Coinbase vs. BlackRock vs. Strategy in Three-Way Showdown... Who Will Win the Bitcoin War to Succeed Satoshi?

▲ Bitcoin (BTC), Satoshi Nakamoto, Coinbase, BlackRock, Strategy/ChatGPT-generated image

Satoshi Nakamoto, the creator of Bitcoin (BTC), still holds the title of the world’s largest Bitcoin holder. Meanwhile, major corporations and institutions such as Coinbase, BlackRock, and Strategy have recently accumulated substantial assets, strengthening their dominance over the market.

According to crypto media outlet CryptoPotato, excluding Nakamoto who holds approximately 1.1 million BTC—about 5.5% of the total Bitcoin supply—Coinbase, BlackRock, and Strategy possess the largest Bitcoin holdings. At current market prices, Nakamoto’s holdings are valued at around $75 billion, far exceeding the reserves of major corporations and institutions. Although the coins in the associated addresses have never moved since Bitcoin’s inception, the market continues to watch for any potential activity.

Coinbase, the largest exchange in the United States, holds a total of 993,069 BTC, including customer deposits and corporate reserves, accounting for 5% of the total supply. This highlights the significant influence centralized exchanges wield within the decentralized Bitcoin ecosystem. Binance also manages 661,000 BTC, representing 3.15% of the total supply. Among institutional investors, BlackRock ranks first, holding 761,801 BTC valued at approximately $52 billion.

Among publicly traded companies, Strategy holds a total of 715,000 BTC, some of which are reflected in Fidelity’s on-chain data depending on custody arrangements. Fidelity is estimated to directly hold 448,000 BTC. Additionally, stablecoin issuer Tether holds 96,369 BTC, while SpaceX holds 8,300 BTC, placing them among notable holders. Mining company MARA and Japan’s Metaplanet have also secured meaningful levels of Bitcoin assets.

By country, the U.S. government holds 328,000 BTC, primarily seized from cases such as the Silk Road and Bitfinex hack, making it the largest national institutional holder. Recently, it also acquired an additional 127,000 BTC from the “Ruvian” hacker address. The United Kingdom holds 61,245 BTC, while China possesses 194,775 BTC seized during the PlusToken Ponzi scheme investigation, though it remains unclear whether the Chinese government has sold any of these holdings. Ukraine has received $22.8 million worth of Bitcoin donations since the war, and more than 700,000 public officials have reported owning a combined 46,351 BTC.

The Bitcoin market has evolved beyond the realm of retail investors into a competitive arena where major institutions and national governments accumulate significant stakes. The growing holdings of key institutions such as BlackRock and Coinbase demonstrate that Bitcoin has become a core asset within the traditional financial system. Investors are closely monitoring the potential movement of Nakamoto’s dormant holdings, as well as portfolio changes among major institutional holders, for their potential impact on future Bitcoin price formation.

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