It hasn’t happened since Q2 2024, but Strategy (MSTR) currently has more bitcoin than BlackRock’s iShares Bitcoin Trust (IBIT). The biggest publicly listed Bitcoin holder in the world has revealed the third-largest bitcoin acquisition ever, adding 34,164 BTC to its overall holdings of 815,061 BTC yesterday.
With 802,824 BTC in their possession, IBIT is now behind Strategy by over 12,000 BTC. Given IBIT’s meteoric rise since debut, the discrepancy may not amount to much in absolute terms, but it is significant symbolically. With assets of $70 billion, IBIT became the most rapidly growing exchange-traded fund (ETF) in history, and it is also one of BlackRock’s most lucrative products.
Clash of the Titans
Start of Q1 2024: Strategy had 189,150 BTC. IBIT maintained its dominance till today, surpassing Strategy by early Q2 with around 273,000 BTC compared to 214,400 BTC.
Nonetheless, there is a significant difference between the two. Strategy is an operating company that leverages the acquisition of bitcoin via the use of financial engineering tools such as convertible debt, perpetual preferred securities, at-the-market (ATM) stock issuance, and others. Contrarily, IBIT is a spot ETF that aims to passively follow the price of bitcoin, providing investors with simple exposure without the need for leverage or corporate risk.
Due to its leveraged structure, Strategy has increased by over 250% since its debut in January 2024, while IBIT has increased by about 55%. Adding approximately 80,000 BTC in 2026, Strategy sped up accumulation during the current market slump, when bitcoin plunged more than 50% from its October all-time high.
A substantial amount of Strategy’s recent bitcoin accumulation has been supported by the perpetual preferred stock STRC, which is a distinctive feature of the company and a scalable source of funding. Assets under administration at IBIT fell just little, suggesting that the firm’s holdings were mostly unchanged.