Strategy (MSTR), now holds more bitcoins than BlackRock’s iShares Bitcoin Trust (IBIT) for the first time since the second quarter of 2024.
The world’s largest publicly traded BTC holder recently announced its third-largest Bitcoin purchase on record, acquiring 34,164 BTC and bringing its total holdings to 815,061 BTC.
IBIT currently holds 802,824 BTC, leaving Strategy ahead by over 12,000 BTC. Although this gap is not significant in relative terms, it is symbolically important given the rapid growth of the IBIT since its launch. IBIT became the fastest ETF in history to reach $70 billion in assets, while IBIT ranks among BlackRock’s top revenue drivers.
Strategy held 189,150 BTC at the start of the first quarter of 2024. IBIT surpassed it at the start of the second quarter with around 273,000 BTC, compared to Strategy’s 214,400 BTC, a lead it has consistently maintained until now.
However, the two vehicles are fundamentally different. Strategy is an operating company that uses financial engineering, including mark-to-market (ATM) stock issuance, convertible debt, and perpetual preferred securities, to accumulate bitcoin with leverage. IBIT, on the other hand, is a spot ETF designed to passively track the price of Bitcoin, providing investors with direct exposure without leverage or corporate risk.
IBIT has gained around 55% since its January 2024 listing, while the strategy is up around 250%, thanks to its leveraged structure.
Notably, Strategy accelerated accumulation during the recent market downturn, with bitcoin falling more than 50% from its all-time high in October, while adding nearly 80,000 BTC in 2026.
The STRC perpetual preferred shares have been a key differentiator for Strategy, providing a scalable source of capital that has funded a significant portion of its recent bitcoin accumulation.
At the same time, IBIT’s holdings remained relatively stable, with only a slight decline in assets under management.
