Michael Saylor

Fears that Michael Saylor’s Strategy will be forced to liquidate its Bitcoin holdings are unfounded, according to Bitwise CIO Matt Hougan. The company’s substantial cash reserves and lack of near-term debt mean it can withstand market pressure without selling until at least 2027.

Strategy, formerly MicroStrategy, is in talks with MSCI about a potential removal from its indices due to a new policy limiting crypto exposure. The move could trigger billions in outflows and impact the broader crypto market.

Michael Saylor’s Strategy has raised $21 billion year-to-date in 2025 to acquire more Bitcoin, utilizing a mix of equity and debt. The firm recently made its largest BTC purchase since July and is on pace to surpass its 2024 fundraising total.

Strategy, the largest corporate holder of Bitcoin, is facing intense pressure as its stock has plummeted over 40% in a week. The decline, outpacing Bitcoin’s own losses, raises concerns about Michael Saylor’s high-stakes strategy and potential exclusion from major stock indices.