Galaxy Digital’s head of research, Alex Thorn, warned this week that a single corporate treasury—identified simply as “Strategy”—now holds more Bitcoin than BlackRock’s iShares Bitcoin Trust (IBIT), and is growing fast enough that it could rival Satoshi Nakamoto’s legendary stash within a matter of years.
What Thorn posted on X
- Using on‑chain and treasury‑tracking data, Thorn said Strategy has become the “largest single BTC‑holding entity,” surpassing IBIT’s holdings and continuing to buy on dips.
- If Strategy’s current accumulation pace holds, Thorn estimates it could catch or even exceed Satoshi’s estimated ~1.1 million BTC hoard in roughly two years.
The numbers
- Satoshi’s cache is widely estimated at ~1.1 million BTC (about 5.5% of supply) and has been untouched since 2010—an enduring psychological factor in BTC markets.
- BlackRock’s IBIT, the biggest spot Bitcoin ETF by assets since its January 2024 launch, gathered more than 700,000 BTC in under 18 months and at points held over 56% of all spot ETF BTC. Recent data put IBIT’s exposure north of 800,000 BTC (worth over $50 billion at current prices).
- Strategy’s treasury is now estimated at roughly 760,000–762,000 BTC after adding about 80,000 BTC year‑to‑date. Binance‑hosted updates earlier this month noted Strategy still controlled ~762,000 BTC even after pausing purchases.
Why it matters
- Concentration at this scale alters market dynamics. On the bullish side, large, long‑term holders reduce circulating supply and can support upward price pressure. On the flip side, megatreasuries and heavily concentrated ETF holdings introduce corporate and regulatory single points of failure into an asset originally designed to be decentralized.
- The comparison to Satoshi isn’t just symbolic: if one corporate buyer approaches the scale of coins that have never moved, it reframes narratives around scarcity, market control, and how institutional flows shape Bitcoin’s future.
Thorn’s takeaway: in the race to own one of crypto’s scarcest large‑cap assets, one aggressive buyer is closing in on the mythic benchmark set by Bitcoin’s creator—raising both excitement and structural questions for the market.
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