Strategy and Blackrock close in on one million bitcoin race

Strategy and Blackrock are now separated by fewer than 27,000 BTC as both institutions move closer to a possible one million bitcoin milestone.

Strategy currently holds 843,738 BTC, while Blackrock’s iShares Bitcoin Trust holds 817,138 BTC, according to the figures cited in the report.

The gap has turned the accumulation race into one of the most closely watched institutional bitcoin stories in the market.

Blackrock’s spot bitcoin ETF gained major attention through late 2024 and early 2025 after becoming one of the fastest-growing ETFs in United States market history.

Strategy then shifted the race in April after buying 34,164 BTC in one week for about $2.54 billion.

That purchase allowed Michael Saylor’s firm to overtake Blackrock for the first time since the second quarter of 2024.

Strategy has since added another 24,869 BTC for around $2.01 billion, lifting its total bitcoin position above 843,000 coins.

The company has bought nearly 80,000 BTC in 2026 alone as it continues to use preferred equity offerings and at-the-market share sales to fund purchases.

JPMorgan reportedly expects Strategy’s bitcoin purchases this year to approach $30 billion if the company maintains its current buying activity.

That pace could put Strategy within reach of one million BTC before the 2028 bitcoin halving.

Blackrock has also continued to build its bitcoin position, adding 39,286 BTC this year despite weaker bitcoin prices during part of the period.

The steady additions suggest Blackrock continues to view bitcoin exposure as a long-term institutional product rather than a short-term trading position.

Strategy needs about 156,262 more BTC to reach one million coins, while Blackrock needs around 182,862 BTC.

At their current buying speeds, either company could reach the one million BTC level within the next 18 to 24 months.

A one million BTC holding would represent about 4.76% of bitcoin’s fixed 21 million coin supply.

Such a position would likely renew debate over whether large institutional holdings weaken bitcoin’s decentralised identity.

Critics may argue that concentrated ownership gives major financial players too much influence over an asset built around open access and distributed control.

Bitcoin supporters may see the same trend differently, as heavy institutional buying could reduce available supply and increase long-term scarcity pressure.

The situation also carries another twist because Blackrock reportedly holds a 5% stake in Strategy.

That stake gives Blackrock indirect exposure to Strategy’s bitcoin holdings while it also manages its own large ETF position.

The two firms now sit on opposite sides of the same race while also remaining financially connected through Blackrock’s stake in Strategy.

Their growing bitcoin positions show how far institutional adoption has moved since spot bitcoin ETFs entered the mainstream investment market.

At the time of reporting, Bitcoin price was $76,750.83.