The supply of Bitcoin is limited, and Strategy's STRC is absorbing it. Discover how this financial machine works and what impact it will have on the price of BTC in 2026.
Bitcoin reached levels of $78.000 Recently, driven by a dynamic of massive accumulation that transcends the usual purchases of retail investors and even exchange-traded funds (ETFs).
Matt Hougan, Bitwise's chief investment officer, identifies Michael Saylor's company, Strategy, as the main driver of this upward movement.
Through its hybrid financial instrument called Perpetual Preferred Shares (STRC)The company raised and deployed $7.200 billion into the Bitcoin market in just eight weeks. This figure, Hougan points out, far exceeds the $3.800 billion in flows recorded for spot ETFs during the same period.
Strategy's operating model, driven by Saylor's conviction, has positioned its treasury as the world's largest corporate reserve of digital assets. The effectiveness of this model lies in its ability to attract massive institutional capital through fixed returns, using the excess value in its Bitcoin reserves as collateral.
Buy Bitcoin (BTC) nowA financial structure that drives demand for Bitcoin
The operation of STRCs is based on a constant equilibrium system designed to attract dollars from investors seeking high returns in the private credit market.
As Hougan explains in his technical report, Called “Bitcoin's Latest Rally: Brought to You by STRC”Strategy's objective is to maintain these shares at a stable price of $100. To achieve this, the company uses the dividend as an adjustment lever: if the market price falls, they raise the interest rate to incentivize buying; if it rises, they issue more shares.
Currently, this dividend stands at a 11,5% per year, a figure that the Bitwise executive describes as irresistible in an environment where high-risk bonds barely offer 7%.
On the other hand, the capital flow that Strategy raises through its preferred shares does not remain static in the company's accounts. The sole purpose of issuing STRC is the systematic acquisition of Bitcoin on the open market.
By absorbing the available supply of the cryptocurrency so aggressively, Strategy generates upward pressure that has been crucial in keeping the price of BTC above $70.000. Hougan emphasizes that this capital engineering allows the company to indirectly monetize its digital asset balance without needing to sell a single unit of the cryptocurrency.
This financial structure therefore functions as a bridge connecting the return hunger of institutional capital with the Bitcoin's planned shortagecreating a feedback loop where each new debt issuance results in a greater accumulation of the underlying asset; that is, Bitcoin.
Bitcoin and traditional credit
The sustainability of Strategy's financial strategy is often under scrutiny, especially regarding the way the 11,5% dividend is paid.
In his publication, Hougan directly addresses doubts about the technical viability of the model with STRC, clarifying that, although the payments are mainly financed by raising new funds, the operation has real backing.
To the date, Strategy has 63.000 million in BitcoinThis contrasts with total obligations amounting to $22.000 billion in debt and preferred stock. According to the expert, this difference provides a safety net of $41.000 billion, indicating that, at current prices, the company would be able to cover its commitments for decades, even if Bitcoin's value remains flat.
In parallel, the expansion potential of this financial strategy is considerable in the short and medium term. In fact, the current debt ratio represents only 33% of the total value of their Bitcoin holdings.
From Hougan's perspective, there is sufficient room to issue an additional $10.000 billion to $15.000 billion in STRC before the market begins to question the leverage level. And if the price of Bitcoin maintains moderate annual growth, the value of the collateral will increase proportionally, allowing the firm's treasury to continue its cycle of massive purchases.
This institutional conviction reinforces the thesis that the market dynamics in 2026 are dictated by a sophisticated financial architecture that uses traditional credit to consolidate the company's dominant position within the growing ecosystem of digital assets.
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