MicroStrategy Could Surpass Satoshi; Schiff Calls STRC a Ponzi

MicroStrategy holds 815,061 bitcoins and, according to Galaxy Digital, could exceed the roughly 1.096 million coins attributed to Bitcoin’s creator between late 2026 and mid 2027 if it maintains its current pace of accumulation.

A U.S. SEC filing dated April 20, 2026 shows the company purchased 34,164 BTC for about $2.54 billion at an average price near $74,395 per coin, bringing its total to 815,061 BTC. That stake is valued at about $61.56 billion and is larger than the roughly 806,178 BTC held by BlackRock’s IBIT. With bitcoin’s 21 million supply cap, MicroStrategy’s holding represents about 4% of the total.

Alex Thorn, head of firmwide research at Galaxy Digital, posted an analysis on X indicating MicroStrategy could pass the 1.096 million mark if it continues acquiring bitcoin at the same rate. The coins attributed to Satoshi Nakamoto have remained unmoved since about 2010.

MicroStrategy began buying bitcoin in August 2020. The company has funded purchases with corporate cash, proceeds from share sales and by issuing debt. It also introduced a preferred stock, STRC, to raise capital for bitcoin purchases. STRC pays an 11.5% annual return and provides holders with an equity interest rather than a bond-like claim.

Michael Saylor posted “Winter’s Over” on X after the latest purchase. He has described STRC as “very safe” and said the offering is backed by an appreciating asset, arguing that bitcoin’s historical average gains reduce the additional appreciation needed to cover STRC payments over time.

Peter Schiff, a longtime gold advocate and bitcoin critic, wrote on X that STRC is a Ponzi, posting: “The main difference between a typical Ponzi scheme and $STRC is that with the former, the promoter doesn’t tell you it’s a Ponzi or that your payments will stop when the pool of new buyers dries up.” He invited Saylor to a public debate and criticized commentators he said had not exposed the structure.

Legal analysts note MicroStrategy’s SEC filings disclose that dividends and payments tied to STRC depend in part on raising new capital. Regulators have not labeled the structure a Ponzi in public filings or enforcement actions to date.

Bitcoin traded around $77,485 at the time of the latest figures, down from near $90,000 at the start of the year and up from about $68,000 in the first quarter. MicroStrategy’s recent purchases occurred when the price was above $74,000.

If MicroStrategy surpasses the Satoshi-linked total, it would be the first publicly traded company to hold more bitcoin than the entity credited with creating it. Some analysts have noted that large, concentrated holdings reduce available supply and that a forced sale by a major holder could affect market prices.