The main event is that Bitwise CIO Matt Hougan says there is no mechanism forcing Strategy to sell its Bitcoin, even amid market fears and MSCI index changes.

Hougan argues Strategy’s large Bitcoin holdings are unlikely to be dumped if MSCI delists it, easing concerns about forced sales.

He also contends the fear of MicroStrategy (MSTR) selling its Bitcoin due to MSCI delisting is unfounded and not a major risk to Bitcoin or MSTR.

The analysis emphasizes that price volatility narratives miss the more important solvency realities, with balance sheet strength and operational strategy as true tests, not listing status.

Broader industry concerns are noted, including the pace of market-structure legislation and potential bankruptcy risk for smaller crypto reserve firms, with cautious near-term demand outlook for crypto reserves in 2026.

Strategy discloses about $1.44 billion in USD reserves to fund dividends and debt interest, supported by at-the-market stock sales, alongside roughly 650,000 BTC and a recent purchase of 130 BTC at about $89,960 each.

The piece frames the situation as reassuring for market stability and invites discussion on institutional crypto investment beyond headline risks.

Bitcoin trades near $92,000, with Strategy’s average purchase price below current price, signaling a favorable position amid declines.

Bitcoin sits roughly 27% below its all-time high and about 24% above Strategy’s average buy-in, providing a cushion before any potential sale.

The overall takeaway is that executives expect to keep Bitcoin despite volatility and index considerations, prioritizing capital stability and long-term strategy over forced liquidation.

Investors are urged to perform due diligence on debt levels, redemption rules, and custody arrangements when evaluating crypto investment trusts, as structures vary.

Saylor emphasizes Strategy is a publicly traded operating company with a $500 million software business and uses Bitcoin as productive capital, not defined by index status.