Strategy Surpasses BlackRock's IBIT in Bitcoin Holdings Following Strategic Purchases

MSTR now holds a total of 815,061 BTC, valued at $77,818.72, surpassing BlackRock's iShares Bitcoin Trust (IBIT) for the first time since Q2 2024. This milestone follows MSTR's third-largest bitcoin purchase on record, which added 34,164 BTC to its holdings. As a result, MSTR has taken the lead over IBIT, which currently holds 802,824 BTC, by a margin of over 12,000 BTC. Although the gap may not be significant in relative terms, it holds symbolic importance given IBIT's remarkable growth since its launch. Notably, IBIT achieved the fastest ETF growth in history to reach $70 billion in assets and is one of BlackRock's top revenue drivers. MSTR's bitcoin holdings have increased substantially, from 189,150 BTC at the start of Q1 2024. In contrast, IBIT surpassed MSTR by early Q2 2024 with approximately 273,000 BTC, compared to MSTR's 214,400 BTC, a lead it maintained until now. The two vehicles differ fundamentally, with MSTR being an operating company that utilizes financial engineering to accumulate bitcoin in a leveraged manner, whereas IBIT is a spot ETF designed to passively track bitcoin's price. IBIT has seen a 55% gain since its listing in January 2024, while MSTR has risen by roughly 250%, driven by its leveraged structure. MSTR accelerated its bitcoin accumulation during the recent market downturn, adding nearly 80,000 BTC in 2026. The perpetual preferred equity STRC has been instrumental in MSTR's recent bitcoin accumulation, providing a scalable source of capital. In contrast, IBIT's holdings have remained relatively stable, with only a modest decline in assets under management.