Strategy (MSTR) is About to Have More Bitcoin Than BlackRock’s IBIT

Strategy (MSTR) is rapidly closing the gap with BlackRock’s iShares Bitcoin Trust (IBIT) in Bitcoin reserves, potentially surpassing it within weeks. Current data shows IBIT holding about 781,000 BTC versus Strategy's 761,000 BTC, a difference of around 40,000 BTC that Strategy is rapidly closing. This divergence stems from their acquisition models: IBIT's holdings fluctuate with ETF investor inflows/outflows, whereas Strategy funds direct Bitcoin purchases by issuing equity and preferred shares, allowing it to acquire BTC independently of ETF demand cycles. Strategy has been aggressive, buying 40,332 BTC in the first two weeks of March 2026 alone. The company frames its performance around Bitcoin accumulation, viewing "BTC Gain" as a proxy for net income. Meanwhile, Bitcoin itself has seen a strong March, posting eight consecutive days of gains and recovering from a February low near $63,000 to trade near $73,800, outperforming gold and the S&P 500.

(Source：Bitcoin Magazine)