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Bitwise CIO: Strategy's Role as Bitcoin's Primary Buyer May Diminish Post-STRC Shift

Market Analysis

2026-07-04 06:55:53

BTC1.19%

According to Bitwise CIO Matt Hougan, Strategy (MSTR) has likely ended its role as the primary sustained buyer of Bitcoin. The company, currently holding approximately $49.6 billion in BTC and $2.6 billion in cash, recently introduced a digital credit capital framework allowing flexible Bitcoin sales to fund dividends without maintaining STRC's $100 par value. Under this new model, Strategy will operate as a flexible buyer or seller based on market conditions, rather than a consistent one-way demand source. The company is unlikely to become a large-scale seller, with annual forced sales limited, and may remain a net buyer if Bitcoin prices recover. Overall, Strategy's importance in the next market cycle is expected to decline compared to the previous period.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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