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

For the first time since Q2 2024, Strategy (MSTR) has surpassed BlackRock's iShares Bitcoin Trust (IBIT) in terms of bitcoin holdings, with a total of $77,699.89 in BTC. This development comes after MSTR made its third-largest bitcoin purchase to date, acquiring 34,164 BTC and bringing its total holdings to 815,061 BTC. In comparison, IBIT currently holds 802,824 BTC, leaving MSTR with a lead of over 12,000 BTC. Although the difference may not be significant in relative terms, it holds symbolic importance given IBIT's remarkable growth since its launch. Notably, IBIT became the fastest ETF to reach $70 billion in assets and is one of BlackRock's top revenue drivers. At the start of Q1 2024, MSTR held 189,150 BTC, but IBIT surpassed it by early Q2 with approximately 273,000 BTC, compared to MSTR's 214,400 BTC. However, the two vehicles operate differently, 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 without leverage or corporate risk. Since its listing in January 2024, IBIT has gained around 55%, while MSTR has risen roughly 250%, driven by its leveraged structure. MSTR accelerated its accumulation during the recent market downturn, adding nearly 80,000 BTC in 2026 as bitcoin fell over 50% from its October all-time high. The perpetual preferred equity STRC has been a key factor in MSTR's success, providing a scalable source of capital that has funded a significant portion of its recent bitcoin accumulation. In contrast, IBIT's holdings have remained relatively stable, with only a modest decline in assets under management.