Michael Saylor has suggested that Strategy Inc. (formerly MicroStrategy Inc.) may be preparing to buy more Bitcoin, reviving a pattern that investors are currently treating as an early indicator of the Treasury Department’s next weekly announcement.
On April 19, the company’s executive chairman posted a screenshot of Strategy’s Bitcoin portfolio tracker to X with the phrase “Think Even ₿igger.”
Historically, Mr. Saylor has used such cryptic public statements in the days immediately preceding formal submission of details of new Bitcoin purchases to regulators.
The timing is particularly noteworthy given that Strategy had used floating rate Series A perpetual stretch preferred stock, which trades under the ticker STRC, to fund recent acquisitions.
Last week, Strategy added 13,927 Bitcoins to the Treasury at an average price of approximately $71,902 per coin, bringing the total cost to approximately $1 billion. The acquisition was fully funded with $1 billion raised through the sale of STRC, according to the company’s latest SEC disclosures.
With this transaction, Strategy’s total holdings reached 780,897 BTC, with a value of over $59 billion. The company remains the world’s largest corporate holder of Bitcoin, and its pace of accumulation has drawn attention to its weekly reports across the market.
STRC could fund larger Bitcoin acquisitions
STRC is designed to trade around its $100 par value and currently offers a variable annualized dividend of 11.5%.
The dividend rate is reset monthly, and Strategy said the structure is aimed at allowing the stock to trade close to par while limiting rapid fluctuations in stock price. In fact, as the company grows its Bitcoin assets, this vehicle has become an increasingly important part of its funding toolkit.
To further optimize this mechanism, Strategy recently proposed changing STRC’s dividend schedule from monthly to semi-monthly. The company said the adjustments are aimed at reducing reinvestment delays and improving liquidity, market efficiency and price stability.
Commenting on the move, Bitwise Advisor Jeff Park said:
“It is quite a revolutionary moment for corporate finance that STRC is about to offer semi-monthly dividends…This sets a new standard for companies to perform better and achieve higher liquidity with less cyclicality for the benefit of investors.”
With that backdrop, the focus now is whether STRC has generated enough funds over the past week to fund another purchase beyond the roughly $1 billion BTC purchase strategy unveiled last week.
This view subsequently gained attention crypto slate STRC reported that trading volume exceeded $1 billion on consecutive days last week. Based on its track record, market observers argue that the company could have raised enough capital to support a fairly large Bitcoin acquisition.
According to Bitcoin for Corporations estimates, this activity could lead to purchases of nearly 30,000 BTC.
If confirmed, it would be one of the strongest weeks for the company since its product launch and could add about $2 billion to STRC’s market cap, which currently stands at just over $6 billion.
It will also strengthen STRC’s growing role in Strategy’s capital raising model. Preferred stock was initially positioned as a separate product in the company’s broader funding stack alongside STRF, STRE, STRK and STRD.
However, over time, STRC became central to the company’s ability to continue buying Bitcoin at scale.
Taking these estimates together, attention has shifted from whether Strategy is preparing for a new acquisition to the size of its next disclosure.
Larger acquisitions could help Strategy surpass BlackRock
If these numbers come true, Strategy would be in a position to surpass BlackRock’s iShares Bitcoin Trust (IBIT) in terms of total Bitcoin holdings.
According to BitcoinTreasuries.net, the largest Bitcoin fund, BlackRock’s IBIT, holds 798,026 BTC. In comparison, Strategy holds 780,897 BTC.
Therefore, a relatively narrow gap remains between the two. Based on current estimates, Strategy could surpass IBIT’s holdings by purchasing over 20,000 BTC this week.
If this happens, Strategy would become the second-largest Bitcoin holder after the blockchain network’s pseudonymous founder, Satoshi Nakamoto.
This potential change therefore has important symbolic weight in broader financial markets.
An acquisition large enough to overtake BlackRock would be a surprising turn in the race for bitcoin exposure, as it would put a single corporate treasury ahead of flagship funds managed by the world’s largest asset managers.
The following disclosure is important to the market in two ways. It could indicate whether STRC’s recent trading surge led to new large Bitcoin purchases, and whether those purchases were large enough to put Strategy ahead of BlackRock in total holdings.
However, formal confirmation will only come when Strategy releases its next SEC filing on April 20th.
(Tag translation) Bitcoin
