Foreign media reports that Bitwise's Chief Investment Officer, Matt Hougan, believes that Strategy is no longer just a company that simply buys Bitcoin. With the new capital framework in place, the company can liquidate some of its BTC holdings when needed.
Changes in the capital framework
Strategy has long been considered one of the most steadfast buyers of Bitcoin. Hougan said the current arrangement allows the company not only to continue accumulating shares, but also the ability to sell a portion of its holdings under certain circumstances.
STRC and MSTR fluctuated.
Hougan also noted that the volatility of STRC and the decline of MSTR reflect a broader deleveraging process in the crypto market. Excess leverage in the market is being gradually cleared out.
Similar to the contraction of the GBTC premium
He drew a parallel between this round of adjustments and the period of GBTC premium contraction, arguing that both reflect a market structure reset. As leverage is withdrawn, the price performance of related assets will become more volatile.
