Blockchain analytics platform Arkham has ignited debate with a new global Bitcoin holdings ranking that places asset management giant BlackRock at 764,000 BTC, good for third place behind Bitcoin creator Satoshi Nakamoto (approximately 1.096 million BTC) and crypto exchange Coinbase (approximately 970,000 BTC). Notably, BlackRock now sits above MicroStrategy (ticker: MSTR, referred to as Strategy in the report), which only recorded about 663,000 BTC in the ranking.
Custody Arrangements Explain the Discrepancy
The ranking does not reflect MicroStrategy’s actual total holdings. Public data shows MicroStrategy remains the largest corporate Bitcoin holder among publicly listed companies, with 847,000 BTC under management. The reason BlackRock appears higher lies in Arkham’s attribution methodology: some Bitcoin holdings are not directly linked to an entity’s on-chain identity due to custodial arrangements.
According to the report, of MicroStrategy’s 847,000 BTC, approximately 184,000 BTC are held in Fidelity Custody. Because these assets are not directly associated with MicroStrategy’s public on-chain wallets, Arkham’s algorithm attributes only about 663,000 BTC to MicroStrategy. This allows BlackRock’s figure to surpass it in the pure on-chain attribution dimension.
Total Holdings vs. Direct Attribution
At the heart of the debate is the distinction between “total ownership” and “assets directly attributed to an entity.” Arkham’s ranking reflects a classification system based on on-chain visibility and custody structures, not necessarily the actual Bitcoin accumulated by each institution. BlackRock benefits from its spot Bitcoin ETF (IBIT), whose holdings are entirely on-chain and easily attributable via its custodian Coinbase.
MicroStrategy’s decision to custody part of its Bitcoin with Fidelity does not affect its ownership but splits the on-chain attribution data. This does not mean MicroStrategy holds fewer Bitcoin than BlackRock; rather, it highlights the limitations of current on-chain data tracking, where custody could cause a single entity’s total holdings to appear fragmented.
Implications for Institutional Investors
The ranking serves as a reminder that investors should not rely solely on on-chain attribution when analyzing institutional Bitcoin exposure. For ETF issuers like BlackRock, transparency is high, but corporate holders like MicroStrategy may have more distributed holdings. To get a complete picture, analysts must combine public disclosures, custody reports, and on-chain data.
BlackRock has become a central player in the ecosystem thanks to persistent inflows into IBIT, while MicroStrategy retains the title of largest corporate holder. The debate sparked by Arkham’s ranking ultimately pushes the industry toward better data standardization and on-chain analysis methodologies.