MicroStrategy Becomes Largest Bitcoin Holder, Overtakes BlackRock’s IBIT

MicroStrategy Inc. (MSTR) has officially become the largest single holder of Bitcoin (BTC), surpassing BlackRock’s iShares Bitcoin Trust (IBIT). The business intelligence firm now holds an impressive 815,061 BTC, exceeding IBIT’s estimated 806,178 BTC and strengthening its position as a dominant force in the cryptocurrency market.

The milestone follows MicroStrategy’s recent acquisition of 34,164 BTC, purchased for approximately $2.54 billion between April 14 and April 20. This aggressive accumulation strategy highlights the company’s continued confidence in Bitcoin as a long-term store of value and investment asset. With its growing reserves, MicroStrategy is rapidly approaching the estimated 1.096 million BTC attributed to Bitcoin’s anonymous creator, Satoshi Nakamoto.

According to Alex Thorn, Head of Firmwide Research at Galaxy Digital, MicroStrategy’s Bitcoin holdings are on a trajectory that could surpass Satoshi’s stash within the next two years. Based on current buying patterns, Galaxy Research suggests this milestone could be reached as early as November 2026. The company funds these purchases primarily through at-the-market equity offerings, including its STRC preferred stock, which offers an annualized yield of 11.5%.

MicroStrategy Executive Chairman Michael Saylor further fueled market optimism by posting “Winter’s Over” on social media, signaling a potential recovery in the crypto market. His bullish stance aligns with the company’s ongoing strategy of leveraging Bitcoin as a core treasury asset.

However, not everyone is convinced. Gold advocate Peter Schiff criticized MicroStrategy’s approach, labeling the STRC structure as similar to a Ponzi scheme. Schiff argued that dividend payments rely heavily on continuous capital inflows rather than sustainable revenue. Despite these concerns, MicroStrategy has disclosed such risks in its SEC filings. Saylor has defended the strategy, stating that Bitcoin only needs to appreciate by 2.05% annually to sustain dividend obligations.

As MicroStrategy continues to accumulate Bitcoin at scale, its strategy remains a focal point in discussions around institutional crypto adoption, market stability, and long-term Bitcoin investment trends.