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MicroStrategy Inc. (MSTR) now holds 815,061 Bitcoin (BTC), surpassing BlackRock's iShares Bitcoin Trust (IBIT) as the single largest Bitcoin holder.
The company purchased 34,164 BTC for roughly $2.54 billion between April 14 and April 20. IBIT currently holds approximately 806,178 BTC.
Alex Thorn, Head of Firmwide Research at Galaxy Digital, highlighted the crossover this week. He shared a chart showing Strategy's holdings trending toward Satoshi Nakamoto's estimated 1.096 million BTC.
"Strategy (MSTR), a single company, now holds more BTC than IBIT, the world's largest bitcoin fund. Strategy will likely surpass Satoshi within the next 2 years," he wrote in a post.
Galaxy's models project MicroStrategy could overtake Satoshi as early as November 2026 at its current pace. The company funds purchases through at-the-market equity offerings, including its STRC preferred stock, which pays an 11.5% annualized yield.
Meanwhile, Executive Chairman Michael Saylor posted "Winter's Over" on X the same day. The message, paired with an AI-generated image evoking renewal, suggests the market may be primed for a recovery.
However, gold advocate Peter Schiff pushed back, calling STRC's structure a Ponzi scheme.
"The main difference between a typical Ponzi scheme and $STRC is that with the former the promoter doesn't tell you it's a Ponzi or that your payments will stop when the pool of new buyers dries up," wrote Schiff.
Schiff argued that STRC dividends depend on continuous capital raises, not operational revenue.
MicroStrategy discloses these risks in its SEC filings. Saylor has countered that BTC needs only 2.05% annual appreciation to cover all preferred stock dividends indefinitely.
