Strategy and IBIT Hold 1.65 Million Bitcoin Together Worth $140 Billion

Two major players in the Bitcoin ecosystem, Strategy and BlackRock’s IBIT, now collectively hold 1.653 million BTC, valued at approximately $140.82 billion. This massive stash represents nearly 8% of Bitcoin’s total 21 million supply cap. Strategy, which operates as a corporate treasury, owns 848,000 BTC worth $72.23 billion, while IBIT, an exchange-traded fund (ETF) trust, holds 805,222.42 BTC valued at roughly $68.59 billion.

Strategy’s holdings are a fresh record, with its latest purchase adding 334 BTC for $28.7 million at an average price of $85,838.80 per coin. IBIT’s holdings, though substantial, are close to but not a record, having peaked earlier at 806,000 BTC. Together, these two entities control a significant portion of Bitcoin’s supply, highlighting their influence in the market.

The two piles of Bitcoin differ significantly in their operational mechanics. Strategy’s Bitcoin is held as part of its corporate treasury, with custody spread across Coinbase, Anchorage, and Fidelity. In contrast, IBIT’s Bitcoin backs shares in a Delaware statutory trust, with Coinbase Custody as the primary custodian. IBIT’s shares can be created or redeemed through authorized participants, including major financial institutions like Goldman Sachs and JPMorgan.

An important distinction is that IBIT’s outflows do not necessarily mean Bitcoin sales. The ETF allows for in-kind redemptions, where Bitcoin can be transferred out without being sold on the spot market. This mechanism complicates the assumption that ETF inflows and outflows directly correlate with Bitcoin purchases or sales. Meanwhile, Strategy’s Bitcoin holdings are managed internally, with decisions made by the company’s board and management.