Strategi Mengungguli IBIT: Kepemilikan Bitcoin Terbesar Beralih, Pertarungan Struktural antara Treasury Perusahaan dan ETF

20 April 2026, Strategy (formerly MicroStrategy) submitted an 8-K filing to the U.S. Securities and Exchange Commission (SEC), disclosing the purchase of 34,164 bitcoins during April 13 to 19, with a total cost of approximately $2.54 billion, an average price of about $74,395 per bitcoin. This is the company’s largest weekly acquisition since November 2024, and the third-largest single purchase in its history measured in dollar amount.

After this increase, Strategy’s total bitcoin holdings reached 815,061 coins, with a cumulative investment of about $61.56 billion, and an average cost basis of approximately $75,527 per bitcoin. Based on the market price at that time, the holdings’ market value was about $61.2 billion, nearly breakeven overall.

More symbolically, this holding size officially surpasses BlackRock’s iShares Bitcoin Trust (IBIT), which holds about 802,823 coins, making Strategy the world’s largest single bitcoin holder again.

The core point of this event is not just the change in “who ranks first.” The deeper question is: why can a software company surpass the flagship ETF operated by the world’s largest asset management firm in terms of holdings? What fundamental differences exist between corporate treasury and ETF holdings in terms of profit logic, risk exposure, and market influence?

Based on Gate market data, as of April 22, 2026, bitcoin is quoted at $77,491.6, with a 24-hour trading volume of about $461 million, a market cap of approximately $1.49 trillion, and a market share of 56.37%.

From a 100,000 coin gap to overtaking completion

The competition between Strategy and BlackRock IBIT in bitcoin holdings is not a one-day event but a gradual approach over several months culminating in overtaking.

By the end of 2025, Strategy held about 672,500 BTC, while IBIT held about 773,990 BTC, a gap of roughly 100,000 coins. Entering 2026, Strategy’s incremental pace accelerated significantly. In the first quarter, the company added about 89,599 to 94,470 BTC, an increase roughly 40% of the total added in 2025, marking the second-largest quarterly acquisition in its history.

In mid-March, Strategy’s holdings were about 761,068 BTC, narrowing the gap with IBIT’s approximately 782,170 coins to about 21,102 coins. On April 2, the gap further shrank to about 16,000 coins. From April 6 to 12, Strategy increased holdings by about $1 billion to acquire 13,927 BTC, reaching a total of 780,897 coins, maintaining a gap of around 10,000 coins with IBIT.

Finally, after acquiring 34,164 BTC from April 13 to 19, the overtaking was completed.

Fundamental differences between the two holding modes

Comparing Strategy and BlackRock IBIT side by side appears to be a comparison of “holding quantity” between two institutions. But fundamentally, they are entirely different bitcoin exposure vehicles, with structural differences in capital nature, governance structure, and risk-return characteristics.

Core Data Comparison

Source: Strategy SEC filings.

Capital nature: active fundraising vs passive aggregation

Strategy’s incremental funds do not come from free cash flow of software operations but are raised through capital market financing tools. In this $2.54 billion acquisition, about 85% came from perpetual preferred stock STRC issuance, and about 15% from Class A common stock market sale. The STRC’s annualized dividend yield of about 11.5% attracts substantial institutional funds seeking stable returns.

BlackRock IBIT’s funding logic is entirely different. The ETF is a passive “container” that pools investor funds—its holdings depend on daily subscription and redemption activities. BlackRock itself does not determine IBIT’s pace of increase nor can it actively plan financing windows and buy-in timing like Strategy.

Profit and risk structure: leveraged exposure vs pure exposure

The difference in profit and risk structure between corporate treasury mode and ETF mode can be summarized as follows:

Strategy’s per-share BTC content has increased by 9.5% since the start of 2026, a return source that pure ETF holding cannot achieve. But this gain also comes with costs: rising financing costs, dilution of shareholder equity, and the amplification effects of leverage.

Since 2026, bitcoin prices have retreated from highs, with IBIT investors’ average purchase cost around $89,000 per coin. Currently, they face significant unrealized losses, but capital inflows remain net positive—mid-April, IBIT saw a weekly net inflow of $612 million, reflecting institutional investors’ strategy to lower costs during the correction.

Public opinion analysis: multiple perspectives on holding position shifts

Milestone symbolism

The market generally views Strategy surpassing IBIT as a landmark event—moving from about 100,000 coins difference at the end of 2025 to overtaking in 2026, with Strategy’s incremental speed about 7 times IBIT’s. This is interpreted as: the active, financing-driven corporate treasury model outperforms the passive accumulation ETF model in “fundraising efficiency.”

Cautious doubts about the sustainability of the model

Some analysts are cautious about the sustainability of Strategy’s financing model. As MSTR’s stock price relative to bitcoin’s net asset value narrows, the company has shifted from low-interest convertible bonds to high-cost perpetual preferred stock financing. The 11.5% annual dividend rate on STRC implies billions of dollars in annual interest costs—costs that require continuous bitcoin price appreciation to cover. If prices stagnate or decline long-term, the financing flywheel could reverse.

Moreover, Strategy currently holds about 76% of the bitcoin held by the listed company, forming a highly concentrated group within corporate treasury entities. This indicates that the corporate treasury mode has not expanded the institutional holder base as initially expected but has evolved into a concentration in a single entity.

Re-examining the decentralization value proposition

When a single entity holds close to 3.9% of circulating bitcoin supply, the market dynamics have shifted. Analysts point out that such concentration could impact decentralization: the decision-making behavior of this entity—whether to continue buying, pause, or eventually liquidate—will disproportionately influence price discovery. Strategy has publicly stated its goal to hold 10% of the total bitcoin supply.

Industry impact analysis: triple restructuring of institutional landscape

First layer: competition among institutions shifts from “ETF internal ranking” to “total cross-vehicle competition”

Previously, the competition in the spot bitcoin ETF market mainly involved asset managers like BlackRock and Fidelity. Strategy’s overtaking expands the competitive dimension from within ETF categories to a cross-mode contest between “corporate treasury vs ETF.” This prompts the market to reassess the different influences of various holding vehicles on price discovery.

Second layer: perpetual preferred stock as a financing tool for crypto assets gains market validation

Strategy raising $2.18 billion via STRC, which was converted into bitcoin within a week of issuance, demonstrates a new financing paradigm—using fixed-income products to attract traditional institutional funds and then allocating the capital into bitcoin. This model may be emulated by other corporate treasury firms.

Third layer: U.S. strategic bitcoin reserve expected to become a macro catalyst

In April 2026, a White House advisor confirmed that a strategic bitcoin reserve plan would be announced within two months, utilizing bitcoin confiscated by the U.S. government. This policy signal further reinforces bitcoin’s role as a strategic asset, providing macro-level narrative support for inflows into corporate holdings and ETFs.

Conclusion

Strategy surpassing BlackRock IBIT marks a new phase in bitcoin holding patterns. The two modes—corporate treasury and ETF—represent active financing-driven and passive fund aggregation paths, respectively, each with advantages and disadvantages in profit and risk features. Currently, bitcoin prices hover around $75,000 to $78,000, close to Strategy’s average cost basis. The subsequent price trend will largely determine the financial sustainability of its treasury model. As the White House’s strategic bitcoin reserve plan approaches announcement, macro narrative shifts could also introduce new variables into this competition.