Bitwise Chief Investment Officer Matt Hougan is pushing back against one of the loudest bearish narratives around bitcoin treasury company Strategy (MSTR, formerly MicroStrategy): that it could be forced into a liquidation of its roughly $60 billion bitcoin stack. In his latest CIO memo, Hougan writes bluntly that “Michael Saylor and Strategy selling bitcoin is not one of” the real risks in crypto.

Will Strategy Sell Its Bitcoin?

The immediate trigger for market anxiety is MSCI’s consultation on whether to remove so-called digital asset treasury companies (DATs) like Strategy from its investable indexes. Nearly $17 trillion in assets tracks those benchmarks, and JPMorgan estimates index funds might have to sell up to $2.8 billion of MSTR if it is excluded.

MSCI’s rationale is structur

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