BlackRock Closes In On 800K Bitcoin as Competition Heats Up

BlackRock's iShares Bitcoin Trust (IBIT) has accumulated nearly 800,000 Bitcoins after purchasing roughly $600 million worth of BTC over the past week. The asset manager now holds more Bitcoin than any corporate treasury in the world, including Strategy Inc (MSTR), which holds about 766,970 BTC.

The gap between BlackRock's IBIT and Strategy stands at around 8,030 BTC, meaning Strategy would need to acquire roughly $600 million to overtake BlackRock's iShares Bitcoin Trust as the single largest institutional Bitcoin holder. This highlights the growing competition among major corporate Bitcoin buyers.

Strategy Executive Chairman Michael Saylor hinted at continued focus on expanding its holdings, posting 'Think ₿igger' alongside a chart of the firm's Bitcoin purchases. The company most recently added 13,927 BTC on Monday, purchased at an average price of $71,902 per coin.