BlackRock Surpasses Strategy Inc. with 667,000 BTC Holdings

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 MicroStrategy), as both entities vie for the title of the world’s largest corporate holder of Bitcoin. With BlackRock holding approximately 667,000 BTC and Strategy Inc. holding around 582,000 BTC, the race to dominate the crypto landscape is intensifying.

BlackRock’s journey from skepticism to leadership in the crypto space began with a series of strategic moves. In 2023, the firm filed for a spot Bitcoin ETF, which was approved in January 2024 as the iShares Bitcoin Trust (IBIT). By June 2025, IBIT had crossed $70 billion in assets under management (AUM), and BlackRock’s BTC holdings reached approximately 667,000 BTC. The firm has publicly stated its goal to become the world’s top crypto asset manager by 2030. This transformation is not just strategic but also seismic, as BlackRock is actively lobbying for regulatory clarity and pushing for the mainstream adoption of crypto through ETFs.

Strategy Inc., under the leadership of Michael Saylor, has been a long-time advocate for Bitcoin as a strategic reserve. The company was the first corporate buyer of BTC in 2020 and has since 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 purchase even more Bitcoin. This move underscores the company’s long-term conviction in the value of Bitcoin.

The competition between BlackRock and Strategy Inc. is not just about the quantity of Bitcoin held but also about the strategies employed. BlackRock’s approach involves regulated, compliant ETFs, leveraging its position as the world’s largest asset manager. In contrast, Strategy Inc. takes a maximalist approach, directly purchasing Bitcoin on its balance sheet and using leveraged buys to increase its holdings. This power struggle is significant for the future of crypto, as it could shape how corporations, ETFs, and even nations view Bitcoin as a strategic reserve asset rather than a speculative investment.

BlackRock’s transformation from a crypto critic to a market leader highlights the growing institutional acceptance of Bitcoin. Whether through BlackRock’s ETFs or Strategy Inc.’s direct purchases, this competition is reshaping the future of digital finance. The entire crypto ecosystem stands to benefit from this race, as it brings regulatory credibility, institutional capital, and a bold approach to Bitcoin investment. The outcome of this competition could define the mainstream legitimacy of crypto and its role in the global financial landscape.