Strategy Overtakes BlackRock as World's Largest Institutional Bitcoin Holder

Strategy (MSTR) acquired an additional 34,164 BTC, bringing its total holdings to 815,061 — surpassing BlackRock's IBIT (802,823 BTC) to become the world's largest institutional Bitcoin holder. The reversal marks the first time Strategy has led since Q2 2024.

Justin·April 21, 2026·3 min read

AI Summary

Strategy (MSTR) purchased 34,164 BTC for approximately $2.54 billion between April 13–19, bringing its total holdings to 815,061 BTC and surpassing BlackRock's IBIT (802,823 BTC) to become the world's largest institutional Bitcoin holder. Some 85.7% of the funding was raised via perpetual preferred stock (STRC) issuance. While IBIT is a passive spot ETF tracking Bitcoin prices, MSTR operates as a leveraged accumulation vehicle — a structural difference reflected in their post-listing returns of approximately 55% and 250%, respectively.

34,164 BTC acquired for $2.54B… Total holdings of 815,061 BTC surpass IBIT

Strategy (MSTR), led by Michael Saylor, has overtaken BlackRock's iShares Bitcoin Trust (IBIT) to claim the title of the world's largest institutional Bitcoin holder.

In an 8-K filing with the SEC on Monday, Strategy disclosed that it purchased 34,164 BTC between April 13–19 at an average price of $74,395 per coin. The total acquisition cost was approximately $2.54 billion. This brings Strategy's total holdings to 815,061 BTC, surpassing BlackRock IBIT's 802,823 BTC — a lead of roughly 12,000 BTC.

Third-Largest Single Purchase in Company History

This acquisition ranks as Strategy's third-largest single purchase on record and its largest weekly buy since November 2024. Prior to the purchase, Saylor posted a screenshot of his portfolio tracker on X (formerly Twitter) over the weekend with the caption "Think Even ₿igger" — a signal the market widely interpreted as a precursor to a major buy.

Approximately 85.7% of the funding, or $2.18 billion, was raised through the issuance of variable-rate perpetual preferred stock (STRC), with the remaining $366 million sourced from Class A common stock (MSTR) sales. Strategy is also pursuing a shift in STRC dividend payment frequency from monthly to semi-monthly. The annualized dividend yield stands at 11.5%.

First Lead Over IBIT Since Q2 2024

BlackRock's IBIT rapidly accumulated Bitcoin following the approval of spot Bitcoin ETFs, overtaking Strategy starting in Q2 2024 — at which point IBIT held approximately 273,000 BTC versus Strategy's roughly 214,400 BTC. Strategy has since aggressively accumulated approximately 80,000 BTC in 2026 alone, successfully closing and reversing that gap.

Strategy's total cost basis stands at approximately $61.56 billion, with an average acquisition price of $75,527 per BTC — placing it near breakeven relative to current Bitcoin prices (approximately $75,000–$76,000). Year-to-date BTC Yield is 9.5%.

"The Two Vehicles Are Fundamentally Different"

Markets are nonetheless drawing clear distinctions between the two entities. IBIT is a passive spot ETF that simply tracks the price of Bitcoin, whereas Strategy is an operating company that leverages equity offerings, convertible notes, and preferred stock issuances to finance its Bitcoin accumulation.

Since their respective listings, IBIT has returned approximately 55%, while MSTR has delivered roughly 250% — a premium attributable to its leveraged structure. Some analysts also note that BlackRock's decision to grow its MSTR equity stake rather than purchase IBIT directly has contributed to the slower pace of IBIT's Bitcoin accumulation.