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.