Bitwise CIO Says Strategy Purchases Are Main Driver of Bitcoin's Recent Rally
Strategy, formerly MicroStrategy, has long allocated large amounts of its corporate balance sheet to bitcoin, making it one of the market's most closely watched corporate buyers. Bitwise Chief Investment Officer Matt Hougan said the company's concentrated buying better explains bitcoin's recent price action than flows from bitcoin ETFs and whales.
Hougan said Strategy bought about $7.2 billion of bitcoin over the past eight weeks, providing the biggest impetus for the cryptocurrency's roughly 20% rebound from its February low. The company now holds more than 810,000 bitcoin. The scale and timing of its continued purchases have become an important gauge of whether the rally can be sustained.
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The history behind this eventMichael Saylor Signals More Buying as Bitcoin Reclaims $60,000
MicroStrategy has long held large amounts of Bitcoin on its corporate balance sheet, and buying signals from Chairman Michael Saylor are often viewed as a barometer of institutional demand. A slight decline in its Bitcoin holdings had raised concerns that the company was reducing its position. Whether it continues buying therefore carries implications for confidence in large corporate demand and Bitcoin’s near-term outlook.
On Sunday, July 19, 2026, Saylor indicated that MicroStrategy would continue adding to its holdings, easing market fears that the company was cutting its position. Bitcoin rebounded quickly after falling below $60,000 and briefly touched $64,200. The market subsequently held steady, but confirmation of a shift from a downtrend to an uptrend will require stronger trading volume and sustained buying.
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