BlackRock Now Sits Below Only Satoshi Nakamoto as the Largest Bitcoin Holder, Holding More Than Binance or MicroStrategy

With over 621,000 BTC under management, BlackRock now sits just below Satoshi Nakamoto as the largest Bitcoin holder.

As Bitcoin (BTC) continues to slip further into the grip of institutions, one asset manager has gone from newcomer to near-mythical status.

According to data from BitBo, BlackRock‘s iShares Bitcoin Trust (or simply known by its ticker IBIT) debuted in January 2024 and quickly amassed over 621,000 BTC by May 26.

The trust is now a dominant institutional vehicle for BTC exposure, and its holdings represent roughly 2.96% of Bitcoin’s total capped supply of 21 million coins. At current prices, that portion of BTC is valued at around $64.5 billion.

However, when factoring in estimates that suggest up to 20% of all Bitcoin may be lost or inaccessible due to forgotten keys or lost wallets, BlackRock’s stake could represent well over 3.5% of the effective circulating supply. This would bring the asset manager’s Bitcoin holdings closer to Satoshi Nakamoto’s legendary 1.1 million BTC trove, which is typically estimated to be around 5% of the total capped supply.

For comparison, Michael Saylor’s Strategy (NASDAQ:STONK) is currently estimated to hold 580,250 BTC, and crypto exchange Binance is believed to have 534,471 BTC, according to data from Coinglass.

This pace of accumulation is not merely a statistical footnote; it signals a deeper structural shift in the role of Bitcoin in global portfolios. BlackRock now holds more BTC than longstanding corporate holders such as Strategy or Binance. The trend is a testament to Bitcoin’s increasing presence as a core allocation in diverse institutional investment strategies.

Asymmetric upside

In a recent commentary to crypto.news, MEXC chief operating officer Tracy Jin said the sharp pivot by many corporations to integrate BTC into their long-term investment strategies “is fundamentally reshaping Bitcoin’s market dynamics.”

“What was once a retail-driven market and highly cyclical asset has become a cornerstone in institutional finance. This investor behaviour dynamics highlights that most institutions are less focused on short-term market volatility and have eyes on Bitcoin’s potential asymmetric upside and long-term value proposition.”

The data supports this shift: U.S.-based spot Bitcoin ETFs saw $2.75 billion in inflows last week as Bitcoin broke past its January all-time high of $109,000. That figure marks more than a 4-fold increase from the $608 million recorded the previous week.

However, with sovereign debt burdens in the U.S. and Japan flashing red and bond yields climbing to multi-decade highs, traditional safe-haven assets are losing their appeal. As Jin explained, the change “is not a flight from risk — it’s a flight from the old model of risk.”

“Bond yields in the U.S. and Japan are surging, sovereign debt burdens are flashing red, and even the last remaining AAA credit badge is gone. For decades, Treasurys were the safe haven during turbulent times. Today, capital is running from them.”

$140,000 by the end of summer

The rise of regulated Bitcoin products appears to be encouraging capital allocators, who may be beginning to view BTC less as a speculative fringe asset and more as a potentially neutral, transparent, and increasingly liquid store of value.

Unlike previous bull markets, often fueled by retail hype and meme-driven enthusiasm, the current rally seems to be supported by longer-term positioning and more measured institutional inflows.

“Institutional momentum tends to be very self-reinforcing, and as more corporations announce Bitcoin allocations, others are incentivised to follow suit to remain competitive. With Bitcoin ETFs recording a $25 billion weekly trading volume and $2.75 billion inflows last week, institutional momentum remains resilient despite the macroeconomic headwinds.”

This institutional wave is not without volatility, however. Analysts caution that while the bullish structure remains intact, Bitcoin must defend key support zones.

Jin sees the $94,000 level as a critical downside threshold, where significant sell orders could emerge if the price dips too low. Conversely, a sustained break above the $112,000 resistance could pave the way for a continuation of the bull market, potentially propelling BTC towards the $140,000 zone by the end of summer. In her view, dips are now seen as “strategic entry points rather than capitulation signs,” a huge contrast to previous cycles.

As Bitcoin’s narrative shifts from rebellion to resilience, BlackRock’s growing presence in the market signals the rapid blurring of the line between traditional finance and crypto. While Nakamoto’s holdings remain untouched and symbolic, BlackRock’s wallet is very real and getting heavier.