Strategy may be on the verge of another major Bitcoin purchase, and the next disclosure could carry a rare symbolic twist: the company’s treasury may end the week ahead of BlackRock’s IBIT. That possibility picked up steam after Michael Saylor posted a screenshot of Strategy’s Bitcoin tracker on X with the message “Think Even ₿igger,” a familiar kind of signal that has often preceded the firm’s weekly filing.
The timing matters because Strategy’s last buy was already large, and it was funded in a way that now looks central to the company’s playbook. If STRC sales again financed a sizable Bitcoin purchase, Strategy could close the gap with the largest Bitcoin fund in the market and potentially move into second place behind Satoshi Nakamoto.
Saylor’s latest post revives expectations of another Strategy Bitcoin buy
On April 19, Saylor shared a screenshot of Strategy’s Bitcoin portfolio tracker on X alongside the phrase “Think Even ₿igger.” Traders and market watchers have come to treat that kind of post as a possible prelude to a fresh treasury update, especially when it lands in the days before a filing.
That pattern is part of why the market is now watching closely. Historically, Saylor has used cryptic public posts shortly before official disclosures detailing new Bitcoin purchases. The latest message does not confirm a buy on its own, but it has revived expectations that Strategy is preparing another addition to its treasury.
The focus is sharper this time because of the size of the company’s recent activity. Last week, Strategy disclosed a purchase of 13,927 Bitcoin at an average price of about $71,902 per coin, for a total cost of roughly $1 billion. The company said that purchase was fully funded by $1 billion raised through sales of STRC.
That deal pushed Strategy’s total holdings to 780,897 BTC, worth more than $59 billion at current levels in the source material. It also underscored how central the company’s weekly accumulation has become for market observers, who now treat each filing as a meaningful signal for corporate Bitcoin demand.
Why STRC matters: Strategy’s new capital engine for Bitcoin accumulation
STRC, or Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, has become one of the company’s key funding tools for Bitcoin accumulation. The stock is designed to trade near a $100 par value and currently carries a variable dividend with an annualized rate of 11.5%. That dividend resets monthly, and Strategy has said the structure is intended to help keep the stock close to par while limiting sharp swings in value.
In practice, STRC has become more than just another financing instrument. It now sits near the center of Strategy’s Bitcoin funding model, giving the company a way to keep adding to its treasury without relying on the same capital path every time. Alongside other preferred instruments such as STRF, STRE, STRK and STRD, STRC is part of the broader stack Strategy has built to support ongoing accumulation.
Strategy recently proposed changing STRC’s dividend schedule from monthly to semi-monthly payments. The company said the move is meant to reduce reinvestment lag and improve liquidity, market efficiency and price stability. The proposal matters because it suggests Strategy is still fine-tuning the instrument while leaning on it more heavily for capital formation.
That broader setup is what has market participants focused on last week’s trading activity. CryptoSlate reported that STRC posted back-to-back trading days with more than $1 billion in volume. Based on that pace, some observers argue the company may have raised enough to support a much larger Bitcoin acquisition than the one disclosed last week.
Estimates from Bitcoin for Corporations suggest that the trading activity could translate into the purchase of nearly 30,000 BTC. If that proved accurate, it would represent one of Strategy’s strongest weeks since the product launched and could add around $2 billion to STRC’s market capitalization, which currently stands at just over $6 billion.
Put simply, the question is no longer just whether Strategy will buy more Bitcoin. The bigger issue is how large the next buy could be, and what that says about STRC’s role in the company’s capital-raising machine.
- Last week’s purchase: 13,927 BTC
- Funding source: $1 billion in STRC sales
- Strategy’s reported holdings: 780,897 BTC
- BlackRock IBIT holdings: 798,026 BTC
A possible ranking shift: Strategy could overtake BlackRock’s IBIT
The next filing matters because the gap between Strategy and BlackRock’s iShares Bitcoin Trust is now relatively narrow. According to BitcoinTreasuries.net, IBIT holds 798,026 BTC, while Strategy holds 780,897 BTC. That puts Strategy just behind the fund managed by the world’s largest asset manager.
Based on those figures, a purchase of more than 20,000 BTC would be enough to push Strategy past IBIT. Market estimates cited in the source material suggest that recent STRC activity could potentially fund a buy near that scale, although the actual outcome will depend on the company’s formal filing.
If Strategy does move ahead of IBIT, the result would carry more than a simple leaderboard change. It would mark a notable moment in the competition for Bitcoin exposure, with a single corporate treasury overtaking the flagship Bitcoin fund of BlackRock. That would be a striking signal for a market that still often thinks of ETFs as the dominant vehicle for large-scale Bitcoin access.
The symbolic weight is even greater because a move into second place would put Strategy behind only Satoshi Nakamoto in total Bitcoin holdings, according to the figures cited in the source material. For a company that has made Bitcoin accumulation the core of its treasury strategy, that would reinforce just how far its model has evolved.
For now, the market is waiting on the next official update. If Strategy’s latest STRC trading activity did lead to another outsized Bitcoin buy, the disclosure could answer two questions at once: whether the company once again scaled up its treasury purchase, and whether it did enough to edge past BlackRock’s IBIT.
The confirmation should come with Strategy’s next SEC filing on April 20. Until then, Saylor’s “Think Even ₿igger” post has done what it usually does best: leave the market watching for a bigger number than last time.