Bitcoin Behemoths Strategy and IBIT Amass 1.65 Million BTC Worth $140B

Strategy reports an aggregate acquisition cost of about $63.97 billion and an average purchase price of $75,440.70. At $85,179, its stash sits roughly $8.26 billion above that reported cost—a rebound after being underwater earlier this year as the price of bitcoin tumbled.

IBIT’s number comes with a twist. Blackrock’s ETF cache of 805,222.42 $BTC is enormous, but it isn’t a record. The trust topped 806,000 $BTC earlier this year in April and held 805,466.7097 $BTC on Oct. 13, 2025. Today’s balance is therefore close to its historical high-water mark without actually setting one.

Together, Strategy and IBIT control 1,653,222.42 $BTC, equal to roughly 7.87% of Bitcoin’s theoretical 21 million maximum supply. Strategy is only about 5.3% larger than IBIT by coin count. With Bitcoin becoming scarcer by the day, these two behemoths represent an extremely large share of $BTC’s supply.

IBIT’s Bitcoin Isn’t Blackrock’s Corporate Treasury

Calling the 805,222 $BTC “Blackrock’s bitcoin” works as shorthand, but technically misses an important distinction. IBIT is a Delaware statutory trust whose investors own shares representing fractional beneficial interests in its net assets. The trust owns the bitcoin. Blackrock doesn’t hold those coins as a corporate treasury asset the way Strategy does.