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For years, the Bitcoin community has treated Satoshi Nakamoto as the largest known holder, estimating that Nakamoto mined around 1.1 million BTC that have never moved. That assumption is now being challenged by Michael Saylor’s company, Strategy, which has been buying Bitcoin at an aggressive pace.
Analysts say that if Strategy continues purchasing at its current rate, it could hold more Bitcoin than Satoshi’s estimated stash by around March 2027.
Cryptocurrency enthusiast Lark Davis pointed to Strategy’s preferred-stock structure, STRC (Variable Rate Series A Perpetual Stretch Preferred Stock), which he said operates differently from Strategy’s regular stock, MSTR.
Davis noted that while the main stock price can fluctuate sharply with the crypto market, STRC stays close to its $100 base value, making it less volatile. He said this stability has attracted institutional investors seeking steadier returns.
STRC has reportedly seen unusually heavy trading. Davis cited activity of around 7.3 million shares traded in a single day—about 471% higher than normal trading volume.
He said the resulting demand enabled Strategy to raise enough capital in one session to buy 4,038 BTC. According to the report, funding crossed the 3,000 BTC level and reached over 4,000 BTC in less than 90 minutes.
Additionally, Davis said that over the past week alone, Strategy’s STRC was estimated to have funded purchases of more than 10,000 BTC.
Davis also highlighted that Strategy has emerged as one of the four largest Bitcoin holders, alongside Satoshi Nakamoto, BlackRock, and Coinbase.
With its Bitcoin treasury standing at roughly 738,731 BTC, the company holds about 3.5% of the total Bitcoin supply.
Some users supported the prediction that Strategy could overtake Satoshi. One comment on X read: “Strategy overtaking Satoshi.”
Others were more skeptical. Another X user wrote that Saylor would either become the richest person in the world or “the biggest ponzi,” adding that it is a “zero sum game.”
The report also described a major milestone for Strategy: by March 2026, the company had crossed more than 100 separate Bitcoin purchases.
It added that other public firms have begun adopting similar Bitcoin treasury strategies. As of the end of the first quarter of 2026, approximately 193 publicly listed companies collectively hold around 1.138 million BTC—over 5.4% of Bitcoin’s total supply.
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