Author: Bradley Peak Source: Cointelegraph

Translation: Shan Ouba, Golden Finance

1. What percentage of Bitcoin does BlackRock own?

BlackRock entered the Bitcoin market through the iShares Bitcoin Trust (IBIT), marking a new era of institutional Bitcoin accumulation.

Since its launch on January 11, 2024, IBIT has grown at an unexpected pace, surpassing other ETFs. As of June 10, 2025, BlackRock holds over 662,500 Bitcoins, accounting for more than 3% of the total Bitcoin supply. At current prices, this equates to an exposure of $72.4 billion in Bitcoin, an astonishing figure by any standard.

In comparison, SPDR Gold Shares (GLD) took over 1,600 trading days to reach $70 billion in assets under management. IBIT achieved this milestone in just 341 days, becoming the fastest-growing ETF in history. This is not only a milestone for BlackRock itself but also indicates that institutional investors' interest in Bitcoin is maturing.

BlackRock's Bitcoin holdings now exceed those of many centralized exchanges and even large corporate holders like Strategy. In terms of original Bitcoin holdings, only Satoshi Nakamoto's estimated 1.1 million Bitcoins surpass IBIT, and that lead is narrowing.

If inflows continue at the current pace, IBIT could eventually become the largest single holder of Bitcoin, significantly altering the distribution of Bitcoin supply and ownership concentration.

BlackRock's Long-Term Accumulation of Bitcoin

Did you know? Coinbase Custody (not BlackRock) holds the private keys for the BTC in IBIT, securely storing client assets offline and backed by commercial insurance.

2. Why is BlackRock making a big bet on Bitcoin in 2025?

Behind BlackRock's massive allocation is a strategic shift: it has come to view Bitcoin as a legitimate component of a long-term, diversified portfolio.

BlackRock's Bitcoin Strategy

BlackRock's internal argument is to accept Bitcoin's volatility in exchange for its potential upside. Through IBIT (iShares Bitcoin Trust), they are betting that broader adoption will gradually stabilize this asset, improve price discovery, enhance liquidity, and narrow bid-ask spreads.

In their view, Bitcoin is a long-term bet on the evolution of currency and digital asset infrastructure. This perspective from the world's largest asset management company sends a strong signal to its peers, shifting the discussion among institutions from "should we participate?" to "how much should we allocate?"

The Investment Logic for Institutions Accumulating Bitcoin

Several key factors make BlackRock optimistic about Bitcoin in 2025:

• Scarcity design: Bitcoin has a capped supply of 21 million coins, with issuance controlled through a halving mechanism, creating scarcity similar to gold but backed by digital infrastructure. Some estimates suggest that a significant amount of existing Bitcoin has been lost or is inaccessible, tightening the actual circulating supply.
• An alternative to dollar hegemony: In the context of sovereign debt expansion and geopolitical fragmentation, Bitcoin's decentralized nature provides a hedge against fiat currency risks. It is positioned as a neutral reserve asset, protecting against excessive government intervention and currency manipulation.
• Part of digital transformation: BlackRock views Bitcoin as a proxy indicator of macro trends—the shift from "offline" to "online" value systems, encompassing finance, commerce, and even intergenerational wealth transfer. They believe this trend is driven by demographic "super drivers," particularly the rising influence of younger investors.

These factors combine to give Bitcoin risk-return characteristics that traditional asset classes cannot replicate. BlackRock states that Bitcoin offers "an additional source of diversification," providing a strong argument for its inclusion in mainstream portfolios.

BlackRock's Integration of Crypto Investments

BlackRock advocates for a prudent strategy: allocating 1% to 2% of Bitcoin in a traditional 60/40 stock-bond portfolio. While this may seem like a small percentage, it is significant enough to impact institutional-level portfolios and gradually lead conservative fund allocators to accept Bitcoin.

They also compare Bitcoin's risk profile to that of high-volatility tech stocks (like the "Seven Giants") to demonstrate its reasonable position within standard investment models.

Interestingly, the unexpected byproducts ("dust") generated during internal Bitcoin transactions in IBIT include a small amount of other tokens. BlackRock typically stores these tokens separately or donates them to charities to avoid tax complexities.

3. The Market Impact of Bitcoin ETFs

BlackRock's holding of over 3% of the total Bitcoin supply through IBIT marks a turning point for Bitcoin in terms of perception, trading, and regulation.

