Recently, I observed an interesting phenomenon: MicroStrategy's purchasing power for Bitcoin has become so significant that it can influence the entire market. According to analysis by the Chief Investment Officer of Bitwise, this company has poured $7.2 billion into Bitcoin over the past eight weeks, and this is considered the main driver behind Bitcoin's 20% rebound from its February lows. Currently, Bitcoin's trading price has already surpassed around $80k.

Even more astonishing is that if MicroStrategy continues buying at the current pace, some institutions predict it could surpass Satoshi Nakamoto within two years and become Bitcoin's largest single holder. This claim comes from the head of research at Galaxy Digital. It sounds a bit outlandish, but the numbers speak for themselves — MicroStrategy now holds 818,334 Bitcoins, exceeding the holdings of BlackRock on behalf of its clients.

The secret behind all this is STRC, which is MicroStrategy's perpetual preferred stock. The company issues this type of stock and then directs most of the raised funds directly into Bitcoin. Why do investors buy into this? Because STRC offers an 11.5% annual yield, which is particularly attractive in the current environment where private credit is out of favor. Based on current Bitcoin prices and holdings, MicroStrategy could theoretically sustain this dividend payout for 42 years.

Someone asked, how long can this purchasing continue? According to analysis, if Bitcoin grows by 20% annually, this dividend payment can be maintained almost indefinitely. Moreover, MicroStrategy has already made Bitcoin purchases a weekly routine, buying 3,273 coins just last week.

Satoshi Nakamoto's wallet reportedly contains over 80k Bitcoins, roughly 5.5% of the total supply. To catch up with Satoshi, MicroStrategy would need to buy about 277,660 more Bitcoins, depending on their purchasing pace. Considering their purchase volume fluctuated from 850 in February to 34,160 in April, the timeline is indeed hard to predict.

However, it’s worth noting that while ETF capital inflows and long-term holder re-entry are also pushing Bitcoin higher, the impact of MicroStrategy’s ongoing large-scale buying has already surpassed all other factors combined. That’s why some say Satoshi Nakamoto’s position as Bitcoin’s largest holder might truly be challenged.