BlackRock has been tallied as the world’s third-largest holder of bitcoin.

According to blockchain outlet U.Today on June 18, Arkham researchers classified BlackRock as holding about 764,000 BTC, making it the holder with the most bitcoin after Satoshi Nakamoto (사토시 나카모토) and Coinbase.

Arkham put Satoshi Nakamoto’s holdings at 1,096,000 BTC and Coinbase at 970,000 BTC. Binance held about 670,000 BTC, less than BlackRock.

Market attention, however, focused on whether BlackRock had actually overtaken Strategy. Arkham cited Strategy’s holding structure as the reason BlackRock rose to third place. Strategy is a listed company holding a total of 847,000 BTC and remains the largest corporate holder of bitcoin.

Arkham viewed a large portion of Strategy’s holdings as stored under a custody structure. Of the total 847,000 BTC, about 184,000 BTC are held at Fidelity Custody, meaning the amount directly reflected in Strategy’s corporate profile was calculated at about 663,000 BTC, it explained. For this reason, the amount directly attributed to Strategy under Arkham’s method falls to about 663,000 BTC.

Debate over the ranking methodology also continued. Some market participants questioned whether the ranking was fair given that Strategy’s total holdings exceed BlackRock’s. While BlackRock’s move ahead of Binance was relatively clear in numerical terms, the comparison with Strategy can be interpreted differently depending on how direct holdings and custody holdings are separated.

In this situation, the tally showed a trend in the bitcoin market of examining holders not simply by total amounts but also by attribution structures and storage methods. BlackRock is assessed as a key participant in the bitcoin ecosystem, and the ranking again highlighted that custody accounts and the actual holding entity need to be considered together when interpreting institutional holdings.

Strategy, meanwhile, still retains its status as the largest bitcoin-holding company among listed firms. Discussions over future bitcoin holding rankings are therefore likely to continue to diverge depending on whether they follow total holdings or amounts directly reflected by each corporate entity.

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