Belet vs. Strategy: Who will become the “last lender” of Bitcoin in 2026

Author: Jawad Hussain

Compiled: White-language block chains

The world ' s largest asset management firm and a software company 37 years ago, which shifted its entire asset holdings to digital assets, were caught in a race for the unprecedented large accumulation of bitcoin in the encrypted market。

On March 16, 2026, the iShares Bitcoin Trust (IBIT) of Beled held 784,062 bitcoins. Strategy (formerly MicroStrategy) holds 761,068 bitcoins。

The gap between the two is about 22,994 coins. At the current rate of purchase by Strategy, this gap may disappear in a few days。

This is not just a footnote in the history of digital assets. It was one of the most influential financial stories in 2026。

Two entities with different structures, motivations and risk profiles are competing for the same limited assets. The fixed supply limit for bitcoin is 21 million。

Of each coin purchased by the agency, one is no longer awaiting sale. The race between Beled and the strategy is accelerating the supply squeeze long predicted by Bitcoin traders。

Bellad vs. Strategy: Who will win the Bitcoin accumulated war

HERE, IT WILL LOOK AT HOW EACH PARTICIPANT ACCUMULATES BITCOIN, WHAT DRIVES THEM TO PURCHASE SPEED, WHAT RISKS ON BOTH SIDES ARE, AND WHAT THE RESULTS OF THE VACCINATION COMPETITION MEAN FOR OFF-SITE INVESTORS. WHETHER YOU HOLD IBIT DONATIONS, MSTR SHARES, DIRECT BITCOIN, OR NOT, THE COMPETITION DIRECTLY AFFECTS THE MARKET IN WHICH YOU PARTICIPATE。

Two entities, two completely different models

Beled and Strategy both hold huge bitcoin. However, they have completely different reasons, mechanisms and related obligations。

How Belet accumulates bitcoin

Belet doesn't buy his own bitcoin. The company launched the iShares Bitcoin Trust (code: IBIT) in Nazdak in January 2024, which provides investors with a regulated tool to obtain a Bitcoin exposure by holding assets directly. When investors buy IBIT shares, authorized participants (large financial institutions) buy bitcoin in open markets and deliver it to the Fund. When investors sell IBIT, the process takes place: Bitcoin buys back funds and returns to the market。

THIS MEANS THAT BELED'S BITCOIN HOLDINGS ARE A FUNCTION OF INVESTORS' NEEDS. THE IBIT HOLDINGS GROW WHEN INSTITUTIONS AND RETAIL BUYERS WISH TO OBTAIN A BITCOIN OPENING EXCLUSIVELY THROUGH TRADITIONAL ACCOUNTS. WHEN EMOTIONS TURN HARSH AND INVESTORS REDEEM THEMSELVES, HOLDINGS DECREASE. BELET HAD NO STRATEGIC INSTRUCTIONS TO ACCUMULATE BITCOIN, AND IT WAS A TRUSTEE. IT HOLDS BITCOIN IN ECONOMIC TERMS BELONGING TO IBIT SHAREHOLDERS, NOT BELET HIMSELF。

According to SoSoValue, IBIT has attracted a cumulative net inflow of $632.1 billion since its launch. In Japan week alone, March 9-13, IBIT received a total net inflow of $600.1 million, or 78 per cent of the net inflow of ETF during the week. The momentum of the Fund, which has remained positive on a daily basis since 9 March, highlights the institutional needs that drive the accumulation of Beletbitcoin。

Strategy how to accumulate bitcoin

Strategy's model is the opposite. Instead of waiting for investors to raise funds, the company has voluntarily committed funds to the purchase of bitcoin. These funds come mainly from three sources: convertible debt instruments (which can be converted to MSTR general shares); market-priced (ATM) equity issues (which sells new shares directly to the market); and priority equity instruments, which have recently been sold to investors in exchange for monthly amounts by providing funds directly used to purchase bitcoin with 11.5 per cent annualized STRC priority shares。

Once Strategy is in cash, it will purchase bitcoin through the agency trading platform (mainly Coinbase Prime) and store the coin in a secure cold wallet. It does not trade these coins and does not hedge. There is a simple command: buy and hold. This means that Strategy's bitcoin holdings are moving in only one direction. Unlike IBIT, which may be reduced for ransom, Strategy ' s Bitcoin stock increases with each financing, regardless of market conditions。

According to Michael Saylor, in the week before March 2026, Strategy acquired 40,332 bitcoin and published 3.0 per cent bitcoin. As of mid-March 2026, the company had acquired 88,568 bitcoin in cumulative terms this year, which currently stands at 3.4 per cent. These figures reflect the pace of accumulation that has never been tried by listed companies。

Current digitization: a competition may take place in a few days

The current gap is a slight one since July 2025 when Belet briefly exceeded Strategy's holdings. As of 16 March 2026, Belet held 784,062, Strategy held 761,068, leaving a gap of 22,994。

