Bitwise Exec: Saylor Won't Sell Bitcoins

Matt Hougan believes that Michael Saylor and MicroStrategy (MSTR) will not be selling their Bitcoin holdings. 

Some worry that if MSTR is removed from MSCI indexes, its stock might plunge below net asset value (NAV). This would force a Bitcoin sale. Hougan explains that there is no mechanism that would compel MSTR to sell Bitcoin just because the stock price falls.

MSCI is conducting a consultation on whether to exclude "digital asset treasury companies" (firms where cryptocurrencies (like Bitcoin) make up more than 50% of total assets) from its Global Investable Market Indexes. Strategy, with Bitcoin comprising a whopping 99% of its enterprise value, fits this profile exactly.

The consultation period ends this year, and MSCI plans to announce a final decision by January 15. Any changes would likely take effect in February.

Strategy's executive chairman Michael Saylor confirmed earlier this year that the company is actively engaging with MSCI to argue for continued inclusion

It is worth noting that MSTR has $1.4 billion in cash, enough to cover about 18 months of $800 million annual interest payments.

The first debt conversion is not due until February 2027, and it’s only around $1 billion, while MSTR holds $60 billion in Bitcoin. There’s no immediate financial pressure to liquidate crypto, according to Hougan. 

Saylor controls 42% of voting shares and has historically shown strong conviction in holding Bitcoin long-term.

Even during past stock price dips, he did not sell, showing that internal pressure to liquidate is unlikely.

"Last resort"

MicroStrategy (now doing business as Strategy) is the world's largest corporate Bitcoin holder, with approximately 650,000 BTC as of early December 2025. The company, led by Bitcoin advocate Michael Saylor, has long promoted a "never sell" strategy, but recent market events have sparked concerns about potential sales. 

Btion to briefly fall below the value of its Bitcoin holdings, pushing a key metric called the mNAV below 1x (reported as low as 0.95x in some cases).

Strategy CEO Phong Le stated that selling Bitcoin could be a "last resort" if the mNAV drops below 1x , and the company cannot raise new capital through equity or debt markets.