Strategy and BlackRock's Bitcoin Mini Trust (IBIT) have accumulated a combined 1.653 million bitcoin worth approximately $140.82 billion, representing 7.87% of Bitcoin's theoretical 21 million maximum supply.
Strategy, a digital asset treasury firm, holds 848,000 BTC worth approximately $72.23 billion at recent prices. IBIT holds 805,222.42 BTC worth roughly $68.59 billion. The two holdings are separated by only 42,777.58 BTC, making them nearly equivalent in size.
Different Structures, Different Operations
Despite comparable bitcoin holdings, the two entities operate through distinct mechanisms. Strategy maintains bitcoin as a corporate treasury asset, while IBIT's bitcoin backs shares in an exchange-traded fund trust.
Strategy's 848,000 BTC represents a company record following its latest purchase of 334 BTC. The company reports an aggregate acquisition cost of approximately $63.97 billion at an average purchase price of $75,440.70.
IBIT's 805,222.42 BTC is held by a Delaware statutory trust whose investors own shares representing fractional beneficial interests in the net assets. The trust owns the bitcoin directly, not BlackRock as a corporate entity.
Custody and Control
IBIT's bitcoin is custodied primarily by Coinbase Custody Trust Company, with Anchorage Digital Bank serving as an additional custodian as of April 2025. Strategy distributes its holdings among multiple custodians: Coinbase Custody, Anchorage Digital, and Fidelity Digital Assets.
Strategy's board and management control treasury decisions directly. IBIT, by contrast, operates through an authorized participant mechanism involving institutions such as Goldman Sachs, JPMorgan Securities, Citigroup Global Markets, Jane Street Capital, and others that can create and redeem ETF shares through 40,000-share blocks known as Baskets.
ETF Flows and Bitcoin Movement
IBIT's creation and redemption structure creates an important distinction regarding bitcoin movement. Cash redemptions may require bitcoin sales to return cash to investors, while in-kind redemptions involve direct bitcoin transfers without requiring spot market sales. Similarly, ETF inflows can result from institutions delivering already-owned bitcoin rather than triggering new purchases.
Four authorized participants—Jane Street Capital, Virtu Americas, JPMorgan Securities, and Marex Capital Markets—have agreements permitting in-kind bitcoin creations and redemptions following SEC approval on July 29, 2025.
Fee Structure
IBIT charges a 0.25% annual sponsor fee and certain expenses that can be satisfied using bitcoin, meaning the amount of BTC backing each share gradually declines over time.
