MicroStrategy vs BlackRock: Who Hits 1 Million BTC First?

Key Insights:

• STRC-fueled acceleration: MicroStrategy raised cash through STRC share sales and purchased more than 3,500 BTC this week, strengthening its daily acquisition capacity.
• Record trading volumes: STRC trading hit $409 million in a single day, implying up to 5,700 BTC buying power on peak days.
• 1M BTC milestone timeline: At the current STRC-driven pace, Strategy could surpass 1 million BTC by August, potentially overtaking BlackRock.

As per the latest Bitcoin news, MicroStrategy (MSTR) is accelerating its Bitcoin accumulation. As of March 10, 2026, Strategy holds 738,731 BTC, compared with BlackRock’s iShares Bitcoin Trust (IBIT), which holds about 777,872 BTC.

This week, MicroStrategy bought roughly 3,519 BTC (about $249 million at $71k) by selling STRC preferred shares. STRC’s trading surged to a record $408.8 million on Tuesday, up from a 30-day average of $138.5 million. That implies up to 5,700 BTC of buying power on peak days.

MicroStrategy Sharing STRC Stock Performance | Source: X

At this pace, MicroStrategy could top 1 million BTC by August. It could overtake BlackRock in Bitcoin holdings.

MicroStrategy’s STRC-Funded Buying

MicroStrategy’s Bitcoin purchases have been funded by its STRC equity program. CEO Michael Saylor explained in a post that STRC share sales generated the cash for recent buys. The company sold millions of STRC shares via at-the-market (ATM) offerings this week, funding a 3,500+ BTC accumulation so far.

For example, on Tuesday, Strategy bought 2,098 BTC, its largest single-day STRC-funded purchase since July 2025. Including Monday’s 1,420 BTC, the firm amassed 3,519 BTC in two days. Strategy’s stock price edged up slightly after news of the BTC buy.

STRC pays an 11.50% annual dividend (paid monthly) and is designed to trade near its $100 par value. Strategy sells STRC into strong demand to fund BTC buys.

Jeff Walton of the crypto firm Strive noted that a $50M STRC purchase yields $5.75M in annual income at current rates, far above short-term Treasuries.

Source: X

In short, STRC offers investors high yield while providing Strategy with a revolving source of Bitcoin-buying capital.

Bitcoin News: Volumes and Buying Power

STRC trading volumes have hit unprecedented levels, greatly expanding MicroStrategy’s buying power. Stocktwits reports that STRC turnover hit $408.8M on March 10. That’s far above its 30-day average of $138.5M.

At $71,000 per BTC, a $138.5M daily volume could purchase about 1,940 BTC. The record $408.8M day implies roughly 5,740 BTC buying capacity, 13× the daily mined supply (currently 440 BTC/day).

Even the average volume gives 4× mined supply in BTC terms. If STRC volumes stay elevated, MicroStrategy’s BTC stack could swell rapidly. At the current STRC pace, the company could add ~1,200 BTC per week (at ~$85M ATR/week) and reach 1,000,000 BTC by August.

By comparison, BlackRock’s IBIT has grown mostly via investor inflows. Bitbo data shows IBIT holds 777,872 BTC as of Mar. 11, 2026.

That is 39,000 BTC more than MicroStrategy’s 738,731. BlackRock’s ETF accumulated 573,869 BTC in under a year from launch, but its pace has slowed amid market sell-offs.

This week saw record outflows from IBIT, and Bitcoin was briefly under $70k. MicroStrategy’s active buying contrasts with BlackRock’s reliance on market demand.

BlackRock vs MicroStrategy Holdings Race

Both BlackRock and MicroStrategy have publicly targeted 1 million BTC, but their paths differ. BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) has the scale of a global asset manager; it recently surpassed $73B in AUM.

MicroStrategy is a software firm turned crypto treasury, using equity sales and convertible notes to fund BTC buys. MicroStrategy’s commitment is embodied by CEO Michael Saylor’s “Bitcoin maximalist” strategy.

Currently, neither is close to 1M. MicroStrategy’s 738,731 BTC cost ~$56.0B (avg. $66.4k). IBIT’s 777,872 BTC is valued at ~$55.2B.

If both continue at recent rates, MicroStrategy could overtake BlackRock’s total. The company added 17,994 BTC ($1.28B) on March 9. BlackRock’s holdings changed only modestly. IBIT’s share price reflects inflows, not immediate liquid demand.

STRC Structure and Risks

The STRC preferred share is central to Strategy’s plan. It adjusts yield to keep price near $100 par. Investors receive monthly dividends (11.5% annualized). The proceeds fund Bitcoin buys. Last week, Strategy sold ~$377M of STRC to finance ~17,000 BTC. Strategy amended its omnibus agreement to allow block sales after hours, further boosting volume.

However, risks remain. Strategy’s SEC filings warn that STRC is not FDIC-insured or regulated like a bank deposit. The dividend and price can be cut if demand falls, diluting holders.

Analyst Colin Talks Crypto notes that new issuance and discount to par could occur. Meanwhile, Bitcoin’s volatility continues. BTC price hovered near $70k as MicroStrategy bought, but the crypto market has been down roughly 50% from all-time highs

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