According to TechFlow, on September 30, Coindesk reported that MicroStrategy's next purchase of Bitcoin may make its BTC holdings exceed Grayscale GBTC. According to the latest regulatory documents submitted on September 20, MicroStrategy holds a total of 252,220 Bitcoins, accounting for 1.2% of the total supply.

Grayscale held over 620,000 Bitcoins in its Bitcoin Trust (GBTC) prior to the launch of its U.S. spot ETF in January, and currently holds over 254,000 Bitcoins, split between GBTC and its newer, low-fee Bitcoin Mini Trust (BTC).

The recent funding leaves MicroStrategy with over $1 billion in unspent (or unannounced) funds that could presumably be used to buy more Bitcoin, potentially adding thousands more to its balance sheet, making its holdings far larger than Grayscale’s.