- BlackRock is the second largest Bitcoin holder with over 636,000 BTC, behind only Satoshi Nakamoto.
- BlackRock’s IBIT ETF is soaring in institutional inflows, backed by big names like Citadel and Mubadala.
- Bullish signals and standing demand for ETF could lead BlackRock to the top by 2026, according to analysts.
BlackRock now sits as the second largest Bitcoin holder after it has exceeded major institutions and crypto native firms such as Binance, Grayscale, and MicroStrategy. According to Bloomberg ETF analyst Eric Balchunas, the asset management giant maintains more than 636,000 BTC through its spot Bitcoin ETF IBIT.
BlackRock’s estimated holding equates to 57% of the 1.12 million BTC held by Satoshi Nakamoto. If inflows remain at the current pace and Bitcoin’s price hits $150,000, BlackRock could outpace Satoshi much earlier by mid-2026 or sooner if ETF demand spikes.
An increase in holdings follows from continued support of IBIT by institutional investors. In Q1 2025, Citadel Advisors tripled its share; Avenir Group and Mubadala Investment Company also significantly increased their shares. During the first quarter, the Abu Dhabi sovereign wealth fund added $29 million, with its holding of 8.7 million shares.
ETF Inflows Accelerate Amid Bullish Indicators
The pace at which BlackRock has been accumulating indicates a wider interest in Bitcoin exposure through regulated financial products. With a total of 1.18 million BTC, U.S. spot Bitcoin ETFs now have 199,831 and 231,646 BTC held by Fidelity and Grayscale, respectively.
The momentum is evident in the most recent data. According to CoinGlass, the Bitcoin funding rate surged into positive territory in May after being negative in April. The trend shows a rise in long positions as BTC is worth more than $100,000.
According to data from Swissblock, there are no signs of a bearish trend on the network. Analysts noted that the BFI remained neutral to strong even during the February–March correction. According to the firm, no bearish divergence has been seen, meaning buying is still in favor.
Benjamin Cowen further explained that Bitcoin’s current situation could be a golden cross, where its 50-day moving average is about to surpass its 200-day moving average. Similar patterns in the past usually led to long-term bullish trends.
Institutional Adoption Reshapes Bitcoin Supply
Some traditional financial institutions are launching crypto exposure for the sake of keeping up with client demand. While JPMorgan CEO Jamie Dimon publicly scorned digital assets, the bank now allows clients to trade Bitcoin. While the bank does not own BTC directly, the evolution does imply a rising understanding of crypto by legacy banking.
Bitcoin has a finite supply of 21 million, and BlackRock’s weight is clearly reinforced. While the firm’s continued ETF driven accumulation could also create a structural impact on supply availability. If ETF adoption accelerates and especially financial advisors get in on the action, BlackRock’s portfolio could surpass all other known holders.
Binance, Bitfinex, Upbit, and the U.S. government are hoarding large reserves, but not nearly as quickly as BlackRock. IBIT’s consistent inflows and broad institutional backers make it noteworthy among ETFs.
A potential BTC rally to $150,000 would prompt a “feeding frenzy” amongst wealth managers and advisors, according to Eric Balchunas. IBIT’s growth rate would be higher in that scenario, and BlackRock would have to beat Satoshi’s holdings sooner.
