Strategy Buys 34,164 BTC, Retakes No.1 From BlackRock 

Image credit: Strategy

Strategy has reclaimed the title of largest corporate Bitcoin holder from BlackRock’s iShares Bitcoin Trust. The company disclosed a purchase of 34,164 BTC for approximately $2.54 billion at an average price of $74,395 per coin, bringing its total holdings to 815,061 BTC and moving it back ahead of the world’s largest spot Bitcoin ETF.

IBIT Had Held the Lead for More Than a Year

BlackRock’s IBIT held 802,824 BTC as of April 20, leaving Strategy ahead by roughly 12,200 coins following the announcement. The reversal ends a stretch of dominance that began when IBIT surpassed Strategy’s holdings during Q1 2024 as ETF inflows accelerated following the fund’s January launch. 

That gap persisted until this week’s purchase returned Strategy to the top of the rankings. At its peak lead, IBIT held approximately 273,000 BTC by early Q2 2024 and continued growing as one of the fastest-growing ETFs in its first year of trading. 

Capital Markets Activity Financed the Acquisition

The April 20 purchase was funded primarily through capital raised in the market during the preceding week. According to Strategy’s latest 8-K filing, the company sold 21,795,389 shares of its STRC perpetual preferred stock between April 13 and April 19, generating approximately $2.18 billion in net proceeds. 

An additional $366 million was raised through sales of MSTR common shares over the same period, bringing the combined total to roughly $2.55 billion, closely matching the disclosed cost of the BTC acquired.

Strategy has used a mix of preferred stock and common equity issuances to fund its Bitcoin purchases rather than relying on operating cash flows. The company has added nearly 80,000 BTC in 2026 ahead of this week’s announcement, continuing to buy into price weakness rather than pulling back during downturns.

Holdings Sit at Slim Unrealized Profit as Bitcoin Trades Near Cost Basis

Strategy’s total Bitcoin position has been accumulated for approximately $61.56 billion at an average cost of $75,527 per coin. With Bitcoin trading near $76,000 at press time, the company’s holdings sat in slight unrealized profit. This is a narrow margin that reflects the timing of this week’s purchase during a broader crypto market pullback.

Saylor Reiterates Commitment to Continued Buying

Saylor has said publicly that the company intends to keep buying regardless of short-term price movements. Earlier in April, Strategy reiterated its commitment to ongoing acquisition through its ATM equity and preferred stock programs.

The company’s 815,061 BTC position now sits just above its average cost basis of $75,527 per coin, leaving a narrow buffer at current prices. How long Strategy maintains its lead over IBIT will depend on both its continued access to capital markets and whether ETF inflows accelerate again, a competitive dynamic that has defined the race for Bitcoin holdings dominance since early 2024.