Strategy, formerly known as MicroStrategy, sold over $200 million in Bitcoin without triggering a price decline; Bitcoin instead rallied to around $64,000. Bitwise Investment Director Matt Hougan said the sale reflected capital management for dividend payments and cash needs, rather than financial distress or funding pressure. He said the market response showed sufficient demand to absorb Strategy's transaction and argued that the company's influence on Bitcoin prices will diminish as institutional investors, spot Bitcoin ETFs, asset managers and other investment vehicles become more prominent marginal buyers.