The odds are climbing that Strategy (formerly MicroStrategy) will hit the 620,000 BTC milestone in its holdings before August. According to the prediction market Polymarket, the probability has , a 21% jump in the last 24 hours alone.
The firm currently 607,770 BTC, acquired at an average price of $71,756. This puts Strategy within striking distance of the target as Bitcoin itself trades near $119,000, just shy of its all-time high of $123,000.
This buying momentum comes amid a broader institutional scramble to accumulate Bitcoin and Ethereum, even as short-term on-chain traders, those holding BTC for 1 to 3 months, just 13% in unrealized profits.
While this group has historically taken profits when their gains exceeded 150% at previous cycle tops, their current muted profit levels suggest there is far less immediate selling pressure. This reduced volatility makes it easier for a major buyer like Strategy to continue accumulating without causing a sharp, disruptive price spike.
Strategy’s financial approach has also taken a dramatic turn with the recent launch of its $2 billion “” Preferred Stock (STRC). The offering was initially sized at just $500 million but was quadrupled due to surging investor demand.
The STRC offers a variable 9% dividend and is designed to trade around a stable $100 par value, a unique feature for a product indirectly linked to a highly volatile asset.
While the new stock doesn’t give investors direct exposure to Bitcoin, it is structured to benefit from the company’s massive holdings.
A recent NYDIG describes it as a “high-yield, bitcoin-backed, money-market-style vehicle” that offers a far more attractive yield than traditional short-term instruments, yet with a different liquidity and risk profile.
With $71.7 billion in Bitcoin assets against only $11 billion in liabilities, Strategy is betting it can generate income for investors without selling its holdings. The company aims to convert BTC’s historical 3%–4% annualized return (and often much higher) into consistent cash flow.
