US investment giant BlackRock, through its iShares Bitcoin Trust (IBIT), has surpassed the reserves of major cryptocurrency exchanges to become the largest known holder of Bitcoin. This move confirms the shift of investors from exchange accumulation towards regulated institutional products.
Largest known BTC owner
According to on-chain data from CryptoQuant on August 22, 2025, IBIT holds approximately 781,160 BTC. This is more than Coinbase with 703,110 BTC and Binance with 558,070 BTC.
The only larger owner remains the pseudonymous creator of Bitcoin, Satoshi Nakamoto, with an estimated 1.1 million BTC, which remain untouched since the network’s inception.
Unlike reserves on exchanges, which are used for active trading, coins in ETFs are effectively removed from circulation. The constant influx of capital thus causes a deepening “supply shock,” reducing the volume of available coins and supporting price stability.
Growing competition in the ETF market
The development comes shortly after BlackRock surpassed $100 billion in total cryptocurrency holdings, according to Finbold. As of August 14, the company’s portfolio included 743,310 BTC worth $89.27 billion and 3.2 million ETH worth $14.71 billion. This is a historic milestone for BlackRock, highlighting the growing importance of digital assets in institutional portfolios. It also shows that Bitcoin and Ethereum are no longer seen as speculative instruments, but are becoming part of the diversified investment strategies of the world’s largest asset managers.
However, competition is also entering the scene with increasing force. Fidelity has gradually increased its holdings in its FBTC and FETH funds this year to 199,127 BTC and 728,939 ETH, with a total value of $25.92 billion. Since the beginning of the year, it has increased its exposure by more than $5 billion, with Ethereum seeing the largest growth, up 62% in just eight months. This move confirms that the battle for dominance in the cryptocurrency ETF space is only just beginning to heat up. Fidelity is trying to keep pace with BlackRock while appealing to investors looking for alternatives in other products. The market is rapidly professionalizing and competition is growing, which may bring further innovation and better conditions for institutional and retail investors.
