Strategy overtakes BlackRock IBIT in bitcoin holdings after bear market buying

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Strategy overtakes BlackRock IBIT in bitcoin holdings after bear market buying Leveraged accumulation and new capital tools push MSTR ahead of the world’s largest spot bitcoin ETF. By James Van Straten , AI Boost | Edited by Jamie Crawley Apr 21, 2026, 9:39 a.m. Make preferred on MSTR vs IBIT (BITBO and Strategy) What to know : Strategy now holds 815,061 BTC, surpassing IBIT’s 802,824 BTC, marking its first lead since Q2 2024. Strategy held 189,150 BTC at the start of Q1 2024. IBIT surpassed it by early Q2 with roughly 273,000 BTC, compared with Strategy’s 214,400 BTC, a lead which it consistently maintained until now. Strategy pulled ahead by aggressively accumulating nearly 80,000 BTC in 2026. Strategy (MSTR), now holds more bitcoin BTC $ 76,250.76 than BlackRock’s iShares Bitcoin Trust (IBIT) for the first time since Q2 2024. The world’s largest publicly traded BTC holder recently announced its third-largest bitcoin purchase on record, acquiring 34,164 BTC and bringing its total holdings to 815,061 BTC. IBIT currently holds 802,824 BTC, leaving Strategy ahead by more than 12,000 BTC. While the gap is not anything meaningful in relative terms, it is symbolically important given IBIT’s rapid growth since launch. IBIT became the fastest ETF in history to reach $70 billion in assets, while IBIT ranks among BlackRock’s top revenue drivers. Strategy held 189,150 BTC at the start of Q1 2024. IBIT surpassed it by early Q2 with roughly 273,000 BTC, compared with Strategy’s 214,400 BTC, a lead which it consistently maintained until now. However, the two vehicles are fundamentally different. Strategy is an operating company that uses financial engineering, including at-the-market (ATM) equity issuance, convertible debt, and perpetual preferred securities, to accumulate bitcoin in a leveraged manner. IBIT, by contrast, is a spot ETF designed to passively track bitcoin’s price, offering investors straightforward exposure without leverage or corporate risk. IBIT has gained around 55% since listing in January 2024, while Strategy has risen roughly 250%, driven by its leveraged structure. Notably, Strategy accelerated accumulation during the recent market downturn, as bitcoin fell over 50% from its October all-time high, while adding nearly 80,000 BTC in 2026. The perpetual preferred equity STRC has been a key differentiator for Strategy, providing a scalable source of capital that has funded a significant portion of its recent bitcoin accumulation. Meanwhile, IBIT’s holdings remained relatively stable, with only a modest decline in assets under management. Bitcoin News MicroStrategy AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Bitcoin is less volatile than South Korea's stock market right now By Omkar Godbole | Edited by Sheldon Reback 14 minutes ago Bitcoin's comparative stability during geopolitical turmoil has reinforced its appeal as a hedge. What to know : Bitcoin's 30-day realized volatility has fallen below that of South Korea's Kospi and Pakistan's KSE 100 indexes, challenging its reputation as the most turbulent asset. Recent war-driven energy shocks and a spike in oil prices have made Korean and Pakistani stocks more volatile, while bitcoin has traded in a relatively... Read full story Latest Crypto News Bitcoin is less volatile than South Korea's stock market right now 14 minutes ago KelpDAO hackers are laundering millions in stolen crypto, data show 27 minutes ago A dozen banks want a euro stablecoin. Fireblocks is making it happen 1 hour ago Arbitrum freezes $71 million in ether tied to Kelp DAO exploit 3 hours ago Bitcoin reclaims $75,000 as Iran ceasefire talks advance, equities rally resumes 3 hours ago Ripple wants the XRP Ledger to be quantum-proof by 2028. Here is its plan 3 hours ago Top Stories North Korea’s crypto heist playbook is expanding and DeFi keeps getting hit 12 hours ago Aave could face up to $230 million in losses after Kelp DAO bridge exploit triggers DeFi chaos 12 hours ago Kelp DAO claims LayerZero’s 'default' settings are what actually caused the massive $290 million disaster 18 hours ago Coinbase, Bybit said to be working together on tokenization, custody and distribution of U.S. stocks 19 hours ago Strategy buys 34,164 bitcoin for $2.54 billion, third-largest purchase on record 21 hours ago Here's how bitcoin's $7.9 billion April options expiry impact prices 23 hours ago In this article BTC BTC $ 76,250.31 ◢ 1.55 %