Michael Saylor’s Strategy and BlackRock’s iShares Bitcoin Trust (IBIT) are now Bitcoin’s largest whales. Together, they now own 1,297,325 BTC worth about $140.8 billion. That’s a colossal 6.18% of Bitcoin’s total circulating supply.
To contextualize, this is more than what entire countries own, including the Himalayan kingdom of Bhutan, which is known to mine and hold Bitcoin through state-supported initiatives.
Michael Saylor’s Bold Bet on Bitcoin
Michael Saylor began investing in Bitcoin in August 2020, when MicroStrategy (now Strategy) made its first purchase of 21,454 BTC for $250 million at an average price of $11,653 per coin. What began as a bold experiment quickly evolved into a long-term mission: to turn MicroStrategy into the ultimate corporate Bitcoin holder.
Since then, Saylor has sold shares, issued debt, and reinvested earnings—all in an effort to buy more Bitcoin. As of mid-2025, Strategy (previously MicroStrategy) controls 597,325 BTC, the largest single corporate Bitcoin holder in existence.
At the time of writing, Bitcoin is trading at approximately $108,792, which puts Strategy’s holdings in an extremely profitable position. Here’s a quick snapshot of the company’s Bitcoin portfolio:
- Total Investment: $42.4 billion
- Current Value: $64.98 billion
- Unrealized Profit: $22.57 billion
- Average Cost (DCA): $71,003 per BTC
Saylor calls Bitcoin a “financial revolution,” frequently labeling it as “digital gold” and projecting that it will surpass conventional assets such as cash, bonds, and even physical gold in the long term. His unshakeable faith has made him a crypto legend.
BlackRock’s Quiet Accumulation
The largest money manager in the world, BlackRock, which oversees more than $9.2 trillion in assets, entered the Bitcoin space with deft precision, while Michael Saylor grabbed headlines with his high-risk, high-reward approach.
BlackRock has stockpiled 700,306 BTC as of July 9, 2025, through its iShares Bitcoin Trust (IBIT), becoming one of the biggest institutional Bitcoin holders in the world.
The process started after spot Bitcoin ETFs were approved by the SEC in early 2024. Since then, IBIT has been buying Bitcoin every day and increasing it to its portfolio on a daily basis. BlackRock has added 1,000 to 4,000 Bitcoin per day in the last few weeks.
In contrast to Saylor’s high-pressure, levered tactic, BlackRock’s is glacial, systematic, and supported by years of financial clout. But both routes now converge on the same destination: enormous Bitcoin reserves that could shape market forces for years to come.
The Bigger Picture: Who Will Control Bitcoin?
Together, Strategy and BlackRock now own more Bitcoin than numerous governments and sovereign wealth funds. Bitcoin is no longer a specialized asset, which is a huge shift. Big businesses are vying for a bigger piece of the increasingly essential global financial system.
However, there is still a risk. Strategy’s entire investment might lose money if Bitcoin falls below $66,380, which is their average cost base. That’s the nature of crypto: high volatility, high reward.
What started as Michael Saylor’s bold experiment has turned into a corporate arms race. Now, with giants like BlackRock in the game, the lines between Wall Street and crypto are fading fast. Governments, companies, and asset managers are all competing for control. So the real question isn’t just “How high can Bitcoin go?”—it’s “Who will end up owning it?”
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