Strategy has $1.4 billion in cash, no debt due until 2027, and Bitcoin's price is above the company’s cost basis, making a sale unlikely, argues Matt Hougan. Strategy (MSTR) won’t be forced to sell Bitcoin to stay afloat if its share price drops, and those who say otherwise are “just flat wrong,” says Bitwise chief investment officer Matt Hougan.“There is nothing about MSTR’s price dropping below NAV [net asset value] that will force it to sell,” Hougan argued in a note on Tuesday, pointing to chairman Michael Saylor’s steadfast conviction in Bitcoin (BTC).“It would indeed be very bad for the Bitcoin market if MSTR had to sell its $60 billion of Bitcoin in one go—that’s akin to two years of Bitcoin ETF inflows,” Hougan said. “But with no debt due until 2027 and enough cash to cover interest payments for the foreseeable future, I just don’t see it happening.”Read more Strategy has $1.4 billion in cash, no debt due until 2027, and Bitcoin's price is above the company’s cost basis, making a sale unlikely, argues Matt Hougan. Strategy (MSTR) won’t be forced to sell Bitcoin to stay afloat if its share price drops, and those who say otherwise are “just flat wrong,” says Bitwise chief investment officer Matt Hougan.“There is nothing about MSTR’s price dropping below NAV [net asset value] that will force it to sell,” Hougan argued in a note on Tuesday, pointing to chairman Michael Saylor’s steadfast conviction in Bitcoin (BTC).“It would indeed be very bad for the Bitcoin market if MSTR had to sell its $60 billion of Bitcoin in one go—that’s akin to two years of Bitcoin ETF inflows,” Hougan said. “But with no debt due until 2027 and enough cash to cover interest payments for the foreseeable future, I just don’t see it happening.”Read more