For much of late 2024 and early 2025, Blackrock’s iShares Bitcoin Trust was regarded as the fastest-growing exchange-traded fund (ETF) in U.S. market history. However, in April of this year, Strategy closed the gap entirely, acquiring 34,164 BTC in a single week for $2.54 billion, surpassing Blackrock for the first time since Q2 2024 to become the world’s largest institutional bitcoin holder.

Most recently, the firm lapped up another 24,869 BTC for $2.01B, bringing its total holdings to 843,738 coins (compared to Blackrock’s 817,138 BTC).

Moreover, through 2026 alone, Michael Saylor’s firm has accrued nearly 80,000 BTC, with the purchases being funded through perpetual preferred equity offerings and at-the-market share sales. JPMorgan estimates the company’s total bitcoin purchases this year could reach $30 billion soon, a pace that places the one-million-coin milestone within sight before the 2028 halving.

Strategy’s BTC purchases each year ($bn per year, annualized YTD pace for 2026).

That said, Blackrock has not stood still, adding 39,286 BTC to its holdings this year despite a period of declining bitcoin prices, making it clear that its accumulation posture is long-term and price-insensitive rather than based on short-term moves.

To reach one million bitcoin, Strategy needs roughly 156,262 more coins while Blackrock requires approximately 182,862. At their current paces, either firm could cross the milestone within the next 18 to 24 months.

One million bitcoin represents approximately 4.76% of the asset’s total 21 million coin supply cap. If either firm crosses that threshold, the decentralization debate around bitcoin is bound to intensify, given that critics have long argued that concentrated institutional ownership undermines the network’s ethos.

However, for bitcoin bulls, the math runs the other way because two firms alone competing to hold nearly 5% of the total supply narrows the float available for everyone else.

Another point of interest in all of this is that Blackrock holds a 5% stake in Strategy, meaning it carries indirect exposure to Strategy’s 843,738 BTC on top of its own ETF holdings. In sum, the two firms are simultaneously competitors and complementary forces in the same accumulation story.

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