According to Alex Thorn from Galaxy Digital, the Strategy fund has now accumulated more Bitcoin than BlackRock’s iShares Bitcoin Trust (IBIT). If this trend continues, it could potentially match the estimated 1.1 million BTC hoard attributed to Satoshi Nakamoto within a two-year timeframe.
Thorn highlighted that recent on-chain and treasury-tracking data indicate that Strategy has surpassed IBIT as the largest single entity holding Bitcoin. He shared this information in a post on X, noting that Strategy is actively increasing its holdings by purchasing coins during market dips.
If current accumulation patterns persist, Thorn believes that Strategy may soon rival or even exceed Satoshi Nakamoto’s legendary stash of approximately 1.1 million BTC—representing about 5.5% of the total supply—which has remained untouched since 2010. This fact significantly influences market perceptions regarding Bitcoin’s scarcity and contributes to its “diamond hands” culture.
Larger than Leading ETFs
Since its launch in January 2024, BlackRock’s IBIT has been a dominant force in the U.S. spot Bitcoin ETF sector, gathering over 700,000 BTC within just 18 months and at times accounting for more than 56% of all spot ETF Bitcoins available. Recent reports suggest IBIT’s exposure now exceeds 800,000 coins with a value surpassing $50 billion based on current prices.
In contrast, estimates show that Strategy currently holds around 760,000 BTC after adding approximately 80,000 BTC so far this year according to analysts’ reports and research notes. A recent update from Binance noted that even after halting new purchases temporarily, Strategy still maintains control over roughly 762,000 BTC solidifying its position as the largest corporate holder of Bitcoin.
Aiming for Satoshi-Level Holdings
The comparison with Satoshi Nakamoto is not merely symbolic; analysts suggest if Strategy continues buying at its current rate it could exceed one million BTC within just a few years—placing it alongside those dormant founder coins which have never been moved.
This level of concentration raises both optimistic and structural concerns: proponents argue that substantial long-term holders decrease available supply while supporting price stability; however critics caution against how large treasuries and ETFs might introduce corporate governance issues into what was originally intended as a decentralized asset class. For now though Thorn emphasizes one clear point: an aggressive buyer is rapidly approaching the iconic benchmark established by Bitcoin’s enigmatic creator in their quest for ownership of crypto’s most scarce large-cap asset.