BlackRock’s Spot Bitcoin ETF (IBIT) has just reached a major milestone. Since launching the financial product 18 months ago, IBIT has managed to gather over 700,000 BTC, making it not only the largest holder among U.S. spot Bitcoin ETFs but also one of the most aggressive accumulators of Bitcoin in history.

On strong-performing weeks, BlackRock’s IBIT has even managed to outpace Bitcoin mining itself. While post-halving miners average between 2,500 to 3,000 BTC per week, IBIT has posted inflows as high as 11,000 BTC during peak demand periods.

Now, IBIT has more BTC in its possession than companies like MicroStrategy and Tesla. Putting it into perspective, the size of the ETF’s holdings is over three times the amount held by the U.S. government. 

Could BlackRock Surpass Satoshi?

The idea that BlackRock’s ETF might one day surpass the largest entity holding Bitcoin—i.e., its creator, Satoshi Nakamoto—is now likely to happen sooner than expected. 

Satoshi is believed to hold around 1 million BTC across multiple wallets that performed the first Bitcoin mining tests of the network. At this growth rate, IBIT could surpass that amount even before the end of the year. 

Of course, this comparison is merely metaphorical, given that IBIT, as a financial product, is not “holding” Bitcoin in the sense of custodial ownership. Nevertheless, no entity, government, or institution has managed to surpass Satoshi’s holdings to date. 

With that said, the amount of BTC managed by BlackRock is effectively removed from the circulating supply, having a similar effect to “holding” on liquidity and price dynamics.

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