MicroStrategy Inc. has made headlines by becoming the largest holder of Bitcoin (BTC) with its impressive acquisition of 815,061 BTC. This notable achievement allows MicroStrategy to surpass BlackRock’s iShares Bitcoin Trust (IBIT), which currently holds approximately 806,178 BTC.
The recent surge in MicroStrategy’s holdings can be attributed to a substantial purchase of 34,164 BTC for about $2.54 billion over a span of just six days, from April 14 to April 20. Alex Thorn, Head of Firmwide Research at Galaxy Digital, pointed out this significant milestone, sharing a chart that highlights MicroStrategy’s trajectory toward the estimated Bitcoin holdings of Satoshi Nakamoto, which stands at about 1.096 million BTC. Thorn expressed confidence in MicroStrategy’s continued growth, predicting that it could surpass Nakamoto’s stash within the next two years if it maintains its current buying pace.
Galaxy Digital’s models suggest that MicroStrategy could overtakes Satoshi’s holdings as early as November 2026. The company has been able to finance its Bitcoin purchases through at-the-market equity offerings, including the sale of its STRC preferred stock, which boasts an annualized yield of 11.5%.
In a show of optimism regarding the market’s recovery, Executive Chairman Michael Saylor shared a message on social media stating “Winter’s Over,” accompanied by an AI-generated image signifying renewal. This statement aligns with the prevailing sentiment that there may be a resurgence in Bitcoin’s market performance.
On the opposing side, gold advocate Peter Schiff has been highly critical of MicroStrategy’s approach. He described the structure of STRC as akin to a Ponzi scheme, arguing that its dividends rely on a continuous influx of new investors rather than actual operational revenue. Schiff pointed out that the primary difference between a conventional Ponzi scheme and MicroStrategy’s situation lies in the transparency of the risks involved, which are disclosed in SEC filings. In defense, Saylor has contended that Bitcoin only needs to appreciate by 2.05% annually to ensure that all preferred stock dividends can be paid indefinitely.
The contrasting views highlight an ongoing debate in the crypto space regarding investment strategies and the sustainability of asset-based business models as companies like MicroStrategy continue to lead in Bitcoin acquisition.
