- Strategy accelerates Bitcoin accumulation, closing gap with Satoshi faster than expected
- Institutional demand shifts as companies prefer direct Bitcoin ownership over ETFs
- Projections suggest Strategy could surpass Satoshi holdings within two years
A tightening contest over Bitcoin ownership is now drawing stronger attention as institutional accumulation begins to reshape supply distribution across the market in a more visible way. Large holders are gaining influence, and their actions now play a central role in determining how much Bitcoin remains available for trading on exchanges.
Strategy accelerates accumulation and overtakes IBIT holdings
According to Galaxy Research head Alex Thorn, Strategy has significantly increased its accumulation pace over recent weeks as it continues to expand its already dominant position. The company added more than 34,000 BTC within a single week, which pushed its total holdings to 815,061 BTC and allowed it to surpass BlackRock’s IBIT ETF holdings of 806,178 BTC.
This shift signals a meaningful change in institutional behavior, as companies are now choosing direct ownership rather than relying solely on exchange-traded products for exposure to Bitcoin markets. Additionally, removing such large amounts of Bitcoin from circulation reduces the available supply on exchanges, which may influence price movements if demand continues to rise steadily over time.
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Meanwhile, Satoshi Nakamoto remains the largest known holder, with an estimated 1.096 million BTC that has stayed untouched for years and continues to serve as the ultimate benchmark in this ongoing accumulation race. Recent projections indicate that Strategy could close the gap with Satoshi within a defined timeframe, depending on how consistently it maintains its current buying strategy. According to Galaxy Research estimates, if the company sustains its recent pace, it could surpass Satoshi’s holdings as early as September 2026.
However, a more moderate accumulation rate would shift the timeline toward November 2026, while slower scenarios extend the projection to around April 2028, which shows how sensitive the outcome remains to market conditions and capital deployment strategies.
Rising concentration raises market structure concerns
Strategy now controls close to 4% of Bitcoin’s total supply, which gives it a level of influence that continues to grow as accumulation progresses and circulating supply declines across exchanges. Besides, reduced liquidity may lead to more pronounced price reactions whenever strong demand enters the market, especially during periods of limited selling pressure.
Additionally, this growing concentration has sparked debate among market participants, as some view it as a structural risk while others argue that long-term holding behavior supports market stability by reducing short-term volatility driven by speculative selling. Furthermore, institutional strategies are evolving as more companies explore direct Bitcoin ownership, which could reshape how large-scale exposure develops and how supply is distributed across major holders in the coming years.
Strategy’s continued accumulation has intensified the race toward Satoshi’s position, and the narrowing gap now suggests that a major shift in Bitcoin ownership could occur within the next few years.
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