Bitcoin moved past the $77,000 level on Wednesday morning but dropped back below as US markets opened. Matt Hougan, Bitwise’s CIO, wrote in a blog post that bitcoin’s rally, up 20% from February lows, was “brought by STRC,” Strategy’s perpetual preferred equity instrument, launched in July 2025. STRC’s proceeds have enabled the largest bitcoin holder to maintain its acquisition pace despite bitcoin’s tumble. It now holds 818,334 bitcoin, overtaking BlackRock’s iShares Bitcoin Trust in holdings earlier this month. In his post, Hougan contends that while bitcoin ETFs have played a part in supporting the bitcoin price, ... (full story)