Strategy Inc. (NASDAQ:MSTR) now holds 815,061 BTC, surpassing BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) at 802,824 BTC for the first time since Q2 2024.

How Strategy Pulled Ahead

Strategy held 189,150 BTC at the start of Q1 2024.

IBIT surpassed it by early Q2 with roughly 273,000 BTC compared to Strategy’s 214,400 BTC, a lead which IBIT consistently maintained until now.

Strategy pulled ahead by aggressively accumulating nearly 80,000 BTC in 2026 while Bitcoin fell over 50% from its October all-time high. 

The company’s recent purchase of 34,164 BTC—the third-largest on record, brought total holdings to 815,061 BTC, creating a gap of more than 12,000 BTC over IBIT.

The STRC Funding Engine

The perpetual preferred equity STRC has been Strategy’s key differentiator, providing a scalable source of capital that funded a significant portion of recent Bitcoin accumulation.

The stock pays monthly dividends and currently offers an annualized rate of 11.5%.

Strategy uses financial engineering including at-the-market equity issuance, convertible debt, and perpetual preferred securities to accumulate Bitcoin in a leveraged manner. 

IBIT, by contrast, is a spot ETF designed to passively track Bitcoin’s price without leverage or corporate risk.

IBIT has gained around 55% since listing in January 2024, while Strategy has risen roughly 250%, driven by its leveraged structure.

MSTR’s Cup And Handle Breakout

A cup and handle pattern formed almost perfectly from February to April. 

The cup scoops from $107 at the lows and curves back up to the $164-$165 neckline. Last week’s breakout candle cleared it decisively.

The measured move from this cup targets $220-$230, which lines up with the 200 EMA at $207.21 as the first major stop along the way.

All EMAs are now below price—20 EMA at $140.22, 50 EMA at $141.57, 100 EMA at $164.45—swept in one week. The SAR at $127.69 sits far below, confirming trend reversal.

Key support sits at $164.45 (100 EMA), then $141.57 (50 EMA). 

Meanwhile, resistance clusters at $180, then $207.21 (200 EMA), then $220-$230 (cup target).

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