Bitcoin's 20% recovery from its February lows to around $76,000 has multiple contributing factors, but Bitwise CIO Matt Hougan has identified one as the single biggest driver: Strategy and its perpetual preferred stock STRC. In a memo published Tuesday, Hougan acknowledged strong ETF inflows of $3.8 billion since March 1 and fresh accumulation from long-term holders as supporting factors, but argued that Strategy's $7.2 billion in Bitcoin purchases over the past eight weeks has been the dominant force. The firm now holds 818,334 BTC and is on a trajectory that Galaxy Research head Alex Thorn projects could see it surpass Satoshi Nakamoto's estimated 1.1 million coin holding within two years if the current pace is maintained.

The engine behind the buying is STRC, Strategy's perpetual preferred stock, which has financed ten times more Bitcoin purchasing than the entire US spot ETF market combined so far in 2026 according to recent data. Hougan expects the buying to continue, pointing to STRC's 11.5% yield as highly attractive in a market where junk bonds offer under 7% and capital is rotating out of private credit. With Strategy's total obligations sitting at 33% of its Bitcoin holdings, representing $21 billion in obligations against $63 billion in Bitcoin, Hougan sees room for another $10 to $15 billion in STRC issuance at current prices before investors begin asking harder questions about leverage levels. His conclusion is direct: the STRC-funded Bitcoin buying is not finished.