Bitwise Executive States: Saylor's Bitcoin Holdings are Secure

In recent discussions regarding MicroStrategy's Bitcoin strategy, Bitwise Executive Matt Hougan reassures that Michael Saylor and his company will not sell their Bitcoin assets. Despite concerns that stock performance may prompt a liquidation of these holdings, Hougan emphasizes that internal mechanisms protect against this outcome.

Key Takeaways

Matt Hougan believes that MicroStrategy (MSTR) will not sell its Bitcoin holdings.
Concerns about MSTR's stock value impacting Bitcoin sales are unfounded according to Hougan.
MSCI is reviewing whether to exclude companies with significant digital asset holdings from its indexes.
MicroStrategy holds substantial cash reserves and significant Bitcoin assets, reducing the need to liquidate.
CEO Phong Le suggests selling Bitcoin would be a last resort under dire circumstances.

Bitwise Exec: Saylor Won't Sell Bitcoins

MicroStrategy's Bitcoin Strategy Under Scrutiny

Bitwise Executive Matt Hougan expresses confidence that Michael Saylor and MicroStrategy (MSTR) will retain their Bitcoin assets. Some analysts are concerned that if MSTR is taken off the MSCI indexes, the company's stock price could fall below its net asset value (NAV), which might lead to the need to sell Bitcoin. However, Hougan clarifies that there is no requirement for MSTR to sell its Bitcoin simply because of a decline in stock value.

Currently, MSCI is conducting a review to determine whether to exclude "digital asset treasury companies" from its Global Investable Market Indexes. These companies are characterized by having cryptocurrencies—like Bitcoin—constituting more than 50% of their total assets. Given that Bitcoin makes up an impressive 99% of MicroStrategy's enterprise value, it fits into this category perfectly.

The consultation phase for this decision is set to conclude this year, with MSCI expected to announce a final verdict by January 15, 2026. Any prospective changes could be implemented by February 2026.

Earlier this year, Saylor confirmed that the company is actively communicating with MSCI to advocate for its continued inclusion in the indexes. Notably, MSTR currently maintains $1.4 billion in cash, which is sufficient to cover roughly 18 months of $800 million in annual interest payments.

The first debt conversion is not due until February 2027, and it is approximately $1 billion, while MicroStrategy holds around $60 billion in Bitcoin. This indicates there is no urgent financial pressure prompting the liquidation of crypto assets, according to Hougan.

Saylor has a strong influence over the company, possessing 42% of the voting shares, and has consistently demonstrated a commitment to holding Bitcoin for the long term. In previous instances where stock prices dipped, he opted not to sell, suggesting that there is little internal incentive to liquidate at this time.

MicroStrategy, now operating as Strategy, is the largest corporate holder of Bitcoin globally, with about 650,000 BTC as of early December 2025. The company has advocated a "never sell" policy, but recent market fluctuations have raised concerns regarding potential Bitcoin sales. Following a stock sell-off, the market capitalization of Strategy briefly fell below its Bitcoin holdings.

In response to this situation, Strategy's CEO Phong Le indicated that selling Bitcoin would only be a "last resort” if the market NAV falls below the 1x threshold and the company is unable to raise new capital through equity or debt markets.