Bitwise chief investment officer Matt Hougan said that Strategy's position as the world’s largest Bitcoin buyer may be waning after the STRC turmoil. Strategy had been the most prominent source of Bitcoin demand, purchasing large quantities over multiple cycles. In late May, the price of Strategy’s perpetual preferred stock, Stretch (STRC), fell sharply from its $100 par value to below $75, prompting concerns about the sustainability of its dividend model. The decline coincided with Bitcoin’s drop to $58,190 on June 25, a 21‑month low. Strategy responded by committing to sell Bitcoin when needed to fund dividends and by increasing its US dollar reserve to $2.55 billion, actions it said would ease immediate concerns but reduce its purchasing role, according to Hougan. Despite the STRC episode, Hougan expects Strategy to remain a net buyer during the next bull market. Strategy holds 847,363 Bitcoin, representing roughly 4 % of the total supply. The Securities and Exchange Commission classifies a 4 % holding as immaterial, meaning the position need not be reported publicly. Hougan noted that Strategy maintains $52 billion in liquid assets against $7 billion of debt, and that Bitcoin would have to fall about 70 % to jeopardize the company. He added that selling its current Bitcoin holdings could cover dividends from STRC and other perpetual preferred stock offerings for the next 28 years. Strive chief executive Matt Cole said the media focus on the STRC incident has amplified its effect on Bitcoin’s price beyond what is warranted. He said the 4 % stake is not material and that Strategy is not facing liquidity risk. The market remains uncertain about how the reduced influence of a major buyer will impact Bitcoin’s price in the coming cycles.