Strategy Overtakes BlackRock as World’s Largest Institutional Bitcoin Holder

Strategy (formerly MicroStrategy) has surpassed BlackRock’s iShares Bitcoin Trust (IBIT) to turn into the world’s largest institutional holder of Bitcoin, marking the first time since Q2 2024 that a corporate treasury has topped a flagship Bitcoin ETF in holdings. The milestone follows a $2.54 billion Bitcoin purchase in April 2026 that increased Strategy’s total holdings to 815,061 BTC, edging past IBIT’s 802,824 BTC.

This development ends BlackRock’s two-year reign as the largest institutional Bitcoin holder, a position IBIT secured after its January 2024 launch and sustained through strong ETF inflows. However, Bitcoin’s nearly 40% decline from its October 2025 peak prompted many institutions to reduce exposure, while Strategy continued accumulating through the bear market.

How Strategy Built Its Bitcoin Position

Strategy’s accumulation strategy relies on financial engineering tools including at-the-market (ATM) equity issuance, convertible debt, and perpetual preferred securities to acquire Bitcoin in a leveraged manner. The company began 2026 with 189,150 BTC and added nearly 80,000 BTC during the year through the sale of its STRC preferred stock.

This approach differs fundamentally from IBIT, which operates as a traditional spot Bitcoin ETF that holds Bitcoin directly on behalf of shareholders. While IBIT became the fastest ETF in history to reach $70 billion in assets and remains a top revenue driver for BlackRock, its growth slowed in 2026 as market conditions turned challenging.

Market Implications and Future Outlook

Strategy’s investor presentation has disclosed a conditional trigger: the company will begin selling Bitcoin if its market capitalization ever falls below the value of its Bitcoin holdings. This mechanism could potentially flip Strategy from Bitcoin’s largest institutional buyer to its largest seller under certain market conditions.

The narrow margin of Strategy’s lead—approximately 12,000 BTC—highlights how closely the two institutions now compete for the top position. While symbolically significant as the first corporate treasury to exceed a major Bitcoin ETF since 2024, the absolute difference remains relatively slight in the context of total institutional Bitcoin holdings.

As of April 2026, Strategy’s achievement underscores the divergent paths institutions have taken in navigating Bitcoin’s volatility, with traditional ETFs facing headwinds from market downturns while certain corporate entities continue to employ aggressive accumulation strategies regardless of price direction.

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Key Takeaways

• Strategy now holds 815,061 BTC, surpassing BlackRock’s IBIT (802,824 BTC) for the first time since Q2 2024.
• The milestone resulted from a $2.54 billion Bitcoin purchase in April 2026.
• Strategy added nearly 80,000 BTC in 2026 through the sale of STRC preferred stock.
• IBIT had been the largest institutional Bitcoin holder for two years following its January 2024 launch.
• Strategy uses financial engineering (ATM issuance, convertible debt, preferred securities) for leveraged Bitcoin accumulation.
• The company may sell Bitcoin if its market cap falls below the value of its Bitcoin holdings.

Frequently Asked Questions

What is Strategy’s current Bitcoin holding?

Strategy holds 815,061 BTC as of April 2026, making it the world’s largest institutional Bitcoin holder.

How much Bitcoin does BlackRock’s IBIT hold?

BlackRock’s iShares Bitcoin Trust (IBIT) holds 802,824 BTC as of April 2026.

How did Strategy surpass IBIT in Bitcoin holdings?

Strategy surpassed IBIT through a $2.54 billion Bitcoin purchase in April 2026, adding nearly 80,000 BTC during 2026 via the sale of its STRC preferred stock.

What is different about Strategy’s approach compared to IBIT?

Strategy is an operating company that uses financial engineering tools like ATM equity issuance, convertible debt, and perpetual preferred securities to accumulate Bitcoin in a leveraged manner. IBIT is a traditional spot Bitcoin ETF that holds Bitcoin directly for shareholders.

Will Strategy continue buying Bitcoin?

Strategy has stated it will begin selling Bitcoin if its market capitalization ever falls below the value of its Bitcoin holdings—a condition that could reverse its role from major buyer to seller in the market.