Strategy has moved ahead of BlackRock’s iShares Bitcoin Trust (IBIT) in total bitcoin holdings. The shift follows months of steady buying during the recent bear market.
Strategy added bitcoin at regular intervals as prices fell. The firm kept its approach simple. It bought more when the market showed weakness and held its position through volatility. Public filings show that Strategy now holds more than 210,000 BTC as of early 2026. That puts it ahead of IBIT, which holds slightly less after a period of slower inflows.
IBIT grew fast after its launch in early 2024. It drew billions of dollars from retail and institutional investors. The fund tracks the price of Bitcoin and stores the asset on behalf of shareholders. At its peak, IBIT ranked as the largest single holder among public vehicles.
The gap narrowed during the downturn in late 2025. ETF inflows slowed as investors pulled back from risk assets. Strategy took the opposite path. It issued debt and used cash reserves to buy more bitcoin at lower prices. Each purchase increased its lead.
Strategy’s executive chairman, Michael Saylor, has defended the firm’s stance for years. He views bitcoin as a long-term store of value. His strategy rests on holding the asset through market cycles rather than trading short-term moves.
The comparison between a corporate holder and an ETF highlights two different models. Strategy acts as an operating company with a large bitcoin treasury. IBIT serves as an investment product that responds to investor flows. One buys based on internal decisions. The other grows or shrinks with demand.
What does this mean for the market? It shows that conviction can outweigh short-term sentiment. Strategy increased its position when prices dropped, and that decision changed the rankings.
Market conditions will shape what happens next. If ETF inflows return, IBIT could regain the top spot. If prices fall again, Strategy may add even more. Both paths depend on how investors view bitcoin in the months ahead.
