Main Points：
- BlackRock’s IBIT ETF surpasses 700,000 BTC holdings, valued at over $75 billion.
- IBIT now holds approximately 62% of the estimated 1.12 million BTC attributed to Satoshi Nakamoto.
- At its current pace (~40,000 BTC/month), IBIT could exceed Satoshi’s holdings by May 2026.
- All U.S. spot Bitcoin ETFs combined have already amassed more than 1.1 million BTC, overtaking Satoshi.
- IBIT has become one of BlackRock’s fastest-growing and highest-revenue-generating funds, driven by strong institutional inflows.
- Fidelity’s FBTC holds over 203,500 BTC and saw $345.7 million in daily inflows on July 7, signaling growing competition.
- Spot Bitcoin ETF inflows reached a combined $409 million on July 7, underlining sustained institutional demand.
1. A Record-Breaking Milestone for IBIT
On July 7, 2025, BlackRock’s iShares Bitcoin Trust (IBIT) officially crossed the 700,000 BTC mark—an achievement that underscores the meteoric rise of spot Bitcoin ETFs in the institutional investment landscape. As of that date, IBIT’s Bitcoin holdings were valued at over $75 billion, making it not only the largest spot Bitcoin ETF but also one of BlackRock’s top three revenue drivers among nearly 1,200 funds.
IBIT reached this threshold in just 18 months since its January 2024 debut, adding an estimated 40,000 BTC per month (about 1,300 BTC per day). At this pace, Bloomberg Senior ETF Analyst Eric Balchunas projects the fund could surpass Satoshi Nakamoto’s estimated 1.12 million BTC by May 2026.
2. Closing in on Satoshi Nakamoto
The mysterious creator of Bitcoin, known as Satoshi Nakamoto, is believed to hold approximately 1,120,000 BTC in dormant wallets. As of July 7, IBIT’s 700,000 BTC represents about 62% of that amount—up from roughly 57% in May 2025. If IBIT continues to accumulate at the current monthly rate, it will eclipse Satoshi’s holdings by mid-2026. <img src=“cid:ibit_vs_satoshi.png” alt=”Chart: Estimated Growth of IBIT Holdings vs. Satoshi Nakamoto” style=”max-width:100%; height:auto;”>
Estimated growth of IBIT holdings compared with the constant Satoshi Nakamoto holdings.
3. The Broader ETF Landscape
While IBIT leads the pack, the broader group of U.S. spot Bitcoin ETFs collectively holds more than 1.1 million BTC—already surpassing Satoshi’s estimated stash. Key competitors include:
- Fidelity Wise Origin Bitcoin Fund (FBTC): 203,509 BTC as of July 7, with $345.7 million in daily inflows on that day, making it the second-largest spot Bitcoin ETF.
- Grayscale Bitcoin Trust (GBTC): 184,000 BTC.
On July 7, all spot Bitcoin and Ethereum ETFs combined brought in over $409 million in capital, highlighting sustained institutional interest in digital assets.
4. Institutional Demand and Revenue Generation
IBIT’s explosive growth has translated into substantial revenue for BlackRock. Within 1.4 years, its assets under management (AUM) surpassed $70 billion—reportedly the fastest in ETF history, five times quicker than the previous record-holder. Moreover, IBIT has outpaced equity benchmarks: its fee income has already exceeded that of the S&P 500 ETF (IVV), underscoring crypto’s arrival in mainstream finance.
5. What’s Driving the Influx?
Several factors fuel this ETF boom:
- Institutional Adoption: Corporate treasuries and pension funds seek uncorrelated assets and inflation hedges.
- Regulatory Clarity: SEC approvals for spot ETFs have reduced entry barriers for large money managers.
- Liquidity and Convenience: ETFs provide a familiar wrapper, trading on existing exchanges with competitive fees.
- Broader Crypto ETPs: New entrants like Fidelity’s FBTC and future products (e.g., Ethereum spot ETFs) diversify options for investors.
Conclusion
BlackRock’s IBIT has not only redefined the pace at which an ETF can accumulate Bitcoin, but it has also reshaped perceptions about institutional demand for digital assets. Surpassing 700,000 BTC in just 18 months, IBIT now holds over 62% of Satoshi Nakamoto’s estimated coins and stands on track to become the world’s largest single Bitcoin holder by mid-2026. Meanwhile, the combined might of U.S. spot Bitcoin ETFs has already eclipsed Satoshi’s theoretical holdings, signaling a new institutional era for cryptocurrencies. As competition intensifies with funds like Fidelity’s FBTC, and as regulatory frameworks continue to evolve, Bitcoin’s integration into mainstream portfolios looks set to deepen—opening fresh opportunities for yield-seeking investors and blockchain practitioners alike.
