For the first time since Q2 2024, Strategy (MSTR) has overtaken BlackRock’s iShares Bitcoin Trust (IBIT) in terms of bitcoin holdings. MSTR now holds more bitcoin, with its current balance at BTC$76,114.71.
Recently, the world’s largest publicly traded holder of bitcoin announced a significant acquisition as part of its third-largest purchase on record, securing 34,164 BTC. This brings Strategy’s total to 815,061 BTC. In contrast, IBIT holds 802,824 BTC, placing MSTR ahead by over 12,000 BTC. While this gap is minor in relative terms, it carries symbolic significance given IBIT’s swift growth since its inception, notably becoming the fastest ETF to amass $70 billion in assets and ranking as one of BlackRock’s leading revenue generators.
At the onset of Q1 2024, Strategy had 189,150 BTC. By early Q2, IBIT surpassed it with roughly 273,000 BTC compared to Strategy’s 214,400 BTC, a lead that remained until now.
The two entities differ fundamentally: Strategy is an operating company utilizing financial engineering methods like at-the-market (ATM) equity issuance, convertible debt, and perpetual preferred securities to accumulate bitcoin leveraged. Meanwhile, IBIT functions as a spot ETF designed to track bitcoin’s price passively without leveraging or corporate risk.
Since its January 2024 launch, IBIT has appreciated by approximately 55%, whereas Strategy’s value has surged around 250% due to its leveraged model.
During the recent downturn, as bitcoin plummeted over 50% from its October peak, Strategy intensified its acquisition efforts. In 2026 alone, it added nearly 80,000 BTC. A key factor in this strategy is the use of perpetual preferred equity STRChas been pivotal in funding much of Strategy’s recent bitcoin accumulation.
Conversely, IBIT’s holdings have seen only a modest decline in assets under management.