MicroStrategy and BlackRock, two of the most prominent entities in the digital asset space, have accumulated almost 1 million bitcoin (BTC) between them.
According to the count of bitcoin holdings of the BTC exchange-traded fund (ETF) issued by BlackRock, known as IBIT, and MicroStrategy’s BTC treasury reserve; These companies hold approximately 4.7% of the total supply of 21 million coins.
In detail, there are 997,327 in the hands of these entities. BlackRock’s bitcoin ETF, the IBIT, currently has 553,065 BTC in custodywhich represents 2.6% of the total supply. On the other hand, MicroStrategy’s treasury reaches 444,262 coins, with 2.1% of the supply, according to data provided by BitcoinTreasuries.
The accumulation of almost 1 million BTC by these two entities has significant implications for the bitcoin market. Firstly, it indicates growing confidence and commitment to the long-term value of the digital currency by large financial and technological players.
However, it also poses centralization risks. With such a large portion of supply in the hands of two entities, there is concern that control over the market can become more concentratedpotentially affecting decentralization, which is one of the fundamental principles of bitcoin.
Michael Saylor, the CEO of MicroStrategy, has recently responded to criticism about the concentration of large amounts of BTC in the hands of corporations like his and the BlackRock ETF.
Saylor described those who question this situation as paranoid cryptoanarchists. He argues that the belief that bitcoin funds can be confiscated if they are in the possession of large companies and corporations, as well as banks, is “a myth and an allegory that is repeated over and over again,” as reported by NoticiasVE.
The amount of bitcoin that MicroStrategy and BlackRock together own is almost equivalent to what Satoshi Nakamoto, the anonymous creator of bitcoin, is suggested to own. It is estimated that Nakamoto stores more than 1 million BTC in different walletsmaking him the largest known individual owner of the coin.
The massive accumulation between both entities highlights the evolution of BTC from an experimental digital currency to a financial asset recognized and adopted by large corporations and asset managers. Furthermore, the participation of entities such as BlackRock and MicroStrategy reflects a maturity in the market, where institutional investment is becoming a crucial component.