Strategy’s Buying Seen as the Main Market Driver
Matt Hougan, chief investment officer at Bitwise, said Bitcoin’s recent 20% rally was driven primarily by aggressive accumulation from Strategy, the company associated with Michael Saylor. Over the past eight weeks, the firm bought roughly $7.2 billion worth of Bitcoin, a pace of purchasing that Hougan believes has had an outsized effect on the market.
According to Hougan, other bullish factors have been present but were less important in this move. Since March 1, Bitcoin ETFs have purchased about $380 million, and long-term holders have also shown increased activity. Even so, he argued that Strategy’s sustained buying pressure has been the dominant force behind the latest upward move in BTC.
Holdings Now Above BlackRock’s
Strategy currently holds 818,334 BTC, putting it ahead of BlackRock in total Bitcoin holdings, according to the report. That scale reinforces the company’s role as one of the most influential institutional players in the Bitcoin market and highlights how concentrated buying from a single entity can affect supply-demand dynamics.
The report also noted that Strategy funded its Bitcoin purchases through the issuance of STRC perpetual preferred shares. This financing route has allowed the company to keep expanding its Bitcoin position while using capital markets tools to support its accumulation strategy.
Could Overtake Satoshi’s Estimated Holdings
With Bitcoin trading around $76,486, the report said Strategy’s holdings could surpass the amount widely attributed to Bitcoin creator Satoshi Nakamoto within two years if the current pace continues. While that scenario depends on ongoing purchases, it underscores how quickly Strategy’s footprint in the Bitcoin market is growing.
More broadly, Hougan’s comments reflect a key theme in today’s market: with Bitcoin supply structurally limited, sustained accumulation by a large corporate buyer can have a direct and significant impact on price action.