Hougan Says Strategy's $7.2B Bitcoin Buying Drove BTC's 20% Rally

Bitwise CIO Matt Hougan said Strategy has been the biggest driver of Bitcoin’s recent rally, which is up 21% from its Feb. 6 low, after the company added $7.2 billion in Bitcoin over the past eight weeks. Hougan said ETFs bought $3.8 billion since March 1, but Strategy’s buying was the largest factor. Strategy bought 3,273 BTC for $255 million between April 20 and April 26, lifting total holdings to 818,334 BTC and above BlackRock’s roughly 812,300 coins held for clients. Hougan said STRC, Strategy’s perpetual preferred stock with an 11.5% yield, could help fund more purchases.

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