BlackRock’s Bitcoin ETF Smashes Record With 806,700 BTC as MicroStrategy Races Ahead

BlackRock’s iShares Bitcoin Trust just hit 806,700 Bitcoin. That’s roughly $63.7 billion sitting in the world’s biggest spot Bitcoin ETF, and it’s a new all-time high for the fund.

The pile-up didn’t happen overnight. IBIT pulled in Bitcoin for nine straight trading days, adding about 21,500 BTC during that stretch. Institutions keep buying regulated Bitcoin exposure even as the price hovers near $78,000, and BlackRock’s fund is basically eating everyone’s lunch. The firm now controls about 49% of all US spot Bitcoin ETF assets, leaving Fidelity’s FBTC and Grayscale’s GBTC trailing behind. In the first quarter of 2026 alone, IBIT saw inflows on 48 out of 62 trading days. That’s $8.4 billion in fresh capital, which is pretty much unprecedented for a crypto product this size.

Mid-April was wild. IBIT pulled $291.9 million on April 15, then $269.3 million on April 10. Those two days alone pushed the fund past the 800,000 BTC mark for the first time, and the buying hasn’t really stopped since.

Broader Market Turns Around

US spot Bitcoin ETFs had been bleeding capital for four months straight. Then things flipped. Over the past four weeks, the entire category accumulated around $2 billion in net inflows, reversing what had been a pretty grim trend. IBIT contributed $1.7 billion of that total, which means BlackRock’s fund did most of the heavy lifting while competitors scrambled to keep up.

But here’s the twist. MicroStrategy just leapfrogged IBIT.

The software company now holds 815,061 BTC, reclaiming its spot as the largest corporate Bitcoin holder. MicroStrategy added 13,927 BTC on April 13 alone, worth roughly $1 billion at the time. That single purchase widened the gap between MicroStrategy and BlackRock’s ETF to about 8,300 BTC, and it’s unclear if IBIT can close that distance anytime soon.

Michael Saylor’s firm has been on an acquisition spree for years, and it’s showing no signs of slowing down. The company’s aggressive strategy stands in contrast to BlackRock’s steadier, institutional approach, but both are piling up Bitcoin at a pace that dwarfs most other players in the market.

BlackRock Files for Bitcoin Income ETF

BlackRock isn’t just sitting on its existing pile. The firm filed an amended S-1 with the SEC for a new Bitcoin income ETF, ticker BITA. The proposed fund aims to generate yield through a covered call strategy linked to IBIT’s performance, which would give investors a way to earn income on top of Bitcoin exposure.

It’s a smart move. Covered call strategies have been popular in traditional equity markets for decades, and applying that approach to a Bitcoin ETF could attract a different type of investor—one who wants the upside potential of Bitcoin but also craves some regular cash flow. The filing signals BlackRock’s intent to diversify its crypto product lineup beyond simple spot exposure, and it’s probably a preview of more products to come.

Read also: Bitcoin Whales Dump as $75K Rally Loses Steam Despite Long-Term Holder Buying

The competition between IBIT and MicroStrategy is heating up. Both are buying aggressively, and both have the capital to keep going. MicroStrategy’s advantage is flexibility—it can buy whenever it wants, however much it wants, without worrying about daily inflows and outflows. IBIT, on the other hand, depends on investor demand, but that demand has been pretty consistent lately.

Institutional appetite for regulated Bitcoin exposure remains strong. IBIT’s nine-day inflow streak and its dominance in the US spot Bitcoin ETF market make that clear. The fund’s performance in the first quarter of 2026 was particularly impressive, with inflows on 48 out of 62 trading days. That’s a success rate of about 77%, which is hard to argue with.

The reversal in capital outflows across the broader US spot Bitcoin ETF market is significant too. After four months of net outflows, the category collectively pulled in around $2 billion over the past month. IBIT’s $1.7 billion contribution accounted for most of that, but other funds like Fidelity’s FBTC also saw modest inflows during the same period.

Bitcoin’s price near $78,000 is probably helping. Higher prices tend to attract more attention, and institutional investors seem more comfortable buying at these levels than they were during previous dips. The regulatory environment has also stabilized somewhat, which makes it easier for large asset managers to pitch Bitcoin products to their clients.

MicroStrategy’s recent purchase of 13,927 BTC was a bold move. The company spent roughly $1 billion in a single day, which is the kind of buying power that can move markets. Saylor’s firm has been accumulating Bitcoin since 2020, and its holdings now exceed those of BlackRock’s ETF by a small but meaningful margin.

Read also: Bitcoin Inches Toward $80K While Ethereum Eyes $3K Breakout

The proposed BITA fund could change the game. If approved, it would offer investors a way to generate income from Bitcoin holdings through a covered call strategy, which involves selling call options on the underlying asset to collect premiums. It’s a conservative approach compared to outright buying and holding, but it could appeal to investors who want exposure without taking on full price risk.

BlackRock’s dominance in the US spot Bitcoin ETF market is undeniable. With 49% of total assets under management in the category, IBIT is the clear leader. Fidelity and Grayscale are still major players, but neither has matched BlackRock’s inflow momentum or asset accumulation rate.

The race between IBIT and MicroStrategy for the title of largest institutional Bitcoin holder is far from over. MicroStrategy currently holds 815,061 BTC, while IBIT holds 806,700 BTC. That’s a gap of about 8,300 BTC, which could close quickly if IBIT continues its recent inflow streak. Or MicroStrategy could widen the gap with another massive purchase. Unclear which way it’ll go.