Matt Hougan identifies the key element for Bitcoin’s recovery., 2026/04/29 11:25:47

The Chief Investment Officer of Bitwise, Matt Hougan, stated that the primary factor in Bitcoin’s recovery has been the purchases made by the largest corporate holder of the cryptocurrency, Strategy.

According to him, the influx of capital into Bitcoin spot exchange-traded funds (ETFs) and the accumulation of coins by major players have played a lesser role compared to Strategy’s aggressive approach. Hougan pointed out that the company continues to expand its positions due to sustained investor interest in its perpetual preferred shares, STRC.

“In an environment where bond yields are below 7%, and capital is moving away from private lending, the 11.5% yield of STRC—backed by a reserve of over $40 billion in the leading cryptocurrency—appears particularly attractive. I believe that Strategy will attract additional billions through STRC,” the executive remarked.

He further added that at current prices, the company can maintain dividend payments for decades. Specifically, Hougan estimates that Strategy could “hypothetically pay existing dividends for the next 42 years,” and with a 20% annual increase in Bitcoin, could pay them indefinitely.

Over the past eight weeks, Strategy has increased its Bitcoin reserve by $7.2 billion, financing purchases through the issuance of preferred shares, STRC. Currently, the company holds 818,344 BTC. In this regard, Strategy has surpassed the issuer of the largest BTC ETF, BlackRock, with its IBIT product (812,276 BTC).

Previously, Matt Hougan mentioned that the main distinction of the current Bitcoin cycle from previous ones lies in the change in the structure of ownership of this asset.