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

As Bitcoin (BTC) quietly slips further into the grip of institutions, one asset manager has gone from newcomer to near-mythical status, now chasing only Bitcoin’s anonymous creator Satoshi Nakamoto.

BlackRock‘s iShares Bitcoin Trust (or simply known by its ticker IBIT) debuted in January 2024 and has rapidly established itself as a dominant institutional vehicle for BTC exposure since then. As of May 26, the trust holds over 621,000 BTC, valued at around $64.5 billion, representing roughly 2.96% of Bitcoin’s total capped supply of 21 million coins, according to data from BitBo.

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, bringing it closer to Satoshi Nakamoto’s legendary 1.1 million BTC trove.

For comparison, Michael Saylor’s Strategy holds 580,250 BTC, while crypto exchange Binance has 534,471 BTC, per 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 evidence that Bitcoin is no longer just a speculative asset or a hedge against fiat, it is increasingly a core allocation in institutional investment strategies.

Asymmetric upside

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

Tracy Jin

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.

With sovereign debt burdens flashing red in economies like the U.S. and Japan, 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.”

Tracy Jin

$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 incentivized 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.”

Tracy Jin

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, while a break above $112,000 could push BTC towards $140,000 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 serves as a clear signal that the line between traditional finance and crypto is blurring fast. While Nakamoto’s holdings remain untouched and symbolic, BlackRock’s wallet is very real and getting heavier.