Bitcoin has historically been known for its volatility, stemming from fixed supply, emotional fluctuations, and regulatory uncertainty. In the past, large trades often caused severe shocks due to thin market liquidity. With IBIT absorbing hundreds of thousands of BTC, the question is whether institutional capital will stabilize the market or further complicate it.

Proponents of the ETF model argue that institutional investment helps reduce volatility. With regulated entities like BlackRock participating, Bitcoin is expected to become more liquid, transparent, and resilient against abnormal fluctuations.

BlackRock has also made it clear that broader participation can improve price discovery, deepen market liquidity, and ultimately create a more stable trading environment.

However, critics (including some scholars) warn that large-scale institutional participation could bring traditional market risks into Bitcoin: such as leveraged trading, algorithm-triggered flash crashes, and price manipulation through ETF flows.

In other words, the financialization of Bitcoin may replace the original retail-driven FOMO with another form of volatility (systemic, leverage-driven risk). Moreover, as the influence of ETFs grows, Bitcoin may become more correlated with other financial assets, diminishing its value as a "non-correlated hedge."

4. Institutional Accumulation Gives Bitcoin Mainstream Legitimacy

Undoubtedly, BlackRock's crypto strategy has pushed Bitcoin from a fringe asset to a mainstream investment tool.

For years, Bitcoin was overlooked or even disparaged by large financial institutions. BlackRock's deep holdings indicate a shift in attitude. The launch of IBIT (which quickly grew to become one of the largest Bitcoin holders globally) has given Bitcoin more legitimacy than any white paper or conference could.

ETFs like IBIT provide a familiar, regulated investment channel, particularly suitable for institutions wary of the technical complexities or custody risks of directly holding crypto assets. BlackRock's participation reduces the reputational risk for other institutions, promoting the adoption of Bitcoin in traditional portfolios.

Retail investors also benefit: they can gain exposure to Bitcoin with just a click through brokers, without dealing with wallets, seed phrases, and gas fees.

Fun fact: Abu Dhabi's Mubadala Sovereign Wealth Fund holds a significant stake in IBIT, with filings indicating an investment size of approximately $409 million.

5. BlackRock Holds 3% of Bitcoin: The Paradox of Centralization

Bitcoin was originally designed as an alternative to centralized finance. However, now that the world's largest asset management company has purchased over 600,000 BTC through centralized tools, a paradox arises: a decentralized asset is gradually being controlled by centralized institutions.

Today, most users rely on centralized exchanges (CEX), custodians, or ETFs. These platforms offer more convenient operations, with security features like insurance and cold storage, while meeting regulatory requirements (KYC, AML). In contrast, decentralized tools like DEX or self-custody wallets face issues of high barriers, low liquidity, and lack of protection.

Therefore, even though Bitcoin remains decentralized at a technical level, most people interact with it through centralized channels. BlackRock's Bitcoin accumulation is a typical representation of this phenomenon. Some argue that this deviates from Satoshi's vision, while others see it as a necessary compromise—a form of "centralization at the access layer" that allows Bitcoin to truly globalize. This is at the core of the Bitcoin centralization debate: how to find a balance between ideological purity and practical adoption.

The market currently seems to accept a hybrid model: decentralized underlying + centralized access layer.

6. The Regulatory Catch-Up Game

BlackRock's ability to launch IBIT stems from a key decision: the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in early 2024. This broke a years-long deadlock and opened the floodgates for institutional capital. However, the broader regulatory environment remains inconsistent and even contradictory.

One of the biggest challenges is asset classification. The SEC continues to waver on whether Ethereum (ETH) and Solana (SOL) are securities. This regulatory gray area has delayed the development of staking ETFs or altcoin ETPs, leaving investors, developers, and issuers confused. Commissioner Caroline Crenshaw has pointed out that the SEC's current stance creates "murky waters," leading to passive enforcement that stifles innovation. This directly impacts whether institutions dare to invest beyond Bitcoin.

Currently, Bitcoin enjoys a relatively clear regulatory path. However, for the broader crypto market (such as Ethereum ETFs, DeFi-linked products) to mature, establishing a more consistent and globally coordinated regulatory framework is crucial.

Institutions are ready—but they need reliable rules.

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