BlackRock Becomes Major Bitcoin Player, Competes with Strategy Inc. for Crypto Supremacy

BlackRock, the world’s largest asset manager, has made a significant pivot in its stance on cryptocurrencies, transitioning from a vocal skeptic to a major player in the Bitcoin space. This shift has positioned BlackRock in direct competition with Strategy Inc., formerly known as MicroStrategy, in the race to become the world’s largest corporate holder of Bitcoin. Both entities now hold over half a million BTC, setting the stage for a high-stakes competition for crypto supremacy.

BlackRock’s journey from skepticism to dominance began with CEO Larry Fink dismissing Bitcoin in 2017-2018, citing a lack of client interest. However, by 2023, the firm had filed for a spot Bitcoin ETF, and in January 2024, the iShares Bitcoin Trust (IBIT) was approved. By June 2025, IBIT had crossed $70 billion in assets under management (AUM) and held approximately 667,000 BTC. BlackRock has publicly stated its goal to become the world’s top crypto asset manager by 2030, indicating a strategic and seismic shift in its approach to digital assets.

BlackRock’s U-turn is not merely strategic but also transformative. The firm has been actively lobbying for regulatory clarity and pushing for the mainstream adoption of crypto through ETFs, leading the institutional wave into Bitcoin. This move is significant as it brings regulatory credibility, Wall Street trust, and deep institutional capital to the crypto space, potentially reshaping how corporations, ETFs, and even nations view Bitcoin as a strategic reserve asset.

Strategy Inc., under the leadership of Michael Saylor, has long been a proponent of Bitcoin as a strategic reserve. The company was the first corporate buyer of BTC in 2020 and converted its entire treasury into Bitcoin. In 2024, the company rebranded from MicroStrategy to Strategy Inc. and views Bitcoin as a hedge against fiat devaluation. In June 2025, Strategy Inc. launched a BTC-backed preferred stock offering a 10% yield, aiming to raise nearly $1 billion to buy even more Bitcoin, demonstrating its long-term conviction in the digital asset.

Comparing the two giants, BlackRock’s strategy revolves around regulated, compliant ETFs, leveraging its position as the world’s largest asset manager. In contrast, Strategy Inc. employs a maximalist approach, directly purchasing Bitcoin on its balance sheet. BlackRock’s recent milestones include IBIT hitting $70 billion in AUM and targeting the top spot in crypto asset management by 2030. Strategy Inc., on the other hand, has issued BTC-backed preferred stock to raise $1 billion, further solidifying its position as the largest corporate BTC holder.

This power struggle between BlackRock and Strategy Inc. is more than just a competition for the most Bitcoin holdings; it is a defining moment for the mainstream legitimacy of crypto. BlackRock’s involvement brings regulatory credibility and institutional capital, while Strategy Inc. offers ideological conviction and a bold balance sheet approach. The outcome of this race could shape how corporations, ETFs, and nations treat Bitcoin, potentially transitioning it from a speculative asset to a strategic reserve.

BlackRock’s transformation from a crypto critic to a market leader underscores the institutional acceptance of Bitcoin. Whether through BlackRock’s ETFs or Strategy Inc.’s leveraged buys, this competition is reshaping the future of digital finance, benefiting the entire crypto ecosystem. The race for Bitcoin supremacy is not just about who holds the most; it is about who can drive the most significant change in the perception and adoption of digital assets.

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