Bitcoin (BTC) Rally Fueled by $7.2B Strategy Buys, Says Bitwise CIO
Bitcoin (BTC) has climbed 21% from its February low of $62,822, fueled in large part by consistent buying from Michael Saylor’s Bitcoin treasury firm, Strategy. According to Bitwise chief investment officer Matt Hougan, Strategy’s massive $7.2 billion Bitcoin buying spree over the past eight weeks has been the “single biggest factor” behind the rally, outpacing other drivers like ETF inflows and long-term holder activity.
Bitcoin was trading at $76,595 as of April 29, slightly off its weekly high of $79,321 but maintaining a solid recovery since February. Hougan highlighted that Strategy’s recent purchases, funded by its issuance of perpetual preferred stock (ticker: STRC), have had an outsized impact on the market. “Most of the capital raised by issuing STRC is used to purchase BTC on the open market,” Hougan said in a note.
Massive Accumulation Puts Strategy Ahead of BlackRock
Between April 20 and April 26, Strategy acquired 3,273 Bitcoin for $255 million, bringing its total holdings to an industry-leading 818,334 BTC. This figure surpasses BlackRock’s estimated Bitcoin holdings of 812,300 coins, making Strategy the largest publicly listed corporate Bitcoin holder.
Hougan also speculated that Strategy’s buying could continue for the foreseeable future. The company’s STRC stock offers an 11.5% yield, which has attracted significant investor interest, particularly as yields in traditional high-yield bonds fall below 7%. “With STRC backed by a $40 billion Bitcoin cushion, I suspect Strategy will raise billions more through this mechanism,” Hougan noted.
What’s Driving Bitcoin’s Broader Momentum?
While Strategy’s purchases have played a pivotal role, the broader Bitcoin market has seen other tailwinds. Exchange-traded funds (ETFs) have reportedly added $3.8 billion in Bitcoin since March 1, signaling robust institutional demand. Long-term holders, who had slowed their accumulation earlier in the year, have also re-entered the market.
However, recent headwinds have tempered Bitcoin’s momentum. On April 28, the Bitcoin Coinbase Premium—a measure of U.S. retail demand—turned negative, and geopolitical tensions have weighed on broader risk sentiment. Bitcoin’s price has dipped 0.84% over the past 24 hours, reflecting some market caution.
Eyes on Satoshi’s Holdings
At its current pace, Strategy could soon surpass the estimated Bitcoin holdings of Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Wallets believed to belong to Nakamoto hold roughly 1.1 million BTC, or 5.5% of the total supply. Strategy would need to acquire an additional 277,666 Bitcoin to match that figure, a milestone analysts believe could be reached within two years.
The company’s buying patterns have varied widely, with its smallest purchase in 2026 being 855 Bitcoin in February and its largest, 34,164 Bitcoin, occurring on April 20. If Bitcoin prices continue to rise—Hougan projects a hypothetical 20% annual increase—Strategy could sustain its dividend payments “indefinitely.”
What Traders Should Watch
While Strategy’s aggressive accumulation underscores strong corporate confidence in Bitcoin, traders should remain cautious about near-term volatility. With Bitcoin already up 21% from February lows, profit-taking and macro pressures could cap further upside in the short term.
Looking ahead, Strategy's continued purchases will remain a key factor for Bitcoin's price action, alongside ETF flows and broader market sentiment. Should Bitcoin break above its recent high of $79,321, it could signal another leg higher, though traders will likely watch for resistance at the psychologically significant $80,000 level.