BlackRock’s IBIT becomes second-largest Bitcoin holder behind Satoshi Nakamoto

BlackRock’s iShares Bitcoin Trust (IBIT) has become the second-largest holder of Bitcoin as of May 20, surpassed only by the infamous wallet of Satoshi Nakamoto, the pseudonymous creator of the flagship crypto.

According to data compiled by crypto analyst Shaun Edmondson, IBIT currently holds 636,108 BTC, representing over 3% of Bitcoin’s total capped supply of 21 million and nearly 57% of Nakamoto’s estimated 1.12 million BTC stash.

Top Bitcoin Holders (Source: Shaun Edmondson)

With this, BlackRock now holds more Bitcoin than Binance, the largest crypto exchange by trading volume, and Strategy, the largest corporate holder of the bellwether asset.

Bloomberg ETF analyst Eric Balchunas suggested that, depending on how Bitcoin performs in the market, the ETF’s Bitcoin holdings could overtake Satoshi’s by next summer. He added that the timeline could accelerate if the asset’s price approaches $150,000.

He said such a surge might prompt widespread institutional demand, particularly from financial advisors reallocating client assets into Bitcoin exposure.

Since its launch in January 2024, IBIT has become a dominant player in the Bitcoin ETF space.

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Author: Oluwapelumi Adejumo

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BlackRock’s IBIT becomes second-largest Bitcoin holder behind Satoshi Nakamoto