According to Strategy's recent weekly purchases of 22,337 sheets, the company could close the gap in almost a week. According to the rate of purchase of approximately 2,881 sheets per day, if the IBIT inflows are completely halted, it will take about 7 to 8 days to exceed the current holdings of Belet. This last condition is critical: IBIT is not the one that Frankfurt failed, and the Fund is absorbing funds every day, which means that while Strategy is closing the gap, the goal is moving upwards。

The competition continued to be a real hot spot in mid-March because the speed of MSTR purchases coincided with the breathing of the Beled Roundabout. This contraction has reduced the gap faster than most analysts expected. On March 17, Bitcoin magazine reported that MSTR stock prices were heading towards $150, indicating that market participants were observing the competition and bet on the logic of Strategy。

The more central question is not just who first crosses the holding threshold, but rather the impact of the continuing purchases of the two entities on the availability of supplies in open markets. According to CHeckonchain, by the end of February 2026, there had been a surge of 1.29 million bitcoin reserves held by ETF nationwide. With 76.1 million of Strategy, these institutional tools absorbed more than 200 million bitcoins. The trading platform inventory is declining. Supply shocks that drive long-term price increases are not theoretical future events, but are occurring。

Financial architecture behind models

The structural advantages of Belet

BELET OPERATES THE MOST LIQUID BITCOIN INVESTMENT PRODUCT GLOBALLY. ACCORDING TO ITS OWN DISCLOSURE, IBIT IS THE PLATFORM TRADED PRODUCT THAT HAS TRADED THE LARGEST AMOUNT OF BITCOIN SINCE ITS ISSUANCE. THE FUND MANAGES MORE THAN $55 BILLION IN BITCOIN ASSETS, PROVIDES DAILY LIQUIDITY TO INVESTORS AND CHARGES 0.25 PER CENT OF ANNUAL MANAGEMENT FEES. IT RELIES ON A CREDIT INSTITUTION THAT MANAGES OVER $14 TRILLION IN ASSETS。

For institutional investors, IBIT completely eliminates the operational complexity of bitcoin hosting. Bitcoin is held by Coinbase Trust, a qualified trustee subject to New York banking law. Investors can access through existing accounts without having to manage wallets, private keys or payment processes. This simplicity is of great value to the funds, sovereign wealth and family offices that drive IBIT。

Belet also benefited from the structural isolation that Strategy did not have. Since the holdings of IBIT are linked to the needs of investors rather than to the holding of corporate assets, the collapse of investor sentiment necessarily triggers redemption rather than bankruptcy. Belet itself was not exposed to the risk of a bitcoin price collapse. Its IBIT revenue costs are reduced, but its own financial health is segregated from the assets it holds。

Strategy's structural advantage

Strategy ' s advantage over Belet lies in its consumption waiting for market permission to act. The IBIT purchase depends on the mood of millions of investors, while Strategy can be bought at any time if it can be successfully financed。

VanEck’s study uses the strategic debt structure as its “silent engine”. By the beginning of 2026, the company held a large number of zero-interest transferable priorities. These tools have enabled the strategy to secure nearly $1 billion at zero cost and to be fully used for the purchase of bitcoin. It also took note of the 0.25 per cent annual fee paid by IBIT shareholders, which made MSTR a cheap and expensive tool to leverage monetary costs to sustain ETF payments。

Strategy's model also benefits from what analysts call mNAV premiums. When its market value exceeds the market value of its hold of bitcoin, the premium allows the company to buy money at a price that supplements the value of bitcoin, which means that each new share issued adds more bitcoin value than its threshold. When the premium is high and optimistic, the wheel can accumulate at great speed. The company used this dynamic to learn $25.3 billion in 2025, almost entirely for the purchase of bitcoin。

Risks borne by the parties

Strategy Risk

Strategy's risk is real and documented. The total debt incurred by the company exceeded $8.2 billion, and the priority equity obligations built on it to increase significant annual cash requirements. STRC ' s priority shares alone are marked as 11.5 per cent annualized, although the company has established a relief reserve of approximately 23 months, which is not unlimited and the burden increases with each new issue。

mNAV compression is the most visible risk indicator in the near term. Strategy's net market (mNAV) peaked at 3.4 times in 2024, and by mid-March 2026 it was 1.20 times. This compression is essential, as premiums are key to the added value of their equity financing. When the premium tends to be 1.0 times more or less, its "financing buy-in" wheel will expire。

In addition, Strategy’s strategy bottom line deserves attention. According to the study, the ability of Bitcoin to credit or refinance debt would be challenged if the price of Bitcoin continued to fall by about $40,000; if the price fell by about $20,000, the risk of forced sale of assets would gradually rise to Strategy’s next rating by major agencies as “non-investment level (spam level)”, which means that its borrowing costs are higher and its access to investment-level institutions is not possible。

