MicroStrategy Overtakes BlackRock's IBIT as Top Bitcoin Holder; Galaxy Sees Path to Passing Satoshi by 2026

MicroStrategy Inc. (MSTR) has become the largest single holder of Bitcoin, reporting holdings of 815,061 BTC, edging past BlackRock's iShares Bitcoin Trust (IBIT), which holds about 806,178 BTC. The company added 34,164 BTC between April 14 and April 20 for roughly $2.54 billion. Galaxy Digital's head of firmwide research, Alex Thorn, flagged the milestone this week and pointed to a trajectory that closes in on Satoshi Nakamoto's estimated 1.096 million BTC stash. In a post, Thorn said Strategy is likely to surpass Satoshi within the next two years. Galaxy's modeling suggests MicroStrategy could overtake Satoshi as soon as November 2026 if the current buying pace holds. MicroStrategy has been financing purchases through at-the-market equity issuance, including its STRC preferred stock, which carries an 11.5% annualized yield. On the same day, Executive Chairman Michael Saylor posted "Winter's Over" on X alongside an AI-generated image, a signal to followers that he sees conditions aligning for a market rebound. Criticism followed from gold advocate Peter Schiff, who argued STRC resembles a Ponzi scheme because, in his view, dividends rely on ongoing capital raises rather than operating cash flow. MicroStrategy has outlined these risks in its SEC filings. Saylor has said Bitcoin needs only 2.05% annual appreciation to cover all preferred-stock dividends indefinitely.