Bitcoin exchange-traded funds (ETFs) in the United States have surpassed the estimated 1.1 million BTC believed to be held by Bitcoin’s pseudonymous creator, Satoshi Nakamoto. This marks a significant achievement for the emerging Bitcoin ETF market and highlights growing institutional interest in Bitcoin.
As of recent reports, US Bitcoin ETFs collectively hold 1,105,923 BTC, exceeding the 1.1 million BTC associated with Nakamoto’s estimated holdings. This is a noteworthy moment in Bitcoin’s history, as the combined value of these ETFs now surpasses $109 billion, largely fueled by $33 billion in net inflows since the beginning of 2024.
Among these ETFs, BlackRock’s IBIT fund leads the pack with 521,164 BTC, followed by Grayscale’s GBTC and Fidelity’s FBTC. These three funds have amassed a significant portion of the total BTC held by ETFs in the US. The rapid accumulation reflects both institutional confidence in Bitcoin and a broader trend of increasing adoption by traditional financial institutions.
The total assets held by Bitcoin ETFs have grown substantially, with the sector seeing nearly $2.35 billion in net inflows this week alone. As Bitcoin’s price continues to hover near $100,000, this influx of capital is likely to keep driving the growth of these funds, potentially paving the way for more innovation and new financial products related to Bitcoin.
The Bitcoin ETF market has been a game-changer for investors, offering a more accessible way to gain exposure to Bitcoin without the need to directly hold the asset. This is especially appealing to institutional investors who prefer regulated financial products. In addition, Bitcoin ETFs allow for more transparent price discovery, which has contributed to their increasing popularity.
While Bitcoin ETFs have surpassed Nakamoto’s estimated holdings, the creator of Bitcoin remains the largest individual holder of the cryptocurrency. Nakamoto is believed to have mined around 22,000 of Bitcoin’s first blocks, earning 50 BTC per block, which resulted in an estimated 1.1 million BTC. These coins have remained untouched since their creation, and their movement remains one of the greatest mysteries in the crypto space.
While Satoshi may still hold the largest individual stash, other entities, particularly corporations, have accumulated significant amounts of Bitcoin. MicroStrategy, the business intelligence firm, leads the corporate Bitcoin holders with 402,100 BTC, valued at over $40 billion. The firm has been a vocal advocate of Bitcoin and has made numerous large-scale Bitcoin purchases, with its most recent acquisition being $13 billion worth of BTC in November.
Other public companies such as MARA (Marathon Digital Holdings) and Worksport have adopted similar strategies of Bitcoin accumulation, viewing it as a valuable treasury asset.
On the national level, the United States government holds approximately 208,109 BTC, valued at $21 billion, mostly from seized funds. This makes the US the largest nation-state holder of Bitcoin, surpassing countries like China and the United Kingdom.
The growth of Bitcoin ETFs has drives both excitement and debate within the crypto community. Eric Balchunas, an ETF analyst, remarked on social media: “US spot ETFs have just passed Satoshi in total Bitcoin held. Now they hold more than anyone in the world, and they’re not even a year old yet. Literally babies still. Mind-blowing.” This highlights the extraordinary pace at which these financial products have gained traction, despite being relatively new to the market.
For the broader cryptocurrency landscape, this shift toward institutional adoption of Bitcoin through ETFs could have lasting impacts. It could signal further legitimization of Bitcoin as a store of value and an investment asset. It also presents a clearer path for other cryptocurrencies to gain similar institutional backing in the future.
While Bitcoin ETFs and institutional adoption continue to thrive, speculation about the true identity of Satoshi Nakamoto remains a hot topic. Earlier this year, Craig Wright, an Australian scientist, faced legal challenges after claiming to be Bitcoin’s creator. However, the UK court dismissed his claims, stating they lacked substantial evidence.
The mystery has only deepened in recent months. In October, a controversial HBO documentary suggested Peter Todd, a Canadian cryptographer, could be Nakamoto. Todd vehemently denied the claims and reportedly went into hiding due to the media frenzy surrounding him. Meanwhile, a bizarre press conference in London in late October saw an individual named Stephen Mollah declaring himself as Nakamoto, but the event quickly unraveled with technical glitches and no solid proof.
Despite all the speculation, Nakamoto’s true identity remains one of the greatest unsolved mysteries of the cryptocurrency world.
Bitcoin ETFs surpassing Satoshi Nakamoto’s estimated 1.1 million BTC holdings is a monumental milestone, marking a new era in the digital currency’s evolution. As these funds continue to grow, Bitcoin’s position in mainstream finance becomes more established, offering new opportunities for both retail and institutional investors. However, the mystery surrounding Nakamoto’s identity remains unresolved, adding an intriguing layer to Bitcoin’s already fascinating story.
Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.
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