Bitwise CIO says Strategy’s STRC could keep fueling Bitcoin’s latest rally
Bitwise CIO Matt Hougan suggests Strategy’s continued use of STRC to fund Bitcoin acquisitions could sustain the cryptocurrency's current price momentum.Summary
Bitwise CIO Matt Hougan identifies MicroStrategy (referred to as Strategy) as a primary catalyst for Bitcoin's recent 20% price surge, citing their aggressive acquisition of $7.2 billion in Bitcoin over eight weeks. The company funds these purchases through STRC, a perpetual preferred equity instrument with an 11.5% dividend yield that attracts investors seeking returns superior to junk bonds or private credit.
Hougan notes that while MicroStrategy's obligations represent roughly 33% of its $63 billion Bitcoin holdings, there is still significant capacity for further STRC issuance. He estimates the company could raise an additional $10 billion to $15 billion for Bitcoin purchases before debt-to-asset ratios become a significant concern for market participants.
(Source：Crypto Briefing)