Uploaded May 2025 | Updated September 2026, 1 day ago
In this episode, Rizzo & Nolan Bauerle dive into the race between MicroStrategy and BlackRock to become the largest holders of Bitcoin. They compare Michael Saylor’s singular, leveraged BTC accumulation strategy with Larry Fink’s sprawling ETF-driven approach at BlackRock. They explore how each firm’s structure, incentives, and regulatory realities impact their ability to scale Bitcoin ownership—and debate whether MicroStrategy could evolve into a Bitcoin-native version of BlackRock, or if BlackRock could out-stack Saylor’s empire. Enjoy!
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Supply Shock Newsletter: blockworks.co/newsletter/supplyshock
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Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! blockworks.co/event/permissionless-iv
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Timestamps:
00:00 Introduction
01:54 Strategy vs BlackRock
06:56 Key Differences
13:22 Saylor’s History
16:47 Regulatory Advantage
21:38 Can BlackRock Become Strategy?
32:20 BlackRock & Global Markets
36:28 Who Can Fully Embrace BTC?
43:06 First to 1M BTC
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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
In this episode, Rizzo & Nolan Bauerle dive into the race between MicroStrategy and BlackRock to become the largest holders of Bitcoin. They compare Michael Saylor’s singular, leveraged BTC accumulation strategy with Larry Fink’s sprawling ETF-driven approach at BlackRock. They explore how each firm’s structure, incentives, and regulatory realities impact their ability to scale Bitcoin ownership—and debate whether MicroStrategy could evolve into a Bitcoin-native version of BlackRock, or if BlackRock could out-stack Saylor’s empire. Enjoy!
—
Follow Nolan: https://x.com/countbtc
Follow Rizzo: https://x.com/pete_rizzo_
Follow Supply Shock: twitter.com/SupplyShockBW
Follow Blockworks: twitter.com/Blockworks_
Join Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx
Supply Shock Newsletter: blockworks.co/newsletter/supplyshock
—
Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! blockworks.co/event/permissionless-iv
—
Timestamps:
00:00 Introduction
01:54 Strategy vs BlackRock
06:56 Key Differences
13:22 Saylor’s History
16:47 Regulatory Advantage
21:38 Can BlackRock Become Strategy?
32:20 BlackRock & Global Markets
36:28 Who Can Fully Embrace BTC?
43:06 First to 1M BTC
—
Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
