Bitcoin ETFs Surpass Satoshi's Holdings

The combined 12 U.S. spot Bitcoin exchange-traded funds (ETFs) have surpassed 1.1 million BTC, the estimated holdings of Bitcoin's creator, Satoshi Nakamoto.

KING OF THE HILL: According to Bloomberg ETF analyst Eric Balchunas, the U.S. spot ETFs have now exceeded Satoshi's total bitcoin held, making them the largest holders globally despite being under a year old. Balchunas expressed in a post on X how impressive this milestone is.

As per data from CoinGlass, U.S. spot Bitcoin ETFs currently hold 1,105,923 BTC. Leading the group is BlackRock’s IBIT product with 521,164 BTC, followed by Grayscale’s converted GBTC fund holding 214,217 BTC, and Fidelity's FBTC with 199,183 BTC.

This milestone follows a positive flow streak where the funds accumulated over $33 billion in total inflows since trading began in January, including nearly $2.4 billion added just this week. A notable $766.7 million worth of net inflows (approximately 7,800 BTC) helped push the total over the 1.1 million BTC threshold, according to data from The Block.

In light of Bitcoin's price surge of 130% this year, surpassing the $100,000 mark, the ETFs now boast over $100 billion in assets under management.

While Satoshi Nakamoto likely remains the largest Bitcoin holder, other entities own significant amounts as well. MicroStrategy holds 402,100 BTC (valued at over $40 billion), making it the largest corporate holder, as it adopted Bitcoin as its primary treasury reserve asset in 2020. The United States, with 208,109 BTC ($21 billion) in seized funds, is the largest nation-state holder, ahead of China and the UK.

Satoshi’s Billions

Satoshi Nakamoto's estimated 1.1 million BTC holdings are derived from detailed analyses of early Bitcoin mining patterns. Researcher Sergio Demian Lerner identified a specific “Patoshi Pattern” suggesting these coins belong to Satoshi.

Lerner analyzed the early Bitcoin blocks, which did not follow conventional mining patterns to maintain decentralization. It is believed Satoshi mined around 22,000 of the initial blocks, amounting to roughly 1.1 million BTC when considering the 50 BTC per block reward at the time.

These coins have remained untouched since their inception, reinforcing beliefs that they are linked to the pseudonymous creator. However, some argue the estimate may be inflated due to ambiguous mining patterns, suggesting Satoshi’s holdings might be closer to 600,000 to 700,000 BTC. Conversely, others speculate Satoshi’s actual holdings may be as high as 1.5 million BTC.

At current market values, Satoshi's presumed holdings would be worth over $100 billion, positioning him as one of the wealthiest individuals globally, following figures like Elon Musk, Larry Ellison, and Jeff Bezos. Despite the significant appreciation in Bitcoin's value, the untouched nature of these coins raises questions about Satoshi's current status and whether the private keys are lost, leading many to believe this fortune may never be realized.