Foreign media: According to Matt Hougan, Chief Investment Officer of Bitwise, Strategy is no longer a one-way purchaser of bitcoin. With the new capital framework on the ground, the company could realize part of the BTC hold when needed.
Changes in the capital framework
Strategy used to be considered one of the most determined bitcoin buyers. Hougan stated that the current arrangement allowed the company not only to continue to grow but also to be able to sell part of the hold in certain circumstances.
StRC fluctuations with MSTR
Hougan also mentioned that the volatility of the STRC and the fall of the MSTR reflect that the encryption market is going through a broader deleveraging process. Over-leveraging in the market is gradually being cleaned up.
Similar to GBTC premium contraction
He compared this round of adjustments to the period during which the GBTC premium contracted, arguing that both reflected the replacement of the market structure. As leverage exits, the price performance of the assets concerned will become more volatile.