In a significant shift in the cryptocurrency landscape, Strategy (MSTR) has overtaken BlackRock’s iShares Bitcoin Trust (IBIT) in total bitcoin holdings for the first time since the second quarter of 2024. As of now, Strategy possesses 815,061 BTC, having recently acquired 34,164 BTC, while IBIT holds 802,824 BTC.
This development is noteworthy, especially considering IBIT’s rapid growth trajectory since its launch. The ETF reached $70 billion in assets faster than any other in history and has become a crucial revenue source for BlackRock.
At the beginning of 2024, Strategy had 189,150 BTC, but by early Q2, IBIT had outpaced it with approximately 273,000 BTC compared to Strategy’s 214,400 BTC. This lead persisted until now, marking a significant turnaround for Strategy.
The two entities operate under different models. Strategy is an active operating company that employs financial strategies, including at-the-market (ATM) equity issuance and convertible debt, to leverage its bitcoin acquisitions. In contrast, IBIT functions as a passive spot ETF, designed to mirror bitcoin’s price without the risks associated with corporate management.
Since its listing in January 2024, IBIT has appreciated by about 55%, while Strategy’s value has surged approximately 250%, largely due to its leveraged approach. The recent downturn in the bitcoin market, which saw prices drop over 50% from an all-time high in October, did not deter Strategy. Instead, it capitalized on the dip, adding nearly 80,000 BTC in 2026 alone.
A key factor in Strategy’s ability to expand its holdings has been its perpetual preferred equity, known as STRC. This financial instrument has provided a scalable capital source, enabling substantial bitcoin accumulation.
Meanwhile, IBIT’s asset management has remained relatively stable, with only minor fluctuations in its holdings.
Strategy has overtaken BlackRock's iShares Bitcoin Trust in total bitcoin holdings, marking a significant shift in the cryptocurrency market. This change reflects differing operational models and market strategies between the two entities.