Galaxy Research has projected that MicroStrategy’s Bitcoin holdings could surpass the estimated 1.1 million BTC believed to be controlled by Satoshi Nakamoto, the pseudonymous creator of Bitcoin, based on the company’s current accumulation trajectory.
This forecast comes as MicroStrategy, now rebranded as Strategy, continues its aggressive Bitcoin acquisition strategy, having recently overtaken BlackRock’s iShares Bitcoin Trust (IBIT) to become the world’s largest corporate Bitcoin holder. According to verified reports, Strategy now holds 815,061 BTC, exceeding IBIT’s 802,824 BTC by more than 12,000 coins.
The milestone, confirmed on April 21, 2026, marks the first time since Q2 2024 that Strategy has regained the lead in the Bitcoin holdings race. The company began its accumulation campaign in 2024 with 189,150 BTC and has since increased its position through leveraged financial instruments, including at-the-market equity offerings, convertible debt and perpetual preferred securities.
Galaxy Research’s analysis suggests that if Strategy maintains its current pace of accumulation — which included purchasing nearly 80,000 BTC in 2026 alone — its reserves could approach or exceed the 1.1 million BTC threshold attributed to Satoshi Nakamoto within the next 12 to 18 months. This projection assumes no significant changes in Bitcoin’s market price, regulatory environment, or the company’s capital-raising capacity.
Satoshi Nakamoto’s estimated holdings are derived from blockchain analysis of early Bitcoin mining activity between 2009 and 2010, when the creator is believed to have mined approximately 1.1 million BTC using rudimentary hardware. These coins have remained unmoved in known addresses for over a decade, contributing to the enduring mystery surrounding Bitcoin’s origin.
Strategy’s approach differs fundamentally from that of IBIT, which operates as a spot Bitcoin ETF that holds BTC on behalf of investors. While IBIT relies on direct purchases funded by share inflows, Strategy employs a corporate treasury model augmented by financial leverage, allowing it to amplify its Bitcoin exposure beyond its immediate cash reserves.
As of early 2026, Strategy’s Bitcoin holdings were valued at approximately $63.9 billion, based on a Bitcoin price of around $78,450. This valuation represents a substantial portion of the company’s total market capitalization, which exceeded $110 billion at the time of its overtaking of IBIT.
The company’s strategy has drawn both praise and criticism from market observers. Supporters argue that Strategy’s model provides institutional investors with leveraged exposure to Bitcoin’s upside potential, while critics warn of the risks associated with its debt-financed accumulation strategy, particularly during periods of market volatility or rising interest rates.
BlackRock’s IBIT, launched in January 2024, had previously dominated the Bitcoin holdings landscape, growing to over 800,000 BTC within 15 months of its debut. The ETF became the fastest in history to reach $70 billion in assets under management and remains a cornerstone of BlackRock’s digital asset offerings.
Despite losing the top spot to Strategy, IBIT continues to attract significant institutional interest, particularly from investors seeking regulated, transparent exposure to Bitcoin without the complexities of corporate leverage or balance sheet risk.
Looking ahead, analysts will monitor Strategy’s upcoming capital-raising activities, including potential ATM offerings and debt issuances, which could further accelerate its Bitcoin accumulation. The company has historically used such mechanisms to fund purchases during market downturns, a tactic it referred to as “bear market buying.”
No official comment was available from Strategy or Galaxy Research regarding the long-term projection at the time of reporting. Investors are advised to consult the company’s SEC filings, including quarterly 10-Q and annual 10-K reports, for the most accurate and up-to-date information on its Bitcoin holdings and financial strategy.
For ongoing developments in corporate Bitcoin adoption and digital asset investment trends, readers can follow updates from major financial regulators, including the U.S. Securities and Exchange Commission, and reputable market data providers.
What are your thoughts on Strategy’s Bitcoin accumulation approach compared to traditional ETFs like IBIT? Share your perspective in the comments below and aid foster an informed discussion on the evolving role of corporations in the cryptocurrency ecosystem.