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I recently noticed an interesting phenomenon: Strategy’s progress in Bitcoin holdings is truly impressive. Data from last month showed that they had already narrowed the gap with BlackRock’s IBIT to just 21,102 BTC, with holdings of 761,068 versus 782,170 BTC.
Even more striking is the pace of buying over the past two weeks. Strategy snapped up 40,331 BTC in one go, spending nearly $2.85 billion—this is the largest scale of continuous purchases this year. At this rate, they’re estimated to surpass BlackRock’s holdings within one or two weeks.
The source of the funds behind this is also quite interesting—it's mainly supported by demand for STRC preferred shares. This round of financing raised $1.18 billion, covering roughly 75% of the purchase cost, equivalent to buying 16,753 BTC. Strategy’s Bitcoin strategy manager calls this model “the most aggressive financial engineering,” and it’s genuinely pushing the boundaries of Bitcoin capital formation.
It looks like BlackRock’s top seat may be about to change hands—this Bitcoin holdings race is pretty intriguing, after all.