Blackrock surpasses Strategy with 764,000 BTC in new ranking

Arkham data ignites debate

In Arkham’s rankings, only Bitcoin creator Satoshi Nakamoto and the US-based crypto exchange Coinbase appear above BlackRock. The report attributes approximately 1,096,000 BTC to wallets linked to Satoshi, while Coinbase is reported to hold 970,000 BTC. Notably, BlackRock is ranked ahead of Binance, which is listed as holding roughly 670,000 BTC.

Arkham’s data shows BlackRock with about 764,000 BTC, placing it just behind Satoshi Nakamoto and Coinbase.

Having become a central player in the ecosystem due to its influence in the spot Bitcoin ETF market, BlackRock is now closely watched by institutional investors. However, this new ranking has reignited questions over whether BlackRock genuinely owns more Bitcoin than Strategy.

Why Strategy appears lower in the ranking

Public data still positions Strategy as the largest corporate Bitcoin holder among publicly listed companies, with a reported 847,000 BTC under management. Despite this, Arkham’s methodology places BlackRock above Strategy, chiefly because some of Strategy’s Bitcoin holdings are kept under custodial arrangements rather than shown directly under its corporate identity.

According to the report, of Strategy’s total 847,000 BTC, approximately 184,000 BTC are secured with Fidelity Custody. As a result, not all of Strategy’s assets are directly attributed to its public on-chain profile. This results in only around 663,000 BTC being counted as directly associated with Strategy, allowing BlackRock’s figure to surpass it in this particular list.

The report indicates that only about 663,000 BTC are recorded under Strategy’s name in the ranking, rather than the full 847,000 BTC, due to asset custodianship arrangements.

Total holdings and rankings differ in meaning

At the heart of the debate is the distinction between “total ownership” and “assets directly attributed to an entity.” This means that the current ranking does not necessarily show BlackRock as having actually accumulated more Bitcoin than Strategy. Instead, it reflects a classification system based on on-chain visibility and custody structures.

Within this framework, BlackRock takes third place on the global list, while Strategy continues to lead among publicly traded companies for direct Bitcoin holdings. The main issue highlighted is not necessarily the total Bitcoin each institution owns, but rather how and where these holdings are stored and registered.