Strategy (MSTR) overtakes BlackRock's IBIT after aggressive bear market buying
CoinDesk
MicroStrategy has surpassed BlackRock's IBIT in total bitcoin holdings after leveraging financial tools to aggressively accumulate BTC during a market downturn.Summary
MicroStrategy (MSTR) has overtaken BlackRock's iShares Bitcoin Trust (IBIT) as the largest holder of bitcoin, with 815,061 BTC compared to IBIT's 802,824 BTC. This milestone marks a shift in leadership, as MicroStrategy utilized aggressive acquisition strategies and financial engineering—such as perpetual preferred securities and convertible debt—to increase its holdings significantly during the 2026 bear market. While BlackRock's IBIT operates as a passive spot ETF, MicroStrategy acts as an operating company with a leveraged structure that has driven higher returns, with shares rising approximately 250% since early 2024 compared to IBIT's 55% gain.
(Source：CoinDesk)