MicroStrategy (MSTR), the business intelligence firm, is rapidly approaching Grayscale in its Bitcoin (BTC) holdings and may soon become the largest institutional holder of the cryptocurrency. As of September 20, MicroStrategy held 252,220 BTC, representing approximately 1.2% of the total supply. This is just slightly below Grayscale's current holdings of 254,000 BTC through its GBTC and ETHE trusts. MicroStrategy has been aggressively acquiring Bitcoin since 2020 and has made several large purchases this year. The company's most recent purchase was an addition of 301 BTC, worth approximately $15 million, on September 20. With over $1 billion in cash on its balance sheet from a recent capital raise, MicroStrategy has significant firepower to further increase its Bitcoin holdings and potentially surpass Grayscale. If MicroStrategy does become the largest institutional holder of Bitcoin, it will be a major milestone for the company and for the cryptocurrency industry as a whole. It would further legitimize Bitcoin as an institutional investment and could drive even more adoption from large investors.