BlackRock’s IBIT Surpasses MicroStrategy, Becomes Second-Largest BTC Holder
BlackRock’s newly launched iShares Bitcoin Trust (IBIT) has quietly accumulated over 130,000 BTC since its inception in March 2025, surpassing Michael Saylor’s MicroStrategy to claim the title of the second-largest institutional Bitcoin holder. This rapid accumulation—worth approximately $14.8 billion at current prices—underscores institutional confidence in Bitcoin as a strategic asset.
IBIT Growth
Data from the OTC market shows IBIT purchased an average of 1,200 BTC per day during May, a pace that eclipsed other major trusts. BlackRock’s deep distribution network and streamlined onboarding have drawn significant flows: IBIT’s AUM grew from $2 billion at launch to $15 billion in under three months, highlighting robust demand from pension funds, endowments, and corporate treasuries.
By comparison, MicroStrategy holds ~110,000 BTC, consolidated over years of dollar-cost averaging. IBIT’s trust structure—fully audited, regulated by the SEC, and eligible for 401(k) plans—provides a compelling alternative for investors seeking direct Bitcoin exposure without private key custody.
Competitive Landscape
IBIT now ranks behind only Grayscale’s GBTC, which holds ~430,000 BTC, and ahead of MicroStrategy. This reshuffling reflects a broader shift towards regulated, ETF-like vehicles. The recent SEC approval of the spot Bitcoin ETF class has spurred a wave of institutional entrants, with IBIT distinguished by BlackRock’s scale and reputation.
“We’re witnessing the democratization of digital assets,” says Morningstar analyst Laura Chen. “IBIT combines fiduciary governance with accessible distribution—key factors for long-term institutional adoption.”
Strategic Significance
Holding Bitcoin on balance sheet has become a hallmark of modern corporate strategy. BlackRock’s strategic move positions it to capitalize on Bitcoin’s inflation hedge narrative while offering a turnkey solution to clients wary of exchange and custody risks. The trust’s structure mandates 100% Bitcoin backing, with monthly audits and monthly holdings disclosures enhancing transparency.
Additionally, BlackRock’s recent joint venture with Coinbase to develop institutional custody solutions—Coinbase Prime and Aladdin integration—simplifies operational workflows for asset managers, further entrenching IBIT in the institutional ecosystem.
Outlook
As Bitcoin’s price hovers near $115,000, IBIT’s continued accumulation could exert meaningful spot market pressure, especially during periods of heavy ETF creations and redemptions. If flows persist, IBIT may challenge GBTC’s dominance over the next year.
For investors, IBIT’s rise offers both an endorsement of Bitcoin’s maturity as an asset class and a convenient vehicle for portfolio diversification. With Grayscale transitioning GBTC into an ETF by year-end, the competitive dynamics among Bitcoin trusts will intensify— a trend worth monitoring as institutional allocations scale further.