Strategy Surpasses BlackRock Becoming Largest Bitcoin Holder

Background and Context

Strategy’s latest surge past BlackRock stems from its relentless Bitcoin buying. Between April 13 and April 19, the company purchased 34,164 BTC for approximately $2.54 billion at an average price of $74,395 per coin. The firm funded this acquisition primarily through at-the-market equity offerings.

At the same time, BlackRock’s IBIT added around 11,000 BTC through steady investor inflows. However, Strategy’s capital-raising approach, including common stock issuance and STRC preferred shares, has accelerated its pace beyond ETF flows. As a result, the gap widened quickly in recent weeks.

This leadership shift has occurred before. In March 2024, shortly after U.S. regulators approved spot Bitcoin ETFs, MicroStrategy first surpassed BlackRock with roughly 205,000 BTC compared to IBIT’s 197,943 BTC. Later in mid-2025, BlackRock regained the lead as ETF inflows surged. However, Strategy closed the gap again in early 2026 through consistent multi-thousand BTC purchases.

Previously, when Strategy took the lead in 2024, markets reacted positively. Bitcoin prices moved higher, while Strategy’s stock rallied sharply. Therefore, investors viewed the event as validation of the corporate Bitcoin treasury model, which attracted fresh capital into both equities and crypto markets.

Current Market Reaction

Following the April 20 disclosure, Strategy shares opened slightly lower in pre-market trading. Investors showed caution due to ongoing equity dilution and the company’s reliance on capital markets for funding.

However, Bitcoin held steady near $75,000. Analysts interpreted the development as a bullish signal that demand for direct BTC exposure remains strong. At the same time, sentiment trackers reported growing discussion around supply shock dynamics.

Notably, Strategy now controls nearly 3.88 percent of Bitcoin’s total supply. Consequently, this concentration tightens available liquidity outside ETF structures and reinforces scarcity narratives in the market.

Implications and Outlook

This development strengthens Strategy’s position as a pioneer in adopting Bitcoin as a primary reserve asset. Moreover, Saylor’s team continues to target a 1 million BTC holding by the end of 2026.

At the same time, the shift highlights a structural divergence. Corporate treasuries such as Strategy represent high-conviction, long-term accumulation strategies. In contrast, BlackRock’s IBIT offers liquid and diversified exposure that appeals to traditional investors.

Looking ahead, both entities will likely continue accumulating Bitcoin. Therefore, Strategy surpasses BlackRock could mark the beginning of a prolonged institutional race for scarce BTC supply. Market participants will closely monitor upcoming purchases and ETF flows to determine whether Strategy can extend its lead or if BlackRock regains dominance through renewed inflows.