Strategy, formerly known as MicroStrategy, sold over $200 million in Bitcoin. Bitcoin rallied to approximately $64,000, a reaction that Matt Hougan, Chief Investment Officer at Bitwise, interprets as evidence of strong buy-side demand capable of absorbing supply without pushing prices down. Strategy holds over 650,000 BTC and has established a formal framework allowing sales of up to $1.25 billion to manage cash obligations. Hougan estimates a 75% probability of Strategy being removed from MSCI indexes, but emphasizes that institutional investors should become the primary marginal buyer in the market.
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