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Interesting video. What stood out is how BlackRock sits in every major S&P 500 name, yet rarely pushes past roughly 7% ownership in any single company. That’s their comfort zone. Right now their indirect Bitcoin exposure is already around 3.5%. In two years they’ve basically closed half the distance to their usual target, if we assume they’re running the same playbook. The only real institutional rival is MicroStrategy with about 3% — and BlackRock already owns nearly 5% of MicroStrategy itself. That’s the part people pretend not to see. Their mining stakes make it even worse. Once you lay out the numbers, it’s obvious they already have serious leverage over governance through shareholder voting. In practice they could influence miners on whether to activate contentious forks/protocol changes. And there’s nothing stopping them from grinding the fiat price whenever they want until they reach that comfortable 7% ETF stake. I bet the accumulation accelerates in the 2026 bear market. Wouldn’t be surprised if they’re managing 1.5M BTC inside the ETF complex by 2027. You can spin nice stories about how this is “good for Bitcoin,” but if you actually watch the video, you might start seeing the situation a lot less romantically. https://youtu.be/F-sJDPROwyU