- The combined value of the U.S. spot Bitcoin ETFs, just months after their inception, is getting close to the estimated total held by Bitcoin’s founder, Satoshi Nakamoto.
The popular Bitcoin exchange-traded funds (ETFs) that debuted this year are expected to eventually own more of the popular cryptocurrency than its enigmatic, pseudonymous creator, Satoshi Nakamoto, after months of amassing billions of dollars’ worth of the digital currency.
According to a chart released on Twitter on Monday by Eric Balchunas, a Bloomberg ETF analyst, the 10 Bitcoin funds that are now trading on American stock markets collectively possess about one million digital coins.
The graph’s numbers may not match the current totals, as investors have been cashing out of Grayscale’s Bitcoin ETF this week and last, for example, but it won’t be long before the total funds surpass the stockpile thought to be kept by Bitcoin’s mysterious founder.
Based on the present rate of accumulation, Balchunas predicts that by October, the total value of Bitcoin ETFs will reach the Satoshi figure of 1.1 million BTC, and that by late 2025, BlackRock’s fund alone would have the largest holding.
Under the pseudonym Satoshi Nakamoto, the founder (or founders) of Bitcoin mined the first Bitcoin back in 2009. The real person (or people) behind the pseudonym have never been made public. Although the precise amount of Bitcoin that Satoshi mined is unknown, it is generally accepted that he acquired 1.1 million of the coins.
In 2009, when the effort and energy required to mine Bitcoin was significantly lower than it is today, it was believed that a single miner using one machine was doing all of the mining work. This led to the development of the Patoshi pattern theory.
It’s important to remember that it is only a theory, though, and that other experts have since come out to refute the notion. If accurate, however, Satoshi would currently own almost $67 billion in cryptocurrencies at current values.
Additionally, Bitcoin ETFs are now not far behind. The Bitcoin ETF launch in January proved to be one of the most prosperous ETF launches in history. Once investors who had been afraid to invest in cryptocurrencies were given a safe and regulated means to purchase Bitcoin, billions of dollars were deposited into the funds.
Because of this, eminent fund managers like Fidelity and BlackRock have amassed substantial holdings in Bitcoin on behalf of investors, and Grayscale changed its Bitcoin Fund (GBTC) into a spot ETF when the SEC permitted such funds.
With more Bitcoin than any other fund, BlackRock has been the most successful fund to date as investors pour money into its iShares Bitcoin Trust (IBIT). With more than 347,994 BTC in its possession, it is leading the race in terms of currency.
Not far behind is top fund manager Grayscale, which has 232,542 BTC in its trust. The funds have little less than 900,000 BTC in total.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
