The next set of catalysts to track:The **April 28 weekly disclosure window** for Strategy's next purchase update.**IBIT daily flows** on the Farside Investors tracker — whether the 8-day streak extends.The **next STRC issuance announcement**, which would signal whether the 1M BTC target is accelerat

Strategy Overtakes BlackRock IBIT to Become Largest Bitcoin Holder With 815,061 BTC

Q: What the Holdings Flip Means for ETF Narratives

Spot Bitcoin ETFs in the United States now hold a combined $105.28 billion in assets, with cumulative net inflows above $53 billion since the January 2024 launch — more than triple the $15 billion ceiling many sell-side analysts predicted before launch.But the IBIT-versus-Strategy comparison cuts in

Q: How much Bitcoin does Strategy own as of April 2026?

Strategy holds 815,061 BTC, valued at roughly $64 billion at $79,000 per coin. The cost basis sits near $61.56 billion (average price ~$75,500 per coin).

Q: How does Strategy fund its Bitcoin purchases?

Strategy primarily uses STRC, a perpetual preferred stock that pays an 11.5% dividend and trades around $100 per share. STRC issuance does not dilute regular MSTR shareholders and provides a steady source of capital.

Q: What is Strategy's target Bitcoin holding by year-end?

Saylor has publicly targeted 1 million BTC by the end of 2026. That implies roughly $14–$16 billion in additional purchases over the next eight months, or approximately $540 million in weekly STRC issuance to fund those buys.

Strategy (formerly MicroStrategy) bought 34,164 BTC for $2.54 billion between April 13 and April 19, lifting holdings to 815,061 BTC and overtaking BlackRock's IBIT as the world's largest single Bitcoin holder.

Michael Saylor's Strategy — the company formerly known as MicroStrategy — has reclaimed a title it had not held in nearly two years: largest single Bitcoin holder on the planet. A $2.54 billion purchase disclosed on April 21, 2026 lifted the firm's treasury to 815,061 BTC, edging past BlackRock's iShares Bitcoin Trust (IBIT), which held 802,823 BTC as of April 17.

The flip is more than a leaderboard story. It signals that a single corporate treasury, financed through a creative preferred-stock structure, can outpace the largest spot Bitcoin ETF in the world during a sideways market.

The $2.54 Billion Purchase, Broken Down

Strategy bought 34,164 BTC between April 13 and April 19 at an average price of $74,395 per coin, according to its disclosure to the SEC and confirmed by [CoinDesk](https://www.coindesk.com/markets/2026/04/21/strategy-overtakes-blackrock-ibit-in-bitcoin-holdings-after-bear-market-buying). It was the third-largest buy in Strategy's history and its biggest weekly accumulation since November 2024.

The total stack now sits at 815,061 BTC at a combined cost basis of roughly $61.56 billion — about 3.9% of all Bitcoin in circulation, per [Phemex](https://phemex.com/blogs/strategy-overtakes-blackrock-largest-bitcoin-holder).

For context, IBIT pulled in roughly $8.4 billion in net flows during the first quarter of 2026, which translated into approximately 80,000 BTC added to the trust. Strategy added a comparable amount over a similar period — but funded almost entirely through fresh preferred-stock issuance rather than open-ended fund creations.

How Saylor Funds Buys at This Scale

Strategy's funding mechanism in 2026 is not the convertible-debt playbook that defined 2020–2023. The current driver is STRC, a perpetual preferred stock issued in late 2025. STRC pays an 11.5% annual dividend, trades near $100 per share, and gives Strategy a steady source of capital that does not dilute regular MSTR shareholders.

The math is straightforward: at the current pace of issuance, Strategy needs roughly $540 million in fresh STRC sales per week to hit the publicly stated goal Saylor has reiterated multiple times this year — owning 1 million BTC by the end of 2026.

That target now requires roughly 184,939 more coins over eight months. At current prices, that is somewhere between $14 billion and $16 billion of additional buying.

What the Holdings Flip Means for ETF Narratives

Spot Bitcoin ETFs in the United States now hold a combined $105.28 billion in assets, with cumulative net inflows above $53 billion since the January 2024 launch — more than triple the $15 billion ceiling many sell-side analysts predicted before launch.

