BlackRock's BTC holdings reach 350,000, ranking third globally
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BlackRock's BTC holdings reach 350,000, ranking third globally
Analysts say U.S. Bitcoin ETFs could surpass Satoshi Nakamoto in October.
Navigating Web3 tides with focused insightsSource: beincrypto
Compiled by: Blockchain Knight
According to on-chain data, BlackRock's aggressive push into BTC has brought its holdings close to 350,000 BTC, making it the world's third-largest holder after Satoshi Nakamoto and Binance.
As BlackRock continues to position itself as a dominant player in the crypto asset space, interest from its various ETF products and institutional investors keeps growing.
BlackRock’s entry into the BTC industry marks a pivotal turning point for the sector. For years, BlackRock CEO Larry Fink held strong skepticism toward BTC, viewing it as a speculative and potentially dangerous asset.
However, over the past few years, his stance has undergone a complete reversal.
Fink now sees BTC as an "international asset" with the potential to transform finance—a shift that has driven BlackRock’s deeper engagement with the crypto market.
The company’s flagship product, iShares IBIT, lies at the core of this strategy.
Launched earlier this year, IBIT quickly gained popularity among institutional investors seeking secure exposure to BTC. As a result, BlackRock’s BTC holdings have approached 350,000.
It is estimated that Satoshi Nakamoto holds around 1.1 million BTC, while Binance holds approximately 550,000 BTC.
Bloomberg ETF analyst Eric Balchunas said: "Never thought U.S. ETFs would be on track to surpass Satoshi at the October BTC convention. BlackRock alone is already ranked third and could reach first place by the end of next year, likely staying there for a long time."
Interestingly, just months ago, the balance of power in the ETF market was quite different. At that time, Grayscale led the pack, holding more BTC than BlackRock.
Now, the situation has reversed—Grayscale is struggling with client redemptions as investors pull out.
The main reason for investor withdrawals is Grayscale’s high 2.5% fee, compared to the industry average of 0.25%.
BlackRock’s expanding presence in the crypto asset arena is opening doors for more traditional financial firms to enter the market.
Recent filings show that major institutions such as Capula Management, Goldman Sachs, and DRW Capital have been acquiring shares in BlackRock’s iShares IBIT.
Undeniably, ETFs have played a crucial role in establishing crypto assets as a legitimate asset class, yet divisions remain within the crypto community.
Many argue that increasing dominance by large financial institutions contradicts BTC’s founding principles. To these critics, institutional control erodes the original ethos of crypto, shifting power back to the very entities BTC aimed to bypass.
One observer remarked: "Doesn't this contradict the very idea of 'decentralization'? BlackRock will become the largest custodian—there’s nothing more centralized than that."
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