MSTR Closing Gap With BlackRock’s IBIT In Race For Largest Bitcoin Treasury

Strategy might swiftly close the deficit by buying 40,774 BTC, worth $2.88 billion, at $70,539 per BTC.

• BlackRock’s Bitcoin ETF holds $55.1 billion, while Strategy holds about $52.2 billion, with a difference of around 40,700 BTC.
• However, Strategy has displayed greater volatility and the potential for higher returns than BlackRock’s Bitcoin ETF.
• In terms of year-to-date returns, BlackRock’s Bitcoin ETF is at negative 18%, and MSTR is at negative 8%.

In the race to become the largest Bitcoin treasury, Strategy Inc. (MSTR) is slowly closing the gap with BlackRock's iShares Bitcoin Trust (IBIT). 

The most recent reports indicate that BlackRock's IBIT holds 779,504 BTC, worth about $55.1 billion, and Strategy holds 738,731 BTC, worth about $52.2 billion. The difference between the two is only about 40,700 BTC, which is a small amount given how large their holdings are and how quickly they are both adding to their cryptocurrency holdings.

MSTR Has Greater Upside In Terms Of Returns

The competition between the corporate Bitcoin holder and the world's biggest asset manager has also drawn attention to how well each is performing in terms of returns. 

According to TotalReturns, when looking at total return charts comparing MSTR and IBIT, one can note that Strategy's stock has historically been much more volatile and has had a greater upside during Bitcoin (BTC) rallies. This is because Strategy is leveraged through corporate treasury strategy and debt financing. IBIT, on the other hand, is a spot ETF that tracks Bitcoin's price more closely. This gives investors direct exposure to the cryptocurrency with less extreme price changes. So far in 2026, IBIT has a negative return of over 18%, while MSTR has a negative return of over 8% year-to-date. 

The most recent Bitcoin purchase by Strategy was on March 9, when Chairman Michael Saylor announced that the company was adding more BTC to its treasury as part of its ongoing strategy to build up its assets. 

BlackRock's IBIT is still buying Bitcoin through its ETF structure, on the other hand. Arkham Intelligence data shows that the fund's most recent purchase was yesterday, when it bought about $21.81 million worth of Bitcoin through Coinbase, the ETF's main custodian and trading partner. 

Strategy (MSTR) was down 0.91% in the after-hours, while BlackRock's iShares Bitcoin Trust (IBIT) was down 0.35% in the after-hours. On Stocktwits, retail sentiment around MSTR remained in ‘bullish’ territory, as chatter levels improved from ‘low’ to ‘normal’ over the past day.

While retail sentiment around IBIT improved from ‘bearish’ to ‘neutral’ territory, as chatter levels changed from ‘normal’ to ‘high’ over the past day.

How MSTR And IBIT Buy Bitcoin?

The two entities also buy Bitcoin in very different ways. 

Strategy usually buys Bitcoin using corporate financing tools such as convertible debt and equity-linked offerings. One of its newest ways is through STRC, a capital instrument the company uses solely to buy more Bitcoin.

BlackRock's method is different because its Bitcoin purchases are directly linked to ETF inflows. When people buy shares of IBIT, authorized participants send cash to the fund, which then buys Bitcoin on the market, mostly through Coinbase (COIN), to keep the ETF backed by real Bitcoin holdings.

Can MSTR Outpace BlackRock’s IBIT Soon?

At the current price of Bitcoin, $70,539, if Strategy makes a large purchase of 40,774 BTC, valued at $2.88 billion, when ETF inflows slow down, the company could quickly close the gap.
This is because IBIT's purchases are based on how many ETF shares people want, so Strategy's more aggressive and flexible treasury strategy could help it beat BlackRock in the race to have the biggest corporate Bitcoin treasury. However, it seems unlikely, given IBIT has seen an inflow of $144 million as of Friday.

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