The BTC Register

Research

Notes from the register

Dated notes on company holdings, investment funds, and changes to our records. Each links to the report or disclosure behind it.

The BTC Register · Published 6 Oct 2026

IBIT versus Strategy: ownership, fees and financing

A new explanatory guide, not a report of a new market event. It compares the available dated records and explains why trust shares and MSTR common stock are not equivalent.

Archived notes retain their original publication dates. They describe historical editions, not the latest holdings; original source pages may since have changed. A weekly data refresh is not a new research note.

Research archive

7 notes
Companies

Two additions to the August company register

The 15 August edition added AirNet Technology (819 BTC) and Advanced Bitcoin Technologies AG (242 BTC) from Look Into Bitcoin. This note describes that edition, not the composition of the latest company file.

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Companies

Strategy reports 840,447 BTC

The archived 15 August 2026 note recorded 840,447 BTC from Strategy’s dashboard. That historical figure should not be treated as the latest company balance; use the dated Strategy record for the current register value.

Editorial correction 6 Oct 2026: Removed the claim that the August figure matches the current company record. The original publication date and historical figure are unchanged. Current Strategy record.

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Companies

Strategy records a 1,690 BTC decrease

A Strategy ledger entry for the week of 10 August 2026 recorded a reduction of 1,690 BTC.

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Companies

Strategy holdings unchanged for a third week

Reporting around 30 July put Strategy’s holdings at 843,775 BTC, unchanged while the company raised cash.

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Funds

ETF investors held through the drawdown

Reporting on Fidelity’s FBTC and the wider spot ETF market found that redemptions were smaller than the fall in bitcoin’s price.

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Ownership

IBIT and Strategy holdings compared

An April recap put IBIT at 802,823 BTC and Strategy at 818,334 BTC. IBIT holds bitcoin for fund investors; Strategy holds it on its own balance sheet.

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Ownership

Estimating bitcoin held by retail investors

This report examines the bitcoin held by companies, funds, and governments. Using the remaining supply to estimate retail ownership depends on the coverage of those records and the amount assumed lost.

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