Key Takeaways
- Bitwise CIO Matt Hougan credits Strategy’s aggressive STRC-funded Bitcoin buys as a top driver for recent price gains.
- The crypto community is split on the “Saylor effect”: bulls see genius accumulation, while critics warn of leverage risks.
- Since 2020, Strategy has built a $63B BTC stash.
Bitcoin has recently found a new bullish resurgence in April, climbing above $76,000 again, a solid 20% jump from its February lows.
Traders and investors are buzzing about what’s really driving the new price surge, as even when gold and silver were pumping to new highs in March, Bitcoin remained stagnant.
Bitwise CIO Matt Hougan has a clear answer in his latest memo: he claims Michael Saylor’s Strategy is the single biggest force pushing prices higher right now.
Bitwise CIO Points to Strategy
With the Bitcoin Conference 2026 in Las Vegas, which has featured bullish speeches from Strategy executives, Hougan’s take has again underscored the prolific hold Saylor’s playbook has over the industry.
The Bitwise CIO released a detailed memo that while ETFs have pulled in $3.8 billion since early March, and long-term holders are buying again, Strategy remains the dominant buyer.
Hougan explains that Strategy poured $7.2 billion into Bitcoin over just the past eight weeks, financing the spree through its financial tool STRC.
This perpetual preferred equity lets the company raise cash at an attractive yield while keeping its Bitcoin-first strategy humming.
In his memo, Hougan lays out the risks and rewards plainly.
“Strategy’s actual ability to pay the dividends on STRC depends on both how bitcoin performs and how much STRC the company issues,” Hougan said.
“Other things equal, the more STRC that is issued, the larger the dividend liability becomes, and the higher the risk of default. But that, of course, gets offset by any gains in bitcoin, which would bolster the company’s balance sheet,” he added.
While Hougan is not calling it a guaranteed moonshot, he does highlight that Strategy’s moves could keep the rally alive if Bitcoin keeps climbing and the company manages its leverage smartly.
Is Strategy’s Buying Really Behind Bitcoin Price Pump?
The idea that one company’s buying spree could be juicing the entire Bitcoin market is not new, but it is becoming more popular.
This theory means that Saylor’s buying puts upward pressure on prices, particularly when other buyers slow down.
In the broader crypto community, opinions are divided.
Many Bitcoin maximalists adore it, and they regard Saylor as a hero demonstrating that firms can treat Bitcoin as a serious treasury asset.
But not everyone has celebrated the theory.
Skeptics are concerned that this is manufactured support. Many note that if Bitcoin falls sharply, Strategy’s leveraged position may lead to heavy sales. In turn creating a feedback loop that drives prices down further.
Peter Schiff has repeatedly spoken out in dismissing the model as hazardous.
Nonetheless, most holders believe the thesis, since the strategy is one of collecting rather than dumping.
With Strategy CEO Phong Le teasing the potential of holding over 2 million Bitcoin one day, over $100 billion in future demand, many see this as a net positive for the entire ecosystem.
Strategy’s Growing Bitcoin Stash
At current pricing, MicroStrategy owns over $63 billion in Bitcoin, which equates to approximately 818,000 BTC.
That puts them among the world’s largest corporate owners of Bitcoin.
The hoarding began in August 2020, when Saylor converted a large portion of Strategy’s cash reserves into Bitcoin.
Saylor described it as a hedge against inflation and a gamble on the future of digital currency.
At the time, Bitcoin was trading below $12,000 and was celebrated by many in the crypto community.
Since then, Strategy sparked a multi-year buying binge that turned the company into a Bitcoin proxy in the stock market.
They continued to stack through bull runs, bear markets, and everything in between.
Debt issuance, convertible notes, and, most recently, the STRC structure have all been supported without the sale of any coins.
Strategy’s plan had expanded from simple treasury diversification to a full-fledged “Bitcoin for corporations” movement.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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