Strategy Surpasses BlackRock Bitcoin Holdings With 815,061 BTC Stash

Strategy surpasses BlackRock bitcoin holdings after Michael Saylor’s firm scooped another 34,164 BTC, lifting its total stash to 815,061 BTC as of April 17. The race to see who corners Bitcoin is over, for now. BlackRock’s iShares spot bitcoin fund sits at 802,823 BTC, according to a Yahoo Finance tally of both stacks. That is a gap of roughly 12,238 coins, which sounds small until you price it out at current levels. The flip matters less for the numbers and more for what it says about who actually has conviction when price is ugly.

Strategy Surpasses BlackRock Bitcoin Holdings After Fresh 34,164 BTC Sweep

Saylor’s firm, rebranded from MicroStrategy last year, now holds more BTC than any other single vehicle on the planet. The latest Strategy bitcoin purchase cost roughly $2.54 billion at an average entry of $74,395 per coin. It is the company’s largest acquisition since November 2024 and its third-biggest weekly buy ever recorded.

The timing is the loud part. Bitcoin is down almost 50% from its all-time high of $126,000. Retail has gone quiet. Half the crypto Twitter crowd has pivoted to gold or AI stocks. And here comes Strategy, writing a ten-figure check like nothing is wrong.

Call it conviction or call it a pot-committed bet. Either way, the corporate bid is still here when the ETF bid has cooled.

This brings an end to the period of unrealized losses that started in early February this year. As of today, Strategy has once again projected profits of $242 million.

How Big Is Strategy’s Bitcoin Stash Now?

Strategy now controls 815,061 BTC, which works out to just over 4% of all Bitcoin that will ever exist. The firm has said publicly it wants to own somewhere between 5% and 7% of circulating supply. At current accumulation speed, that target is no longer a fantasy spreadsheet number. It is a road map.

Think about what that actually means. A single Virginia-based software company, originally in the business intelligence market, now owns more Bitcoin than any sovereign wealth fund, any central bank that has publicly disclosed, and any other corporate treasury combined. The average buy price across the whole stack sits at $75,527.

That is the figure that matters most. For months, Bitcoin traded below that line and Strategy was underwater on a mark-to-market basis. Critics piled on. The short interest in MSTR shares spiked. Then price came back, and the noise went quiet again. Classic Saylor.

• Total holdings: 815,061 BTC
• Average cost basis: $75,527 per coin
• Share of total Bitcoin supply: over 4%
• Stated target: 5% to 7% of circulating supply
• Current unrealized gain: about $242 million

BlackRock’s Spot Bitcoin Fund Still Has 802,823 BTC, And Room to Run

Do not read this as BlackRock losing. The asset manager’s spot bitcoin fund, which launched in January 2024 and became the fastest-growing ETF in history, still holds 802,823 BTC as of April 17. That number represents hundreds of thousands of end investors, pension funds, RIAs, and retail brokerage accounts piling into a single wrapper.

Strategy is one company with one CEO betting the balance sheet. BlackRock’s fund is a distribution machine routing money from every corner of traditional finance. Different animals.

What the flip really tells you is that ETF inflows have slowed. When the launch was fresh and price was ripping, BlackRock’s vehicle was adding thousands of coins a week. That pace has compressed hard in 2026. Meanwhile Saylor keeps buying whether price is up, down, or sideways. One is a faucet that tracks sentiment. The other is a firehose that tracks the CEO’s conviction.

What Does This Mean for the Bitcoin Price Cycle?

Short answer: corporate demand is not dead, but it is not pulling Bitcoin out of its current hole either. Price has bounced back above Strategy’s realized price of $75,527, which ends the firm’s stretch of paper losses that started in early February. Yet on-chain analysts are not calling an all-clear.

Data platform Alphractal pointed out that the Short-Term Holder Realized Price still sits above the Long-Term Holder Realized Price, the exact opposite of what marks a confirmed bear-market bottom historically. Every previous cycle ended only after STH realized price dropped under the LTH line. That crossover has not happened this time.

Translation for anyone holding bags: the recent bounce might be a relief rally inside a longer correction, not the start of the next leg up. Saylor is buying anyway. That is either genius or reckless. Probably both.

The bear market will only end when the STH Realized Price drops below the LTH Realized Price.

Why Institutional Accumulation Keeps Grinding Through the Drawdown

Here is the cynical read. Corporate treasuries that bought Bitcoin in 2024 and 2025 at much lower prices have huge embedded gains, even after the 50% drop. Selling would crystallize tax liabilities and rattle the thesis they sold shareholders. Holding is easier than unwinding.

Here is the optimistic read. These firms genuinely believe fiat debasement continues, the US fiscal picture keeps worsening, and Bitcoin is the cleanest long-duration hedge available at scale. Gold works, but you cannot beam it through a wire in thirty minutes.

Both reads point to the same outcome. Corporate BTC is sticky. It does not trade on sentiment. That is why the Strategy vs BlackRock flip matters. One type of holder sells when risk-off sentiment hits. The other type keeps adding. Over a long enough horizon, sticky holders win the supply fight by default.

• Corporate treasuries face tax and reputation friction when selling
• ETF holders rotate in and out based on market sentiment
• Sticky supply concentration reduces available float over time
• Float compression amplifies the next demand shock, whenever it arrives

This article is for informational purposes only and does not constitute investment advice. Every investment and trading decision involves risk. Readers should conduct their own research before making any financial decisions.