Strategy could own more bitcoin than Satoshi by September

If Michael Saylor can sustain his trailing four-week pace of bitcoin (BTC) buying, Strategy (formerly MicroStrategy) could own more than Satoshi Nakamoto by September 2026. 

Buying at the world’s largest BTC treasury company now averages nearly 2,800 BTC per trading day after accelerating 40% over the last four weeks above its year-to-date average.

Strategy has publicly targeted 1 million BTC under its so-called 21/21 capital plan.

Monday’s SEC Form 8-K filing pushed the company’s holdings to 815,061 BTC. Saylor picked up 34,164 BTC last week alone, a single-week record for 2026, at an average purchase price of $74,395 per coin. 

Strategy’s blended cost basis across all holdings is now $75,527, which sits within 1% of the prevailing market price of BTC.

Although there are a variety of estimates for the total holdings of Bitcoin creator Satoshi Nakamoto, 1.1 million is a common estimate. For example, Arkham Intelligence attributes 1,096,354 BTC to Satoshi from roughly 22,000 coinbase rewards of the blockchain’s earliest blocks.

Strategy is a mere 281,293 coins short of that figure.

If Saylor continues his pace over the last 30 days through autumn, Strategy could close the gap in 101 trading days, or about 147 calendar days.

Strategy could buy more bitcoin than Satoshi

Strategy can buy and hold BTC around the clock, but it cannot fund new buys 24/7. At the market (ATM) offerings of MSTR common stock; as well as the preferreds STRC, STRK, STRF, and STRD; occur when Nasdaq is open.

Any realistic projection of when Strategy might own more BTC than Satoshi has to measure pace by trading day, i.e. roughly 21 trading days per month adjusted for federal market holidays.

Year-to-date through April 19, Strategy has bought 142,561 BTC for roughly $11.13 billion across 73 trading days. That’s approximately 1,953 BTC per trading day.

Extrapolating the 2026 average through November 13 would put Strategy past Satoshi on that date.

However, the trailing four weeks are running about 40% hotter than the first quarter. Strategy’s last four weekly announcements, covering March 23 through April 19, totaled 52,962 BTC across 19 trading days. 

That acceleration tracks Strategy’s March 23 expansion of its ATM sales. On that day, the company authorized another $21 billion of new MSTR common stock, $21 billion of new STRC preferreds, and a more limited $2.1 billion of STRK preferreds.

Saylor posted, “The Second Century Begins” in early March. He meant that Strategy had just completed its 100th BTC purchase since 2020. Six weeks into his “second century,” Saylor has bought another 76,330 BTC.

STRC preferred is doing most of the work

Of the roughly $11.34 billion Strategy has raised this year through its ATMs, almost all of which went to buy BTC, MSTR common stock provided about 50.8% or $5.77 billion. STRC provided 49.1% or $5.57 billion. 

STRF and STRD preferreds contributed nothing, and STRK raised just $3.4 million.

Thanks to an aggressive advertising campaign likening STRC to a high-yield bank account or money market fund — in addition to a surge in trading volume to capture the dividend snapshot for STRC’s then-once-monthly, 11.5% annualized dividend — Strategy reported $2.2 billion of STRC sales, dwarfing its $366 million of MSTR sales.

Although MSTR has historically funded the vast majority of Strategy’s BTC buying, STRC funded 85% of last week’s purchase. 

Last year, in contrast, Strategy sold zero STRC through its ATM from August through October 2025.

Read more: STRC controversy goes mainstream

STRC is supposed to trade near $100 per share, but shares have traded below $91 at times. The company has raised its dividend rate seven times in order to encourage bids after its price fell.

Strategy has also been stockpiling a few dollars, not just BTC.

The company disclosed $2.25 billion USD as of January 4. This cash is earmarked to service preferred dividends and bond interest payments. The reserve started at $1.44 billion in December 2025.

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