BlackRock and MicroStrategy hold more BTC than Satoshi

As institutional adoption of bitcoin (BTC) has grown, the centralization of wealth has reached a new record. For the first time in over a decade, just two entities hold as much BTC as its creator, Satoshi Nakamoto.

As of their latest attestation, BlackRock’s flagship spot BTC ETF holds 573,187 and MicroStrategy (MSTR) holds 538,200 BTC. Their 1,111,387 BTC exceeds the quantity rumored to belong to Satoshi Nakamoto.

Arkham Intelligence estimates Satoshi’s holdings at approximately 1,096,000 BTC. Other estimates usually peak at 1.1 million BTC.

The estimate of Satoshi’s 1.1 million BTC stems from a 2013 analysis by Sergio Lerner and the Patoshi Pattern of early block mining. Historian Pete Rizzo notes many shortcomings of that estimate, with some researchers noting that collaborative mining or other gaps might indicate lower ownership for Satoshi than Lerner’s 1.1 million.

In any case, few historians provide evidence for Satoshi owning more than 1.1 million BTC, unless Satoshi subsequently purchased or mined secretly after he disappeared in April 2011. Therefore, it is safe to assume that Blackrock and MicroStrategy own more than Satoshi’s publicly-known BTC holdings.

Corporate BTC versus unencumbered BTC in self-custody

Of course, both of these institutions hold encumbered BTC. Unlike Satoshi’s trove of self-mined BTC stored on personal wallets with no known claims of third-party ownership, millions of third parties have legal claim to the BTC at BlackRock and MicroStrategy.

BlackRock holds all of its 573,187 spot BTC on behalf of IBIT shareholders around the world. These coins are not an asset of the corporation but rather the assets backing its exchange-traded fund (ETF).

Read more: MicroStrategy bought BTC at nearly the worst possible price last week

In a somewhat similar yet distinct way, MicroStrategy holds its 538,200 BTC as an indebted corporation. The company, owned by millions of shareholders, must pay interest and principal back to debtors, dividends to preferred shareholders, payroll to employees, taxes and fees for professional services, and a variety of other obligations. 

Millions of MSTR shareholders own their slice of the company’s equity, including its encumbered BTC, so it is not fair to consider these 538,200 coins as owned by any particular person, either.

More BTC than Satoshi, technically speaking

In other words, Blackrock and MicroStrategy technically hold more BTC than Satoshi Nakamoto’s publicly-verifiable wallets. Nevertheless, millions of people have various types of claims on their combined 1,111,387 BTC.

In the end, despite the institutional centralization of digital asset ownership over the last decade, Satoshi Nakamoto remains the world’s wealthiest individual crypto owner.

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