Galaxy research head says Strategy could overtake Satoshi’s BTC stack

Galaxy’s Alex Thorn says Strategy now holds more Bitcoin than BlackRock’s IBIT and, if its pace holds, could match Satoshi’s estimated 1.1m $BTC stash within two years.

Galaxy Digital head of research Alex Thorn has flagged that Strategy’s Bitcoin holdings have now overtaken those of BlackRock’s iShares Bitcoin Trust (IBIT), the world’s biggest spot Bitcoin ETF by assets. In a post on X, Thorn wrote that on-chain and treasury-tracking data show Strategy has become the “largest single $BTC‑holding entity,” beating IBIT’s stash and continuing to add coins on dips.

Thorn added that, if current accumulation trends continue, Strategy is on pace to catch or even surpass the legendary hoard attributed to Bitcoin’s ($BTC) pseudonymous creator Satoshi Nakamoto within roughly two years. Satoshi’s cache is widely estimated at around 1.1 million $BTC — roughly 5.5% of total supply — and has remained untouched since 2010, a fact that has long shaped market psychology around Bitcoin’s scarcity and “diamond hands” culture.

Bigger than the biggest ETF

BlackRock’s IBIT has dominated the U.S. spot Bitcoin ETF landscape since launching in January 2024, amassing more than 700,000 $BTC in under 18 months and at times holding over 56% of all spot ETF Bitcoin. Recent data put IBIT’s $BTC exposure north of 800,000 coins, worth more than $50 billion at prevailing prices.

By contrast, Strategy’s treasury now holds an estimated 760,000 $BTC or more after adding roughly 80,000 $BTC year‑to‑date, according to figures cited by market analysts and recent research notes. One Binance‑hosted update earlier this month highlighted that Strategy still controls around 762,000 $BTC even after pausing new purchases, underscoring its role as the largest corporate Bitcoin holder.

March to Satoshi‑scale holdings

The comparison with Satoshi is more than symbolism. Analysts point out that if Strategy’s buying pace remains anywhere near recent levels, its stack could cross the 1 million $BTC mark within the next couple of years, placing it in the same league as the dormant founder coins that have never moved.

Such concentration raises both bullish and structural questions: bulls argue that deep‑pocketed, long‑term holders reduce available float and support price, while critics warn that megatreasuries and ETFs introduce corporate and regulatory chokepoints into what was designed as a decentralized asset. For now, Thorn’s takeaway is simple: in the competition to own the scarcest large‑cap asset in crypto, one aggressive buyer is closing in on the mythic benchmark set by Bitcoin’s creator.