Recent gains in Bitcoin are being driven largely by aggressive buying from Strategy, according to Bitwise Chief Investment Officer Matt Hougan, who described the firm as the “single biggest factor” behind the cryptocurrency’s latest rally.
Bitcoin has risen around 20% from its February low, trading between $75,849 and $79,321 over the past week, supported by multiple catalysts including ETF inflows, whale accumulation, and renewed long-term holder activity.
Strategy seen as key catalyst
Hougan said Strategy has purchased $7.2 billion worth of Bitcoin over the past eight weeks, outpacing other sources of demand.
While spot Bitcoin ETFs have attracted $3.8 billion in inflows since March 1, Hougan argued Strategy’s consistent treasury purchases have played the dominant role in lifting prices.
The company recently acquired 3,273 BTC for $255 million, bringing its total holdings to 818,334 Bitcoin, making it the largest publicly listed corporate holder of the asset.
Preferred stock fueling more purchases
Hougan said continued issuance of Strategy’s perpetual preferred stock, STRC, could support further Bitcoin accumulation.
According to the analyst, capital raised through STRC is largely deployed into additional Bitcoin purchases, potentially enabling the company to raise billions more to expand holdings.
Could Strategy rival Satoshi’s holdings?
Analysts have also suggested Strategy could eventually challenge the holdings attributed to Bitcoin creator Satoshi Nakamoto.
With wallets linked to Nakamoto estimated to hold 1.1 million BTC, Strategy would need to acquire another 277,666 Bitcoin to match those holdings.
The report highlights how institutional treasury accumulation is becoming an increasingly important force in crypto markets, with corporate balance sheet demand now emerging as a major driver of Bitcoin price momentum alongside ETF flows and investor sentiment.