IBIT RISK

BELET ' S RISK IS SMALLER IN ABSOLUTE TERMS, BUT NOT NON-EXISTENT. THE IBIT INFLOW IS DRIVEN BY MARKET SENTIMENT, WHICH IS REVERSED. AT THE LOW END OF 2026, IBIT HAD RECORDED BREAKING WEEKS。

The structural risk of IBIT comes from the competitive pressures of other bitcoin ETFs. FBT from Fuda, GTTC from Greyscale and new entrants are competing for the same money. IBIT may lose its market share if it provides the available rates or attractive functionality. In addition, while the likelihood of regulatory reversals is extremely low, the impact on such regulated products as IBIT will be greater than on such direct users as Strategy。

The meaning of preserving the structure of the Bitcoin market

Belet's competition with strategy is not just a story of two companies; it is exploring the structural dynamics of the Bitcoin market。

The entity is removing bitcoin from both flows. Strategy's alternative model of coins purchased and loaded into cold wallets collapses or exits the market permanently. The bitcoin absorbed by IBIT is usually also permanently retained in the Trust Library. Currently, United States spot ETF plus Strategy has controlled about 2 million bitcoins, or nearly 10 per cent of the total supply。

Bernstein analysts described Strategy as the "Central Bank of Bitcoin Final Lenders". This is not an exaggeration and provides a basis for institutional confidence to prevent the disorderly collapse of markets. And Belet's IBIT plays a different role: it's a gateway and a portal that translates institutional interests into real needs。

INVESTOR CHOICES: IBIT, MSTR OR DIRECTLY

REASON FOR SELECTING IBIT

IBIT IS SUITABLE FOR INVESTORS WHO WISH TO GET A BITCOIN OPENING BUT DO NOT WANT TO DEAL WITH COMPLEXITY, CORPORATE RISK OR LEVERAGE FLUCTUATIONS. IT PROVIDES A LINK TO THE PRICE OF BITCOIN 1:1 (TOWN 0.25 PER CENT RATE) AND CAN BE FOUND IN RETIREMENT ACCOUNTS, TRADE UNION PORTFOLIOS。

REASON FOR SELECTING MSTR

MSTR INVESTORS WHO WANT LEVERAGE AND ARE WILLING TO ACCEPT ADDITIONAL CORPORATE RISKS IN RETURN FOR HIGHER RETURNS. WHEN BITCOIN REBOUNDED SHARPLY, THE PERFORMANCE OF MSTR HISTORICALLY HAD A SIGNIFICANT IMPACT ON IBIT BECAUSE OF THE LEVERAGE EMBEDDED IN ITS CAPITAL STRUCTURE. IT NEEDS TO BE NOTED, HOWEVER, THAT IN THE SUSTAINABLE BEAR MARKET, THE RISK FACTORS OF MSTR MAGNIFY LOSS。

Reason for holding bitcoin directly

Direct holdings eliminate annual fees and corporate risks and give investors full autonomy. This remains the most structurally clean option for investors seeking pure, unspoken and self-assurance。

Strategy, what happens when you get past Belet

When Strategy is holding more than Belet, it will be a significant symbolic milestone. This will be the first time an enterprise's treasury has more bitcoin than the largest globally institutionalized ETF product. Based on current trends, this may occur in the coming weeks。

But this public support has changed any fundamental dynamics. The celebration will not end. More importantly, in less than three years, the level of institutional commitment in bitcoin has reached its fastest institutionalization in the financial asset class。

More ambitious picture: adoption by other enterprises

In addition to this, the business Bitcoin finance model is being fragmented. The Japanese investment company Metaplanet held more than 10,000 warehouses in early 2026; Tesla held approximately 11,509; large holdings approximately 8,883; and SpaceX held approximately 8,285。

THE FASB VALUE ACCOUNTING, WHICH CAME INTO EFFECT IN 2025, HAS NEWLY ELIMINATED THE BIGGEST FINANCIAL DILEMMA FOR ENTERPRISES TO HOLD BITCOIN AND NOW ALLOWS COMPANIES TO REFLECT FAIR VALUE INCREASES ON A QUARTERLY BASIS. IN ADDITION, THE POLITICAL ENVIRONMENT IN THE UNITED STATES STRONGLY SUPPORTED THE OFFICIAL MAPPING OF BITCOIN AS A DIGITAL COMMODITY BY THE SEC ON MARCH 17, PROVIDING CLEAR REGULATORY GUIDANCE。

Conclusions: two models, one asset, one direction

Belaid's competition with strategy centred on two different answers to the same investment logic: fixed supply of bitcoin, growing demand, and the best time to accumulate is before the peak of the next cycle。

Belet responded by distributing: it created a democratization product involving hundreds of people。

Strategy answers with faith: it stops buying with every financial instrument and does not wait for market sentiment。

It is even less important who holds it on the last day, but it is important that the synergies between the two entities have a long-term impact on market structures. This force is enormous and accelerating, and there is no source of panic。