Bitwise Chief Investment Officer Matt Hougan said Strategy is no longer solely a one-way buyer of Bitcoin, citing the company’s new capital framework that allows it to monetize part of its BTC holdings when needed. Hougan added that recent volatility in STRC and the pullback in MSTR reflect a broader deleveraging cycle in crypto, similar to the unwinding of the GBTC premium, as excess leverage is gradually being removed from the market.





