BlackRock’s cryptocurrency exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has become the world’s largest holder of Bitcoin. According to on-chain analysis platform CryptoQuant, IBIT surpassed Coinbase holdings and is now second only to the elusive Satoshi Nakamoto wallet. This landmark achievement marks a significant milestone in mainstream adoption. The fund has accumulated over 781,000 bitcoins, worth nearly $88 billion at current market prices. This surge began in May 2025 when IBIT surpassed Coinbase, solidifying its lead as the largest Bitcoin holder by August. Even Binance pales in comparison, holding around 703,000 and 558,000 units respectively. BlackRock’s ETF has overtaken traditional giants like Strategy, which currently holds 629,376 bitcoins, valued at approximately $71 billion. This rapid shift highlights the accelerating institutional interest in Bitcoin. The consistent buying pressure from IBIT is contributing to a supply shock, as capital withdrawn from exchanges creates increased demand and supports price stability. This transition signifies a change in market behavior, with regulatory compliant products now attracting greater investment from institutions. The impact of this centralization remains to be seen, demanding continuous monitoring to ensure balance.