Satoshi Still Owns More BTC Than Coinbase and BlackRock Combined

Arkham Intelligence’s 2026 on-chain report shows Bitcoin ownership remains highly concentrated, with Satoshi-linked addresses holding ~1.096 million BTC (~$82.2B). Large custodial and institutional pools — Coinbase (~976,000 BTC), BlackRock’s spot ETF (>799,000 BTC), Fidelity (~454,000 BTC), and public companies like MicroStrategy (781,000 BTC) — together hold a substantial share of supply. Governments (U.S. >328,000 BTC), exchanges, ETF custodians and large unknown wallets account for a meaningful portion of the 21M cap, underscoring reduced effective circulating supply and heightened price sensitivity to moves by a few entities. The report highlights institutional accumulation and treasury allocations as drivers of Bitcoin’s shift toward a strategic reserve asset, with implications for liquidity, volatility, and market power concentrated among exchanges, ETFs and large holders.