Bitcoin (BTC) has remained relatively resilient amid ongoing geopolitical tensions, with its price broadly trending higher since late February.
According to Bitwise CIO Matt Hougan, MicroStrategy has emerged as a standout contributor to the recent rally due to its continued large-scale Bitcoin purchases.
MicroStrategy’s STRC Shares Are the Real Engine Behind Bitcoin’s Rally
In a memo published Tuesday, Hougan acknowledged that several forces have contributed to Bitcoin’s recent climb. He pointed to strong ETF inflows of $3.8 billion since March 1 and a wave of fresh accumulation from long-term holders.
Still, he argued that Strategy has “been the single biggest factor.” The firm snapped up $7.2 billion in Bitcoin over the last eight weeks.
“Bitcoin is up roughly 20% from its February lows, trading around $76,000. Everyone is wondering if the rally can continue. To a large degree, the answer lies with Strategy,” the executive wrote.
The firm now holds 818,334 BTC, sitting 181,666 coins short of 1 million. Galaxy Research head Alex Thorn projects that MicroStrategy could overtake Satoshi Nakamoto’s estimated 1.1 million BTC stash within two years if the current pace continues.
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Why Bitwise CIO Thinks Strategy’s STRC Buying Is Far From Over
Hougan pointed out that MicroStrategy has bankrolled this buying spree by selling STRC. BeInCrypto also highlighted in a recent report that, so far in 2026, Strategy’s STRC has financed 10x more BTC buying than the entire US spot ETF market combined.
Hougan expects Strategy to keep leaning on STRC as a funding vehicle. He argued that STRC’s 11.5% payout looks compelling in a market where junk bonds offer under 7%, and capital is rotating out of private credit. With a Bitcoin cushion exceeding $40 billion, he sees plenty of appetite for more.
“The number I’d watch is Strategy’s total obligations (debt + preferred equity) as a percentage of its bitcoin holdings. Today, that sits at 33%: $21 billion in obligations against $63 billion in bitcoin. If that number pushes toward 50%, I think investors will start asking questions. But at today’s bitcoin prices, that still gives room for another $10-$15 billion in STRC issuance. And more if bitcoin rallies,” Hougan added. “I don’t think we’re done STRC-ing at all.”
That said, STRC hasn’t escaped scrutiny. Economist Peter Schiff has been among the critics, warning that Strategy’s Bitcoin-backed yield model is on a path toward a death spiral.
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