BlackRock Now Second-Largest Bitcoin Holder, Trails Only Satoshi Nakamoto
Bitcoin’s quiet evolution from a cypherpunk experiment to a cornerstone of institutional portfolios has just marked a historic milestone. With over 621,000 BTC under management, BlackRock’s iShares Bitcoin Trust (IBIT) is now the second-largest known holder of Bitcoin, trailing only the legendary stash held by anonymous creator Satoshi Nakamoto.
BlackRock’s Meteoric Rise in Crypto
Launched in January 2024, BlackRock’s IBIT ETF has quickly become a juggernaut in institutional BTC exposure. As of May 26, the trust manages $64.5 billion worth of Bitcoin, accounting for 2.96% of Bitcoin’s total supply.
However, considering that up to 20% of all BTC is believed to be lost or inaccessible, BlackRock’s share could exceed 3.5% of Bitcoin’s effective circulating supply, bringing it eerily close to Satoshi’s 1.1 million BTC.
To put this in perspective:
- BlackRock: 621,000 BTC
- MicroStrategy (Michael Saylor): 580,250 BTC
- Binance: 534,471 BTC
A Structural Shift in Bitcoin’s Market Dynamics
This isn’t just another accumulation story—it’s a structural inflection point. Bitcoin is moving beyond speculative hype and becoming a serious allocation in institutional portfolios.
“What was once a retail-driven and highly cyclical asset has become a cornerstone in institutional finance.”
— Tracy Jin, COO, MEXC
Jin highlights that institutional investors are now prioritizing Bitcoin’s long-term asymmetric upside, rather than reacting to short-term volatility. This evolution is supported by massive capital inflows, with U.S.-based spot Bitcoin ETFs receiving $2.75 billion in a single week—quadruple the previous week’s figure.
A Flight From the Old Model of Risk
With sovereign debt surging in nations like the U.S. and Japan, and bond yields hitting multi-decade highs, traditional safe-haven assets are losing their luster. Jin frames the institutional shift as a “flight from the old model of risk,” not merely a move toward higher risk.
“Even the last AAA credit rating is gone. Treasuries used to be the safe haven—today, capital is running from them.”
— Tracy Jin
Bitcoin, once viewed as rebellious and volatile, is now being embraced as transparent, liquid, and neutral—traits institutions find increasingly valuable amid macroeconomic uncertainty.
Bitcoin’s Next Leg: $140,000 by End of Summer?
According to Jin, institutional buying has become self-reinforcing. As more corporations allocate Bitcoin to their balance sheets, competitors are compelled to follow suit. With $25 billion in weekly ETF trading volume and rising inflows, the momentum shows no sign of fading.
Key levels to watch:
- Support: $94,000
- Breakout Threshold: $112,000
- Target: $140,000 by end of summer
Jin notes that dips are increasingly seen as strategic entry points, a stark departure from the panic-driven selloffs of earlier cycles.
Traditional Finance and Crypto: The Great Merge
BlackRock’s surging BTC holdings mark a symbolic and practical merging of legacy finance and the decentralized future. While Satoshi Nakamoto’s coins remain untouched, BlackRock’s growing wallet is very real—and sending a clear message:
Bitcoin has entered the institutional era, and there’s no turning back.
