Bitcoin (CRYPTO: BTC) is up roughly 20% from its February lows, and Bitwise Chief Investment Officer Matt Hougan says Strategy Inc. (NASDAQ:MSTR) chairman Michael Saylor is the single biggest factor behind the move.
Strategy Added $7.2 Billion In 8 Weeks
Strategy purchased $7.2 billion of Bitcoin over the past eight weeks, outpacing the $3.8 billion in ETF inflows since March 1.
The purchases were financed entirely by issuing STRC, Strategy’s perpetual preferred stock currently yielding 11.5% annually.
Hougan explained that Strategy’s goal with STRC is to have it trade at $100 per share while offering high dividend yields.
The company maintains that price by adjusting the yield up or down. If STRC trades below $100, Strategy can increase the interest rate to attract buyers. If it trades above $100, Strategy can issue more shares …