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BlackRock Emerges as the Second Largest Bitcoin Holder, Closing in on Satoshi Nakamoto
With over 621,000 BTC under management, BlackRock has solidified its position as one of the most significant players in the cryptocurrency space, trailing only Bitcoin’s anonymous creator, Satoshi Nakamoto. As Bitcoin continues to integrate into institutional portfolios, BlackRock’s rapid accumulation signals a transformative shift in the asset’s role within global finance.
BlackRock’s iShares Bitcoin Trust: A Game-Changer
BlackRock’s iShares Bitcoin Trust, launched in January 2024, has quickly become a dominant institutional vehicle for Bitcoin exposure. By May 26, the trust held over 621,000 BTC, valued at approximately $64.5 billion. This represents 2.96% of Bitcoin’s total capped supply of 21 million coins. When accounting for estimates that up to 20% of Bitcoin may be lost or inaccessible due to forgotten keys or lost wallets, BlackRock’s stake could exceed 3.5% of the effective circulating supply, approaching the legendary 1.1 million BTC held by Satoshi Nakamoto.
Comparing Institutional Bitcoin Holdings
BlackRock’s Bitcoin holdings surpass other major players in the market. For instance, Michael Saylor’s MicroStrategy holds 580,250 BTC, while Binance, a leading crypto exchange, holds 534,471 BTC. These figures highlight BlackRock’s increasing dominance and the growing institutional adoption of Bitcoin as a core investment asset.
Bitcoin’s Evolving Role in Institutional Finance
The pace at which BlackRock has accumulated Bitcoin underscores a deeper structural shift. Bitcoin is no longer viewed solely as a speculative asset or a hedge against fiat currencies. Instead, it is increasingly considered a cornerstone in institutional investment strategies.
“What was once a retail-driven market and highly cyclical asset has become a cornerstone in institutional finance,” said Tracy Jin, Chief Operating Officer at MEXC.
Jin emphasized that institutional investors are now focusing less on short-term market volatility and more on Bitcoin’s potential asymmetric upside and long-term value proposition.
Data Supporting Institutional Momentum
Recent data reflects this shift. Last week, U.S.-based spot Bitcoin ETFs recorded $2.75 billion in inflows as Bitcoin surged past its January all-time high of $109,000. This marks a significant increase compared to the $608 million inflows from the previous week.
With sovereign debt burdens rising in economies like the U.S. and Japan and bond yields climbing to multi-decade highs, traditional safe-haven assets are losing their appeal. Jin described this trend as a “flight from the old model of risk,” where institutions are turning to Bitcoin as a transparent and increasingly liquid store of value.
“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,” Jin noted.
Bitcoin Price Predictions: $140,000 in Sight?
The rise of regulated Bitcoin products is encouraging more capital allocators to consider BTC as a viable long-term investment. Unlike previous bull markets driven by retail hype, today’s rally is supported by measured institutional inflows and longer-term positioning.
“Institutional momentum tends to be very self-reinforcing, and as more corporations announce Bitcoin allocations, others are incentivized to follow suit to remain competitive,” Jin explained.
Despite the bullish outlook, analysts caution that Bitcoin must defend critical support levels. Jin identified $94,000 as a key downside threshold, while a break above $112,000 could push Bitcoin toward $140,000 by the end of summer. She noted that dips are increasingly seen as strategic entry points rather than signs of capitulation, marking a stark contrast to previous market cycles.
BlackRock’s Growing Influence in Crypto
As Bitcoin’s narrative shifts from rebellion to resilience, BlackRock’s growing presence in the market is a clear indication of the blurring lines between traditional finance and cryptocurrency. While Satoshi Nakamoto’s holdings remain untouched and symbolic, BlackRock’s wallet continues to grow, solidifying its role as a major force in the Bitcoin ecosystem.
