Bitwise Shifts Strategy on Bitcoin Holdings Amid Crypto Deleveraging

Bitwise Chief Investment Officer Matt Hougan says that Strategy is no longer solely a one-way buyer of Bitcoin. The company's new capital framework allows it to monetize part of its BTC holdings when needed, marking a shift in strategy.

This change comes as recent volatility in STRC and the pullback in MSTR reflect a broader deleveraging cycle in crypto. Hougan notes that this is similar to the unwinding of the GBTC premium, where excess leverage is being gradually removed from the market.