Strategy (MSTR) has overtaken BlackRock’s iShares Bitcoin Trust (IBIT) in total bitcoin holdings for the first time since the second quarter of 2024. The company now holds 815,061 BTC, surpassing IBIT’s 802,824 BTC and regaining the top position among major institutional bitcoin holders.
The milestone follows Strategy’s third largest bitcoin purchase on record, in which it acquired 34,164 BTC. This aggressive accumulation strategy has been a defining factor behind the shift in rankings. Earlier in 2024, Strategy held 189,150 BTC at the start of the first quarter, but IBIT quickly moved ahead by early second quarter with approximately 273,000 BTC, compared with Strategy’s 214,400 BTC. IBIT maintained that lead consistently until the recent shift.
Although the difference of just over 12,000 BTC is relatively small compared to total holdings, analysts note that the symbolic significance is substantial, especially given IBIT’s rapid growth since launch and its role as one of BlackRock’s major revenue contributors.
Leveraged Strategy and Market Timing Drive Growth
Strategy’s rise is largely attributed to its leveraged accumulation model. Unlike IBIT, which operates as a passive spot bitcoin exchange-traded fund designed to track bitcoin prices, Strategy functions as an operating company that uses financial tools such as at-the-market equity issuance, convertible debt and perpetual preferred securities to finance bitcoin purchases.
A major contributor to this approach has been its perpetual preferred equity product, STRC, which has provided scalable capital used to fund recent bitcoin acquisitions. Notably, Strategy intensified its buying activity during the recent market downturn, when bitcoin declined more than 50% from its October all-time high, adding nearly 80,000 BTC during 2026 alone.
Performance comparisons highlight the impact of these different structures. IBIT has gained roughly 55% since its January 2024 listing, while Strategy shares have surged about 250%, reflecting the amplified returns associated with its leveraged exposure to bitcoin.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.