BlackRock has cemented its dominance in the digital asset market, with its iShares Bitcoin Trust (IBIT) overtaking the reserves of major exchanges to become the largest known holder of Bitcoin globally.
A seismic shift in the cryptocurrency landscape, as demand pivots from retail-led exchange accumulation to regulated, institutional-grade financial products.
According to on-chain data from CryptoQuant reviewed on August 22, 2025, IBIT’s holdings have surged to approximately 781,160 BTC.
This positions the ETF well ahead of Coinbase, which holds around 703,110 BTC, and Binance, with roughly 558,070 BTC. Only Bitcoin’s pseudonymous creator, Satoshi Nakamoto, is believed to control a larger stash, with an estimated 1.1 million BTC untouched since the network’s early days.
What this means for the future of Bitcoin holders
Unlike exchange reserves, which serve as liquidity pools for active trading, Bitcoin custodied within ETFs is effectively removed from circulation. IBIT’s relentless inflows have triggered what analysts are calling a “deepening supply shock,” reducing the available float for new buyers and providing a strong underpinning for price stability.
The decline in reserves at traditional exchanges highlights a behavioral shift among investors. Increasingly, market participants appear to favor the regulatory clarity and custodial security offered by ETFs over self-custody or exchange storage, challenging the long-standing role of platforms like Coinbase and Binance as the primary vaults of the ecosystem.
The development comes on the heels of Finbold’s reporting that BlackRock’s total crypto holdings surpassed $100 billion as of August 14. The firm’s portfolio then included $89.27 billion in Bitcoin (743,310 BTC) and $14.71 billion in Ethereum (3.2 million ETH).
BlackRock’s supremacy also comes amid intensifying competition from other asset managers. Fidelity, for instance, has quietly ramped up its ETF holdings. Its two flagship products, the Fidelity Bitcoin ETF (FBTC) and Fidelity Ethereum ETF (FETH) held 199,127 BTC and 728,939 ETH worth $25.92 billion as of August 20, 2025.
That marks a $5.37 billion increase in exposure since the start of the year, with Ethereum being the standout as token holdings surged 62% over eight months.
