Michael Saylor has signaled that Strategy, formerly MicroStrategy, may be preparing to buy more Bitcoin, reviving a pattern investors now treat as an early marker for another weekly treasury announcement.
On April 19, the company’s executive chairman 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 immediately before official regulatory filings detailing new Bitcoin purchases.
The timing is particularly notable given that Strategy funded its most recent acquisition using its Variable Rate Series A Perpetual Stretch Preferred Stock, traded 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 cost of roughly $1 billion. The purchase was fully funded by $1 billion raised through sales of STRC, according to the company’s latest SEC disclosures.
That transaction pushed Strategy’s total holdings to 780,897 BTC, valued at more than $59 billion. The company remains the largest corporate holder of Bitcoin globally, and its pace of accumulation has made its weekly filings a closely watched event across the market.
STRC could fund a bigger Bitcoin acquisition
STRC is designed to trade near a $100 par value and currently offers a variable dividend with an annualized rate of 11.5%.
The dividend rate resets monthly, and Strategy has said the structure is intended to keep the stock trading close to par while limiting sharper swings in value. In practice, the instrument has become an increasingly important part of the company’s funding 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 the adjustment aims to reduce reinvestment lag and improve liquidity, market efficiency, and price stability.
Speaking on this move, Jeff Park, a Bitwise advisor, said:
“STRC attempting to offer semi-monthly dividend is a pretty revolutionary moment for corporate finance…it sets a new standard for corporates to do better, for the benefits of their investors to achieve higher liquidity with less cyclicality.”
Against that backdrop, the focus now is whether STRC generated enough capital over the past week to fund another purchase that exceeds the roughly $1 billion BTC buy Strategy disclosed last week.
That view gained traction after CryptoSlate reported that STRC posted back-to-back trading days with 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 materially larger Bitcoin acquisition.
Estimates from the Bitcoin for Corporations suggest this activity could translate into the purchase of nearly 30,000 BTC.
If confirmed, that would mark one of the company’s strongest weeks since the product launched and could add around $2 billion to STRC’s market capitalization, which currently stands at just over $6 billion.
It would also reinforce STRC’s growing role in Strategy’s capital-raising model. The preferred stock was initially framed as another instrument in the company’s broader financing stack, alongside STRF, STRE, STRK, and STRD.
Over time, however, STRC has become more central to the company’s ability to keep buying Bitcoin at scale.
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Taken together, those estimates have shifted attention from whether Strategy is preparing another purchase to the size of the next disclosure.
A larger buy could put Strategy ahead of BlackRock
If these numbers materialize, 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, holds 798,026 BTC. Strategy, by comparison, holds 780,897 BTC.
That leaves a relatively narrow gap between the two. Based on current estimates, a purchase of more than 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.
So, this potential shift carries significant symbolic weight in the broader financial market.
A purchase large enough to overtake BlackRock would mark a striking development in the competition for Bitcoin exposure, with a single corporate treasury moving ahead of the flagship fund managed by the world’s largest asset manager.
For the market, the next disclosure is important on two fronts. It could show whether STRC’s recent trading surge translated into another outsized Bitcoin purchase, and whether that purchase was large enough to push Strategy ahead of BlackRock in total holdings.
Formal confirmation, however, will come only when Strategy releases its next SEC filing on April 20.
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