Strategy’s $7.2B in purchases have been a key factor in bitcoin’s recent rally, significantly outpacing ETF inflows and purchases by other large investors.
Strategy’s $7.2B in purchases over the past eight weeks have been a key factor in bitcoin’s (BTC) recent rally, significantly outpacing ETF inflows and purchases by other large investors.
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Bitwise Chief Investment Officer Matt Hougan directly called Michael Saylor’s company’s actions the “single key factor” behind the growth.
“Yes, there have been multiple drivers of the recent rally, including strong buying from ETFs… But Strategy has been the single biggest factor,” he noted in a report.
Strategy’s Strategy Outpaces Competitors
Currently, Strategy holds 818,334 BTC▲$62,099.00—more than the largest spot bitcoin ETF issuer, BlackRock’s IBIT, which holds 812,276 coins. The company actively finances its purchases through offerings of perpetual preferred STRC shares.
Related: Strategy Bitcoin Buy Continues With $255M Stock-Funded Purchase
Hougan expects aggressive buying to continue.
“With junk bonds yielding less than 7% and investors fleeing private credit, STRC’s 11.5% yield—backed by a more than $40 billion bitcoin cushion—looks particularly attractive. I suspect Strategy will raise billions more through STRC.”
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According to his estimate, at current prices, the company could theoretically pay its existing dividends for 42 years. If bitcoin grows at 20% per year, “it could pay the dividends forever.”
More Bitcoin Than Satoshi
Galaxy Digital Head of Research Alex Thorn believes that if current trends continue, Strategy could surpass Satoshi Nakamoto’s estimated reserves of approximately 1.1M BTC within the next two years. To do so, the company would need to acquire roughly another 277,666 BTC.
Bitcoin has risen approximately 20% from its February lows and has recently traded in the $75,800 to $79,300 range. At the time of publication on April 29, 2026, BTC trades at approximately $77,000. The coin has barely moved over the past 24 hours.
Bitwise experts attribute the asset’s resilience precisely to Strategy’s corporate purchases.
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