A $2.54 billion buy last week pushed Strategy’s total past 780,897 BTC to more than any spot ETF on the planet.
For the first time since Bitcoin ETFs launcher, a corporate treasury owns more of the asset than BlackRock does.
Strategy bought 34,164 BTC between April 13 and April 19 at an average of $74,395 per coin, spending $2.54 billion in total, the firm's third largest single purchase on record and it's biggest weekly haul since November 2024. Total holdings now sit at 815,061 BTC.
That stack is now larger than BlackRock's iShares Bitcoin Trust which held 802,823 BTC as of it's latest disclosure. It's the first time in the ETF era that a single corporate treasury has overtaken the world's largest spot Bitcoin fund.
The method in Strategy getting to this level matters as much as the size it has accumulated. Last week's purchases were funded through sales of the company's perpetual preferred stock, STRC, and common stock, meaning Strategy added $2.54 billion in Bitcoin without touching it's core MSTR shares.
The company has now spent an estimated $61.56 billion on Bitcoin since it began buying in 2020, at an average cost of $75,527 per coin. With BTC currently trading around thesame level, the position sits essentially at break even but the bet is clearly a long one.
Not everyone sees the move as a positive signal. Early Uber Investor Jason Calacanis publicly questioned whether Bitcoin's current price is being propped up by Strategy's accumulation, pointing to an estimate suggesting BTC could be $10,000 to $20,000 lower without the $61 billion Saylor has injected into the market since 2020.
MSTR shares were down 2.5% in pre-market trading following the announcement. The purchase also lands in a week where Bitcoin has been leaning heavily on the $75,000 level for support. Crypto-related stocks took a broader hit on Tuesday, with Coinbase falling more than 6%, Robinhood down 4.5%, and Circle dropping 8.3%, all pressured by developments in Washington that had nothing to do with Saylor.
Still the milestone itself is hard to ignore. When Strategy started buying Bitcoin in 2020, the idea that a single company would one day hold more of the asset than BlackRock's flagship ETF would have sounded impossible and right now the market doesn't know if to take this signal as bullish or just another news in the bear season.