Bitcoin’s recent rally is largely fueled by Strategy purchases, according to Bitwise chief investment officer Matt Hougan. The digital asset has climbed 21% from its February low, reaching $76,486 as of April 29, 2026. Hougan’s analysis points to consistent buying by Michael Saylor’s treasury firm as the primary catalyst.
Strategy purchases drive Bitcoin rally
Bitwise’s Hougan said Strategy has added $7.2 billion in Bitcoin over the past eight weeks. This buying spree pushed the firm’s total holdings to 818,334 BTC. The company now holds more Bitcoin than BlackRock, which manages about 812,300 coins for clients.
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Hougan noted that other factors contributed to the rally. Bitcoin exchange-traded funds saw $3.8 billion in inflows since March 1. Long-term holders also resumed buying. But Strategy remained the single biggest factor.
Bitcoin traded between $75,849 and $79,321 in the past seven days, CoinGecko data shows. The rally started from a February low of $62,822.
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STRC perpetual preferred stock fuels purchases
Strategy funds its Bitcoin buys through STRC, a perpetual preferred stock that pays an 11.5% dividend. Hougan said the yield looks attractive compared to junk bonds yielding less than 7%.
“Strategy issues STRC because it wants to buy more Bitcoin. Most of the capital raised by issuing STRC is used to purchase BTC on the open market,” Hougan wrote in a report published April 28.
The company bought 3,273 Bitcoin for $255 million between April 20 and April 26. This marks its latest weekly purchase.
Hougan expects Strategy to raise billions more through STRC. He cited the $40 billion Bitcoin cushion backing the dividend.
Dividend sustainability analysis
Hougan calculated that at current prices, Strategy could pay existing dividends for 42 years. If Bitcoin rises 20% annually, the firm could pay dividends indefinitely.
Saylor previously claimed the company can sustain dividend payments as long as Bitcoin grows. The perpetual preferred stock structure allows continuous capital raising.
Strategy could surpass Satoshi Nakamoto
Galaxy Digital head of research Alex Thorn said Strategy could overtake Bitcoin creator Satoshi Nakamoto within two years. Wallets linked to Nakamoto hold 1.1 million Bitcoin, about 5.5% of total supply.
Strategy needs to buy another 277,666 coins to match Nakamoto. The firm’s purchase pace varies. The smallest 2026 buy was 855 Bitcoin in February. The largest was 34,164 coins on April 20.
This suggests aggressive accumulation continues. Strategy’s total holdings represent about 3.9% of all Bitcoin ever mined.
Market implications of corporate buying
Strategy’s purchases reduce circulating supply. This creates upward pressure on Bitcoin prices. The firm now holds more Bitcoin than any publicly listed company.
Industry watchers note that corporate buying differs from ETF inflows. ETFs attract retail and institutional investors. Strategy buys directly from exchanges.
This direct demand can amplify price moves. It also signals long-term conviction from corporate treasuries.
Comparison with other buyers
ETFs added $3.8 billion since March 1. But Strategy’s $7.2 billion in eight weeks outpaced them. Long-term holders also increased positions, but data suggests smaller volumes.
Hougan’s analysis shows Strategy as the dominant force. The firm’s consistent weekly purchases create predictable demand.
Conclusion
Bitcoin’s recent rally is largely fueled by Strategy purchases, as Bitwise’s Hougan highlighted. The firm’s aggressive accumulation, funded by STRC perpetual preferred stock, drives price action. With holdings nearing Satoshi Nakamoto’s stash, Strategy’s influence on Bitcoin markets continues to grow. Investors should monitor STRC issuance as a key indicator of future buying.
FAQs
Q1: How much Bitcoin did Strategy buy recently?
Strategy bought 3,273 Bitcoin for $255 million between April 20 and April 26, 2026. Total holdings now stand at 818,334 BTC.
Q2: What is STRC and how does it fund Bitcoin purchases?
STRC is Strategy’s perpetual preferred stock paying an 11.5% dividend. The company uses capital raised from STRC issuance to buy Bitcoin on the open market.
Q3: How does Strategy compare to BlackRock in Bitcoin holdings?
Strategy holds 818,334 BTC, surpassing BlackRock’s 812,300 coins held for clients. This makes Strategy the largest publicly listed corporate Bitcoin holder.
Q4: Can Strategy overtake Satoshi Nakamoto’s Bitcoin stash?
Galaxy Digital’s Alex Thorn says Strategy could surpass Satoshi’s 1.1 million BTC within two years at current purchase rates. The firm needs 277,666 more coins.
Q5: Is the Bitcoin rally sustainable?
Hougan expects Strategy’s purchases to continue, driven by STRC demand. But other factors like ETF flows and macroeconomic conditions also influence prices.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
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