BlackRock Now Owns 3.8% of Bitcoin Supply, Analyst Highlights ‘Extraordinary’ Implications

BlackRock now holds 3.8% of Bitcoin’s total supply, second only to Satoshi Nakamoto. IBIT has $87.7B in assets.

 

BlackRock, the world’s largest asset manager, now holds 3.8% of Bitcoin’s total supply through its iShares Bitcoin Trust ETF (IBIT). 

Bloomberg analyst Eric Balchunas has called this development “extraordinary,” noting that such ownership in a relatively new fund is a significant achievement. IBIT, launched just last year, has amassed $87.7 billion in assets under management (AUM), making it one of the largest Bitcoin-focused funds.

BlackRock’s IBIT ETF Outpaces Traditional Equity Funds

Balchunas pointed out that, in comparison to equity ETFs, BlackRock’s Bitcoin trust has achieved a remarkable feat. Typically, equity ETFs would need around $2.2 trillion in assets to achieve a similar ownership stake in their underlying assets. 

As an example, he noted that the SPY ETF, which tracks the S&P 500, holds just 1.1% of the total market cap of U.S. stocks, despite being 32 years old. In contrast, IBIT is still a “toddler,” yet it has already captured 3.8% of the total Bitcoin supply.

The ETF’s growth has been fueled by high net inflows, totaling $7.8 billion in the third quarter of 2025.

Year-to-date, Bitcoin ETFs have drawn in $21.5 billion in net inflows, a testament to the growing institutional interest in cryptocurrency. This trend underscores the role Bitcoin ETFs have played in driving Bitcoin’s adoption and its price growth.

BlackRock’s Growing Bitcoin Holdings and Satoshi Nakamoto’s Lead

BlackRock is now the second-largest holder of Bitcoin, behind only its creator, Satoshi Nakamoto. 

According to estimates, Nakamoto holds around 1.12 million BTC, while BlackRock owns 768,264 BTC. Given the pace of inflows into IBIT, Balchunas suggests that BlackRock could surpass Nakamoto’s holdings as soon as next summer.

This shift would mark a milestone in Bitcoin’s institutional adoption. With the increasing popularity of Bitcoin ETFs, BlackRock’s holdings are likely to continue growing.

Balchunas has even suggested that if Bitcoin’s price reaches $150,000 in the coming months, a “feeding frenzy” for Bitcoin ETFs could accelerate these gains.

Potential for Vanguard’s Involvement in Bitcoin ETFs

BlackRock’s success with IBIT could also influence other asset managers, including Vanguard. Vanguard, one of the largest asset managers, is reportedly considering offering access to crypto ETFs, likely tapping into the growing demand from its clients. 

If Vanguard chooses to offer BlackRock’s IBIT ETF, it could provide a major boost to the Bitcoin ETF market, further cementing Bitcoin’s place in the mainstream financial system.

This growing institutional interest signals a shift in how digital assets are perceived by traditional financial institutions. As the market continues to evolve, BlackRock’s leadership in the Bitcoin ETF space highlights the increasing role of institutional investors in driving Bitcoin’s future.

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