Strategy (MSTR), the world's largest publicly traded bitcoin holder, has surpassed BlackRock's iShares Bitcoin Trust (IBIT) for the first time since Q2 2024. This comes after Strategy announced its third-largest bitcoin purchase on record, acquiring 34,164 BTC and bringing its total holdings to 815,061 BTC. The gap is significant given IBIT's rapid growth since its launch, which became the fastest ETF in history to reach $70 billion in assets. Strategy's strategy involves using at-the-market (ATM) equity issuance, convertible debt, and perpetual preferred securities to accumulate bitcoin in a leveraged manner.