sale since December 2022.
The decline in MicroStrategy’s STRC preferred stock also pressured one of its key Bitcoin financing mechanisms. Market data showed STRC fell to a record low of 71.2 last Friday, coinciding with Bitcoin’s drop below $60,000.
“Bitcoin dipped below $60,000 last week, hitting its lowest level since 2024. There were many reasons for the pullback, but by far the biggest was STRC, the perpetual preferred equity instrument issued by Strategy MSTR,” Hougan said.
Shortly afterward, on June 29, 2026, MicroStrategy unveiled its Digital Credit Capital Framework. The plan permits periodic BTC sales to raise up to $1.25 billion for strategic liquidity needs.
Hougan interprets this shift as a structural turning point. “Going forward, Strategy could buy or sell bitcoin depending on market conditions. Importantly, I don’t think it will be a large seller. There’s no mechanism that will force Strategy to sell more than a few billion dollars of bitcoin a year. And if bitcoin’s price rallies, I think it’s likely it will be a net buyer. I just expect it to be a less important figure in Bitcoin in the next cycle than it was in the last,” he added.
机构投资者介入
如果不是 MicroStrategy，谁将成为比特币的最大买家？ Hougan expects institutional investors to fill the gap. He pointed to global banks, asset managers, pension funds, endowments, sovereign wealth funds, and financial advisors—entities that collectively manage the world’s largest pool of capital.
“There are indications this is already happening: Morgan Stanley recently launched proprietary bitcoin ETFs, Wells Fargo is putting bitcoin into model portfolios, and so on… Multiple sovereign wealth funds and sovereign banks either already hold bitcoin or have announced study programs. And while bitcoin ETFs have seen outflows in 2026, they’ve attracted more than $50 billion since their 2024 launch,” he explained.
Hougan also struck an optimistic tone, saying he believes the market is close to finding a bottom and is positioned to enter a fresh bull run this fall.