Michael Saylor has indicated that Strategy, formerly MicroStrategy, may be preparing to buy more Bitcoin, reviving a pattern that investors now view as an early marker for another weekly Treasury announcement.
On April 19, he became executive chairman of the company posted a screenshot of Strategy’s Bitcoin portfolio tracker on X with the phrase “Think Even ₿igger.”
Historically, Saylor has used such cryptic public statements in the days just before official filings detailing new Bitcoin purchases.
The timing is especially notable considering that Strategy funded its most recent acquisition using its Variable Rate Series A Perpetual Stretch Preferred Stock, trading under the ticker STRC.
Last week, Strategy added 13,927 Bitcoin to its treasury at an average price of about $71,902 per coin, for a total of about $1 billion. The purchase was fully funded with $1 billion raised from the sale of STRC, according to the company’s latest SEC disclosures.
That transaction brought Strategy’s total holdings to 780,897 BTC, worth more than $59 billion. The company remains the largest corporate holder of Bitcoin globally, and the pace of accumulation has kept its weekly filings closely watched across the market.
STRC could fund a larger Bitcoin acquisition
STRC is designed to trade near a par value of $100 and currently offers a variable dividend with an annual percentage rate of 11.5%.
The dividend rate is reset monthly and Strategy says the structure is intended to keep stock trading close to price while limiting sharper swings in value. In practice, the instrument has become an increasingly important part of the company’s financing toolkit as it expands its Bitcoin treasury.
To further optimize this mechanism, Strategy recently proposed changing STRC’s dividend schedule from monthly to semi-monthly payments. The company stated that the adjustment aims to reduce reinvestment delays and improve liquidity, market efficiency and price stability.
Jeff Park, a Bitwise advisor, said of this move:
“STRC’s attempt to offer semi-monthly dividends is quite a revolutionary moment for corporate finance. It sets a new standard for companies to do better, and for the benefits of their investors to achieve higher liquidity with less cyclicality.”
Against that backdrop, the focus now is on whether STRC has generated enough capital over the past week to finance a new purchase that exceeds the BTC purchasing strategy of approximately $1 billion announced last week.
That view subsequently gained traction CryptoSlate reported that STRC posted consecutive trading days of more than $1 billion in volume last week. Based on that performance, market observers have argued that the company may have raised enough to support a significantly larger Bitcoin acquisition.
Bitcoin estimates for businesses to suggest this activity could translate into the purchase of almost 30,000 BTC.
If confirmed, this would be one of the company’s strongest weeks since the product’s launch and could add approximately $2 billion to STRC’s market cap, which currently stands at just over $6 billion.
It would also strengthen STRC’s growing role in Strategy’s capital raising model. The preferred shares were initially presented as another instrument in the company’s broader financing structure, alongside STRF, STRE, STRK and STRD.
Over time, however, STRC has become more important to the company’s ability to continue purchasing Bitcoin at scale.
Taken together, these estimates have shifted attention from whether Strategy is preparing a new purchase to the size of the next reveal.
A bigger buy could put Strategy ahead of BlackRock
If these numbers come to fruition, Strategy is positioned to surpass BlackRock’s iShares Bitcoin Trust (IBIT) in total Bitcoin holdings.
According to BitcoinTreasuries.net, BlackRock’s IBIT, the largest Bitcoin fund, owns 798,026 BTC. For comparison, Strategy contains 780,897 BTC.
That leaves a relatively narrow gap between the two. Based on current estimates, a purchase of over 20,000 BTC this week could allow Strategy to move past IBIT’s holdings.
If this happens, Strategy would become the second-largest holder of Bitcoin, behind the blockchain network’s pseudonymous founder Satoshi Nakamoto.
This potential shift thus carries significant symbolic weight in the broader financial market.
A purchase big enough to overtake BlackRock would mark a striking development in the competition for Bitcoin exposure, with a single corporate bond taking a lead over the flagship fund managed by the world’s largest asset manager.
The next revelation is important for the market on two fronts. It could show whether STRC’s recent trading boom translated into another outrageous Bitcoin purchase, and whether that purchase was large enough to give Strategy an edge over BlackRock in terms of total holdings.
However, formal confirmation won’t come until Strategy publishes its next SEC filing on April 20.