Strategy's Aggressive Bitcoin Accumulation Outpaces BlackRock as Primary Rally Driver

Bitcoin has surged approximately 21% from its February 6 low of $62,822, currently trading around $76,486. While ETF inflows and long-term holder activity have provided support, Bitwise Chief Investment Officer Matt Hougan asserts that the treasury firm Strategy has been the single most influential factor in this upward trajectory. Over the last eight weeks, Strategy has deployed $7.2 billion into Bitcoin. This aggressive acquisition strategy has propelled the firm's total holdings to 818,334 BTC, officially surpassing the holdings managed by BlackRock on behalf of its clients, which stand at approximately 812,300 BTC. Between April 20 and April 26 alone, the firm acquired 3,273 BTC for $255 million. The buying spree is fueled by the issuance of STRC, a perpetual preferred stock. Offering an 11.5% yield, STRC has become an attractive alternative to junk bonds and private credit, allowing Strategy to raise billions in capital specifically for open-market Bitcoin purchases. Hougan suggests that current Bitcoin price levels provide a substantial cushion, potentially allowing Strategy to sustain dividend payments for 42 years. If the asset appreciates by 20% annually, these payments could theoretically continue indefinitely. Analysts from Galaxy Digital note that at the current pace, Strategy could approach the holdings attributed to Bitcoin's creator, Satoshi Nakamoto, within two years.