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Strategy's MSTR Bitcoin stash tops BlackRock's IBIT for first time since Q2 2024

CoinDesk reports that Strategy's MSTR-linked Bitcoin holdings have moved back ahead of BlackRock's iShares Bitcoin Trust (IBIT), marking the first time since Q2 2024 that the corporate buyer has held more BTC than the spot ETF. Strategy, the world's largest publicly traded Bitcoin holder, disclosed its third-largest BTC purchase to date: 34,164 bitcoin. The buy lifted its total holdings to 815,061 BTC. IBIT currently holds 802,824 BTC, leaving Strategy ahead by a little over 12,000 bitcoin—a modest gap in percentage terms but a notable milestone given IBIT's swift rise since launch. IBIT has been one of the fastest-growing ETFs on record, becoming the quickest ETF to reach $70 billion in assets under management. It has also emerged as a meaningful revenue contributor for BlackRock. The lead has shifted before. At the start of Q1 2024, Strategy held 189,150 BTC. By the start of Q2, IBIT's holdings had climbed to about 273,000 BTC, overtaking Strategy's 214,400 BTC and staying in front until now. The two vehicles operate very differently. Strategy is an operating company that uses financial engineering—including common share issuance, convertible debt and perpetual preferred securities—to build a leveraged Bitcoin position. IBIT is a spot Bitcoin ETF built to track BTC's price passively, offering investors direct exposure without leverage and without company-specific risk. Since listing in January 2024, IBIT has gained roughly 55%. Strategy shares have surged about 250%, a move attributed largely to the company's leverage-driven structure. During the latest market drawdown, with Bitcoin down more than 50% from its October all-time high, Strategy stepped up purchases, adding nearly 80,000 BTC in 2026. The firm's perpetual preferred shares (STRC) have been a key funding tool, providing scalable capital that has supported recent accumulation. IBIT's holdings, in contrast, have been relatively steady, with only a slight dip in assets under management.
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