Institutions Surpass Satoshi Nakamoto in Bitcoin Holdings

Bitcoin’s ownership landscape has shifted, with two institutions—BlackRock and MicroStrategy—now jointly holding more BTC than Bitcoin’s mysterious creator, Satoshi Nakamoto.

BlackRock’s spot ETF manages over 573,000 BTC, and MicroStrategy’s reserves total around 538,000, bringing their combined holdings to more than 1.1 million coins.

In contrast, Satoshi’s estimated stash, based on early mining patterns analyzed in 2013, is believed to be around 1.1 million BTC at most—some researchers even suggest it could be less.

Unlike Satoshi’s untouched, privately held coins, the BTC held by these institutions is tied up in obligations. BlackRock’s coins belong to ETF shareholders, while MicroStrategy’s holdings are part of a debt-laden corporate structure with responsibilities to investors and creditors.

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While this rise in institutional accumulation highlights growing mainstream confidence in Bitcoin, it also raises questions about the long-term impact on decentralization.

As more of the supply is absorbed by large players accountable to shareholders and regulators, the balance of influence in the Bitcoin ecosystem continues to evolve—further blurring the line between crypto’s decentralized ideals and traditional finance.