*Who’s winning the Bitcoin treasury race: Strategy or BlackRock?*

*Strategy* holds *843,738 BTC* worth ∼$65.3B. They just added 24,869 BTC last week, funded by selling STRC preferred shares. Michael Saylor’s plan is simple: buy, hold, repeat. No selling, even when price dips.

*BlackRock* holds *∼812,493 BTC* through IBIT, worth ∼$66.6B. But this isn’t BlackRock’s money — it’s ETF shareholders’. When people pull cash out, BlackRock sells BTC. That’s why IBIT saw $317M in outflows last week and their stack dropped.

*Why this matters to traders:*

1. *Supply shock setup*: Both are pulling BTC off exchanges. Exchange supply is at a 6-year low of 5.6%. Less sell pressure = higher volatility on any buy news.

2. *Flow signals*: IBIT inflows/outflows give you real-time sentiment from traditional investors. Strategy buys are pre-planned, so they’re less reactive to short-term price moves.

*The disadvantage:*

- *Strategy risk*: It’s leveraged and tied to MSTR stock. If BTC drops hard, they might be forced to sell or issue more equity, creating dilution.

- *ETF risk*: BlackRock’s BTC isn’t “sticky.” A market panic means instant outflows and forced selling, adding to downside spikes.

*Question for the Square fam:*

Does it matter who “wins”? Strategy holds BTC directly. BlackRock holds it for millions of investors who don’t want to self-custody.

Are you bullish on companies stacking BTC, or do ETFs drive the next leg up?

_Disclaimer: For discussion only, not financial advice. Crypto is volatile, do your own research._$BTC