BlackRock’s Spot Bitcoin ETF (IBIT) is on track to become the largest holder of Bitcoin, surpassing the cryptocurrency’s enigmatic creator, Satoshi Nakamoto, by 2025. This shift highlights a significant transformation within the cryptocurrency landscape.
BlackRock Surpasses Satoshi Nakamoto?
Signifying a paradigm shift in cryptocurrency ownership, BlackRock’s ETF, which launched earlier this year, is set to overtake Satoshi Nakamoto as the largest Bitcoin holder. According to Bloomberg analyst Eric Balchunas, the ETF currently ranks third among Bitcoin holders, expected to claim the top position by late 2025 and maintain it for the foreseeable future.
Didn’t realize US ETFs are on track to pass Satoshi in bitcoin held in October. BlackRock alone is already #3 and on pace to be #1 late next year, and will likely stay there for a very long time. Ht @EdmondsonShaun pic.twitter.com/QGsO00zrxp
— Eric Balchunas (@EricBalchunas) August 12, 2024
Since its launch, BlackRock’s ETF has amassed 347,767 BTC, falling just behind Binance and the Bitcoin holdings attributed to Nakamoto, whose wallet contains an estimated 1.1 million BTC. Balchunas notes that if BlackRock continues to acquire Bitcoin at its current pace, it will surpass Nakamoto by the end of 2025. Additionally, two other US ETFs, Fidelity (FBTC) and Grayscale (GBTC), are among the top ten Bitcoin holders, which could propel US ETFs to the top of the holder rankings by October.
Promising Start for Bitcoin and Ethereum ETFs
Since their introduction in January, Bitcoin Spot ETFs have seen considerable success, accumulating nearly $300 billion in volume and capturing $17 billion in net inflows within just six months. Recently released financial results indicate that Goldman Sachs has emerged as a significant investor, having invested over $420 million in Bitcoin via these ETFs, with $240 million directed towards BlackRock’s IBIT.
🚨BREAKING: Goldman Sachs now holds over $419 million worth of #Bitcoin ETFs as of June 30th, according to their new 13F filing pic.twitter.com/1aE5xWZELc
— Simply Bitcoin (@SimplyBitcoinTV) August 13, 2024
The early reports for Spot Ethereum ETFs, launched just a month ago, indicate a promising reception, with nearly $105 million in net inflows last week. However, Bitcoin ETFs, during the same timeframe, recorded net outflows of $405 million. Despite this, Grayscale’s Ethereum Mini Trust alone holds nearly 360,000 ETH, contributing to their total of around 2.25 million ETH across all their funds.
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