Gate News message, April 29 — Bitwise’s Chief Investment Officer Matt Hougan believes Bitcoin’s recent rally can continue “for some time to come,” driven primarily by MicroStrategy’s aggressive purchasing through a novel financing instrument. BTC has risen approximately 20% from its February lows, trading around $76,000, with multiple factors contributing to the gain.
MicroStrategy has been the single biggest driver, accumulating $7.2 billion in Bitcoin over the past eight weeks by issuing STRC, a perpetual preferred stock that combines equity-like trading with bond-like dividend yields currently around 11.5% annually. ETF buying has also supported the rally, with spot Bitcoin ETFs recording $3.8 billion in inflows since March 1, while long-term holders have resumed purchasing. Hougan noted that MicroStrategy’s balance sheet—bolstered by over $40 billion in Bitcoin holdings—provides substantial cushion to sustain dividend payments; at current BTC prices, the company could theoretically pay existing dividends for 42 years.
Last week, MicroStrategy purchased 3,273 BTC for approximately $255 million, bringing its total holdings to 818,334 BTC. Hougan expects the company to continue issuing STRC to fund further Bitcoin acquisitions, noting that the instrument’s 11.5% yield appears attractive compared to junk bonds yielding below 7% amid investor flight from private credit.
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