PANews reported on December 4th that, according to The Block, Bitwise's Chief Investment Officer, Matt Hougan, refuted claims that Strategy might be forced to sell its Bitcoin holdings. He stated that this premise is "completely flawed" and pointed out that neither index adjustments nor market pressures would force the company to sell its Bitcoin. Recently, Hougan has received numerous inquiries focusing on whether Strategy will be removed from the MSCI index and whether this would result in the unwinding of billions of dollars in Bitcoin holdings. He acknowledged that MSCI is considering excluding digital asset treasury companies from its investable indices, with a decision expected on January 15th. JPMorgan Chase estimates that if Strategy is removed, it could trigger approximately $2.8 billion in passive selling of its stock, and Hougan judges the probability of Strategy being removed to be about 75%.

However, Hougan points out that historical experience shows that the impact of index inclusion and exclusion on prices is far less than investors generally worry. Strategy was included in the Nasdaq 100 index last year, with passive funds buying approximately $2.1 billion worth of shares, but "the stock price saw almost no fluctuation." The recent decline in stock price may be due to the market anticipating the possibility of exclusion, and significant future volatility is not expected.