But the IBIT-versus-Strategy comparison cuts in a useful direction for crypto-native readers. ETFs aggregate flows across thousands of allocators, mostly via wirehouses and registered investment advisors. A single corporate treasury that out-accumulates the largest of those vehicles for a full quarter is a fundamentally different signal: it implies that the marginal long-term buyer of Bitcoin in 2026 is willing to issue securities specifically designed to monetize a 24/7 spot market.

That is a structurally bullish shift, even when the spot price is stuck between $77,000 and $80,000.

Market Reaction So Far

Bitcoin was trading near $79,000 at the time of the announcement, with intraday highs probing the $80,000 resistance that has capped multiple rallies in April. Shares of Strategy (MSTR) reacted positively in pre-market on April 22 before drifting back into a tight range.

Notably, the announcement came against a backdrop of eight consecutive days of net inflows into spot Bitcoin ETFs, totaling roughly $2 billion. BlackRock's IBIT contributed about $1.4 billion of that figure, and posted its best single-day intake since March on April 24 ($269 million), per [Bitcoin Magazine](https://bitcoinmagazine.com/news/spot-bitcoin-etfs-cross-1b).

In other words, IBIT did not slow down — Strategy simply accelerated.

Risks to Consider

Two structural risks deserve attention.

First, the STRC funding mechanism is sensitive to interest rates and credit spreads. If risk appetite for high-coupon perpetual preferreds compresses, Strategy's cost of capital rises and the buying cadence slows. The 11.5% dividend is supportive today, but is not a free lunch.

Second, concentration risk continues to grow. With 3.9% of the total Bitcoin supply now sitting in a single corporate treasury, governance, custody, and balance-sheet liquidation scenarios become more material — both for Strategy holders and for the broader Bitcoin market.

What to Watch Next

The next set of catalysts to track:

The **April 28 weekly disclosure window** for Strategy's next purchase update.
**IBIT daily flows** on the Farside Investors tracker — whether the 8-day streak extends.
The **next STRC issuance announcement**, which would signal whether the 1M BTC target is accelerating.
The **SEC's Regulation Crypto** rule, currently at OIRA review, which could reshape disclosure requirements for crypto-heavy treasuries.

Frequently Asked Questions

How much Bitcoin does Strategy own as of April 2026?

Strategy holds 815,061 BTC, valued at roughly $64 billion at $79,000 per coin. The cost basis sits near $61.56 billion (average price ~$75,500 per coin).

How does Strategy fund its Bitcoin purchases?

Strategy primarily uses STRC, a perpetual preferred stock that pays an 11.5% dividend and trades around $100 per share. STRC issuance does not dilute regular MSTR shareholders and provides a steady source of capital.

Why is Strategy overtaking BlackRock's IBIT considered significant?

IBIT is the largest spot Bitcoin ETF in the world and aggregates flows from thousands of allocators. A single corporate treasury outpacing it implies that long-term, conviction-driven buying — funded by purpose-built securities — can absorb supply faster than diversified ETF flows during sideways markets.

What is Strategy's target Bitcoin holding by year-end?

Saylor has publicly targeted 1 million BTC by the end of 2026. That implies roughly $14–$16 billion in additional purchases over the next eight months, or approximately $540 million in weekly STRC issuance to fund those buys.

Bottom Line

Strategy's flip past IBIT is the clearest signal yet that the institutional Bitcoin bid in 2026 is not just diversified ETF demand — it is also a focused, balance-sheet-engineered accumulation campaign. For traders, the immediate effect is a steady absorption of supply into an inelastic holder. For long-term investors, the implication is structural: the marginal buyer of Bitcoin is increasingly willing to issue securities to *acquire and hold* coins indefinitely.

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Investment Disclaimer: This article is for informational purposes only and does not constitute financial, investment, legal, or tax advice. Cryptocurrency investments are highly volatile and may result in the loss of principal. Always perform your own research and consult a licensed advisor before making investment decisions. BitcoinMastery does not hold a position in MSTR or in any of the securities mentioned and receives no compensation from issuers covered.