BlackRock and MicroStrategy Are Quietly Stacking BTC — Who Will Hit 1M First?

• BlackRock and MicroStrategy are neck and neck, hoarding over 1.12 million BTC combined, racing toward 1 million each.
• MicroStrategy’s relentless weekly Bitcoin buys contrast with BlackRock’s ETF-fueled surge, both exploiting market routes to massive BTC stacks.

The competition is growing between BlackRock and MicroStrategy as both seek to claim a historic 1 million Bitcoin. The pair of titans has quickly built up well over 1.12 million BTC between them, and speculation has fueled discussions around the market. More than half of the race has passed, and everyone awaits to see who will cross the line first.

MicroStrategy’s Bitcoin journey, initiated by CEO Michael Saylor in 2020, has displayed unstoppable momentum. The firm currently has 553,555 BTC and still stands by its unflinching strategy. Saylor’s dedication to Bitcoin is unchanging, and he has earned himself the tag of a Bitcoin maximalist as his singular objective.

BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed its competitor in recent months. IBIT currently holds 573,869 BTC, testament to its explosive growth. According to crypto analyst Lark Davis: 

BlackRock and MicroStrategy are in a race to reach 1,000,000 Bitcoin. Currently, BlackRock’s $IBIT holds 573,869 BTC while $MSTR holds 553,555 Bitcoin.

The 2025 Bitcoin Surge Adds Fire to the Race

In 2025 alone, MicroStrategy has reaped $5.1 billion in gains from its Bitcoin investments, reinforcing its aggressive stance. Notably, the company’s latest purchase saw 15,355 BTC added for $1.42 billion, continuing its disciplined accumulation streak without missing a week. This long-term strategy has helped position MicroStrategy as a Bitcoin-first firm, using stock offerings and convertible notes to fuel further acquisitions.

Despite MicroStrategy’s consistency, BlackRock’s ETF has demonstrated strong momentum. IBIT has attracted over $1 billion in inflows in a single day, underscoring powerful investor confidence. With its ETF structure, BlackRock’s approach is more dependent on market demand and sentiment, but remains strong as regulatory clarity boosts its position.

The ETF’s explosive growth, accumulating 573,869 BTC in less than twelve months, is unprecedented. Its strong growth has provided BlackRock with an advantage of sheer numbers to now be in the top spot of total Bitcoin holdings, even though it arrived later to the race compared to MicroStrategy.

Risks and Strengths on the Road to 1 Million BTC

Whereas MicroStrategy’s model enables the company to purchase Bitcoin irrespective of whether or not there are market cycles, BlackRock’s strategy is heavily influenced by ETF inflows and outflows. This implies its holdings may lose value as investor moods shift, and there’s an element of volatility to its path. Yet, its institutional support and surging investor demand to buy Bitcoin ETFs constitute solid tailwinds currently.

MicroStrategy, on the other hand, has complete control of its Bitcoin reserve, something that many consider to be a significant advantage. The company’s transition to being a Bitcoin-focused entity in Michael Saylor’s era has enabled it to continue to stack Bitcoin both in bull and bear markets and shows no signs of abating.

Lark Davis summed up the competition in a few words, observing both firms hotly pursuing the same objective and both of them holding in excess of 500,000 BTC. The competitive environment has generated huge interest around how quickly institutional accumulation can dictate where Bitcoin goes.