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ToggleIn the institutional battles of the cryptocurrency market, Strategy Inc. (formerly MicroStrategy), led by Michael Saylor, has once again demonstrated its strong ambition to become an "unlimited buyer of Bitcoin."
According to the latest data, this largest corporate Bitcoin vault in the world is rapidly closing in on the dominant position of traditional financial giant BlackRock.
The gap is only 21,000 tokens! Strategy is buying like crazy.
According to data tracked by Bitcoin Treasuries, as of March 19, 2026, Strategy's total Bitcoin holdings had surged to 761,068 BTC , with a total value of approximately $56.2 billion. Meanwhile, BlackRock's iShares Bitcoin Trust (IBIT) spot ETF held approximately 782,170 BTC.
The gap between the two has narrowed significantly to approximately 21,102 BTC. Analysts point to Strategy's extremely aggressive buying spree over the past two weeks—the company has spent approximately $2.85 billion to purchase 40,331 BTC, marking its largest purchase since January 2026. At the current pace, the market expects Strategy to officially surpass BlackRock within the next one to two weeks.
Financial engineering takes center stage: STRC preferred stock becomes a money-printing machine.
Strategy's ability to continuously "accumulate" tokens despite market volatility is attributed to its increasingly sophisticated financial engineering techniques. Unlike BlackRock's IBIT, which relies on passive cash flows from investor subscriptions/redemptions, Strategy actively raises funds to buy tokens by issuing stocks and convertible bonds.
The recent wave of large-scale acquisitions was primarily funded by strong market demand for Strategy's newly issued STRC preferred stock . Data shows that STRC provided $1.18 billion in funding for the most recent acquisition (covering approximately 75% of the cost, purchasing about 16,753 BTC); in a previous transaction, STRC also contributed approximately 30% ($377 million) of the funding.
Chaitanya Jain, Bitcoin strategy manager at Strategy, described this STRC-driven model as "our most radical financial engineering feat to date, pushing the boundaries of BTC capital formation." The enthusiastic investor response to STRC demonstrates Wall Street's strong confidence in the company's strategy of "monetizing debt to accumulate Bitcoin."
Passive dollar-cost averaging vs. leveraged accumulating: two diametrically opposed beliefs.
Although Strategy is about to overtake in terms of sheer numbers, the two institutions represent completely different investment philosophies:
- BlackRock (IBIT): According to a BlackRock report, over 90% of its ETF clients (including retail investors, financial advisors, and institutions) are committed long-term accumulators. These investors tend to employ disciplined dollar-cost averaging strategies and add to their positions during market downturns.
- Strategy Inc.: As a "Bitcoin development company," its core objective is to convert as much of its balance sheet into the world's hardest assets as possible by issuing fiat-denominated debt.
With Strategy having accumulated 88,568 BTC so far this year and achieved a 3.4% BTC yield, this "balance sheet revolution" spearheaded by Michael Saylor is pushing the landscape of traditional corporate financial management into an unprecedented and uncharted territory.
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