BlackRock vs. Binance: Who Holds More Bitcoin in 2025
In the early days of Bitcoin, it was the playground of cypherpunks, libertarians, and tech-savvy retail investors. Fast forward to today, Bitcoin is now firmly on the radar of global financial powerhouses, from hedge funds and family offices to asset management titans like BlackRock.
The entrance of such traditional financial firms into crypto has raised many eyebrows and even more questions, with one of the most prominent being: Does BlackRock own more Bitcoin than Binance?
BlackRock vs Binance: Who Holds More Bitcoin?
The below information outlines the “who controls the most BTC” currently as of May 2025:
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Satoshi Nakamoto – 1,100,000 BTC
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Binance – 550,133 BTC (Exchange reserves & company)
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BlackRock (IBIT) – 275,000 BTC (Institutional ETF custodian)
Conclusion: BlackRock does not own more Bitcoin than Binance as of 2025. Binance holds approximately double the amount of Bitcoin currently held by BlackRock’s ETF product.
Overview: BlackRock’s Bitcoin Holdings
1. What is the iShares Bitcoin Trust (IBIT)?
BlackRock launched its iShares Bitcoin Trust (IBIT) in January 2024, following the U.S. SEC’s approval of spot Bitcoin ETFs. It allows institutional and retail investors to gain direct exposure to Bitcoin through a regulated product without having to hold the cryptocurrency themselves.
2. How Does IBIT Work?
All Bitcoin in IBIT is held by Coinbase Custody, and as investors buy ETF shares, BlackRock acquires more BTC. For transparency’s sake, daily holdings are publicly available and tracked on sites like arkhamintelligence.com and bitcointreasuries.net.
3. Holdings Growth
As of January 2024, holdings had 0 BTC. By March, it skyrocketed to 150,000 BTC, and now stands at 275,000 BTC as of May 2025, making IBIT one of the largest institutional Bitcoin holders globally.
Overview: Binance’s Bitcoin Holdings
1. What Does Binance Hold?
Binance holds BTC in two main ways:
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Customer Deposits: Stored in hot and cold wallets
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Corporate Reserves: Held for liquidity, insurance (e.g., SAFU fund), and strategic investment
2. Transparency: Proof-of-Reserves
In response to growing scrutiny (especially post-FTX), Binance implemented Proof-of-Reserves disclosures in 2022. Blockchain analytics platforms like Nansen and Arkham Intelligence track Binance wallets in real-time.
3. Estimated Holdings (as of May 2025)
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BTC in Binance-controlled wallets: Approximately 550,000 – 600,000 BTC
Includes both hot & cold wallets, verified by third-party auditors and public tracking tools.
Note: Not all of this is Binance’s own BTC — a significant portion belongs to users.
Key Differences Between BlackRock and Binance BTC Holdings
| S/N | Factor | BlackRock (IBIT) | Binance |
|---|---|---|---|
| 1 | Ownership Type | ETF (shares represent BTC) | Mixed (custodial + corporate) |
| 2 | Access Type | Through traditional brokerages | Through a crypto wallet on Binance |
| 3 | Custody | Coinbase Custody (external) | Self-custody by Binance |
| 4 | Investor Base | Institutional & retail via ETFs | Crypto-native users |
| 5 | Intent | Investment vehicle | Exchange operations & storage |
| 6 | Transparency | Daily ETF filings | Public wallet transparency tools |
| 7 | Withdrawal Capability | No (can’t withdraw BTC) | Yes (users can withdraw BTC anytime) |
Why Does This Comparison Matter?
1. Institutional Legitimacy
BlackRock’s holdings signify Wall Street’s increasing comfort with Bitcoin. This could open the floodgates for pensions, endowments, and sovereign wealth funds.
2. Centralization Risks
The more BTC that concentrates in either entity — BlackRock or Binance — the more centralized the supply becomes. This could pose long-term risks to Bitcoin’s decentralized ethos.
3. Market Influence
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BlackRock: Influences through ETF inflows/outflows
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Binance: Influences through spot trading volume and liquidity control
Other Top Institutional Bitcoin Holders
| S/N | Entity | Estimated BTC |
|---|---|---|
| 1 | MicroStrategy | 214,400+ BTC |
| 2 | Grayscale (GBTC) | 300,000+ BTC |
| 3 | BlackRock (IBIT) | 275,000 BTC |
| 4 | Binance | 550,000 – 600,000 BTC |
| 5 | Robinhood (via custodians) | 122,000+ BTC |
Frequently Asked Questions (FAQs)
1. Does BlackRock own Bitcoin directly?
Yes, through its iShares Bitcoin Trust (IBIT), with Coinbase Custody holding BTC on behalf of ETF shareholders.
2. How much Bitcoin does BlackRock own in 2025?
Approximately 275,000 BTC as of May 2025.
3. How much Bitcoin does Binance hold?
Between 550,000 and 600,000 BTC, including both customer and company reserves.
4. Does Binance own all the BTC it holds?
No. A large portion belongs to Binance users.
5. Can BlackRock’s ETF users withdraw actual Bitcoin?
No. IBIT shares only track Bitcoin’s price; no actual BTC withdrawal is allowed.
6. Is Binance’s BTC custody transparent?
Partially. Binance publishes wallet addresses and uses proof-of-reserves audits.
7. Can BlackRock sell its Bitcoin anytime?
Yes. ETF managers adjust BTC holdings based on ETF share demand.
8. Who influences Bitcoin price more – BlackRock or Binance?
It depends: BlackRock drives institutional demand, while Binance drives spot/futures trading volume.
9. Is BlackRock the largest Bitcoin holder in the U.S.?
Among traditional financial firms, yes, although Grayscale slightly leads in total BTC.
10. Should Bitcoin holders be concerned about centralization?
Possibly. Centralized BTC holdings may pose long-term risks to Bitcoin’s decentralization and censorship resistance.
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Conclusion
So, to answer the central question: Does BlackRock own more Bitcoin than Binance?
No. Binance currently holds significantly more BTC.
However, the rise of BlackRock and other institutional players is shifting the dynamics of Bitcoin ownership. BlackRock’s ETF has democratized access for traditional investors, while Binance continues to serve the crypto-native crowd.
As both worlds converge, Bitcoin’s ownership structure becomes more diverse and arguably, more fragile. The competition for Bitcoin dominance is no longer just about mining — it’s now about custody, trust, transparency, and influence.
And that competition is far from over.