BlackRock Now Controls 61% of All U.S. Bitcoin ETF Holdings in 2026

Two years after their approval by the United States Securities and Exchange Commission, spot Bitcoin exchange-traded funds (ETFs) remain a defining feature of the cryptocurrency market. As of June 2026, these funds collectively hold approximately 1.25 million BTC worth more than $78 billion, with BlackRock’s iShares Bitcoin Trust alone holding 734,261 BTC and accounting for 61% of all Bitcoin held by U.S. spot Bitcoin ETFs. This makes IBIT the clear market leader and one of the largest Bitcoin-owning entities in the world.

Using quarterly on-chain data and official AUM (Assets Under Management) figures, our team at BestBrokers analysed how Bitcoin and Ethereum ETFs have evolved since 2024, highlighting the shifting flow dynamics and the structural implications for institutional crypto exposure.

BlackRock Leads the U.S. Bitcoin ETF Market

BlackRock, the world’s largest asset manager, has steadily increased its Bitcoin holdings through its iShares Bitcoin Trust (IBIT), one of 11 spot Bitcoin ETFs approved by the United States Securities and Exchange Commission (SEC). IBIT provides institutional and retail investors with a fully regulated vehicle to gain exposure to Bitcoin without directly holding the cryptocurrency, allowing BlackRock to build its Bitcoin position strategically over time.

Since its launch, IBIT’s Bitcoin holdings have more than doubled from 303,935 BTC in Q2 2024 to 763,784 BTC as of mid-June 2026, a 151% increase over two years.

During the same period, Grayscale’s Bitcoin holdings fell from 274,465 BTC to 138,500 BTC, a decline of nearly 50% despite being the second-largest BTC ETF at launch alongside BlackRock. Fidelity, meanwhile, increased its holdings from 158,915 BTC to 174,383 BTC, a gain of 9.7% but failed to keep pace with BlackRock’s rapid expansion. While most ETF issuers experienced either modest growth or outright declines, BlackRock added more than 430,000 BTC in just two years, transforming it into the dominant force in the global Bitcoin ETF market.

‘BlackRock’s Bitcoin ETF has been a magnet for institutional cryptocurrency accumulation since launch. Even through a difficult stretch in early 2026, with Bitcoin down significantly from its all-time high and ETF outflows reaching $4.4 billion over 13 consecutive trading days, IBIT has consistently absorbed a disproportionate share of remaining inflows, reinforcing its position as the primary institutional gateway into Bitcoin exposure.’

– Alan Goldberg, Analyst at BestBrokers

IBIT’s BTC Holdings Exceed Those of all World Governments Combined

BlackRock’s iShares Bitcoin Trust doesn’t just dominate the ETF market; it now rivals sovereign nations. By the end of June 2026, IBIT held 734,261 BTC worth approximately $50 billion, surpassing the publicly known Bitcoin reserves of the United States (329,693 BTC), China (190,000 BTC), and the United Kingdom (61,245 BTC), the three largest government holders of the cryptocurrency.

Collectively, governments around the world control roughly 619,000 BTC worth $38.6 billion, meaning BlackRock’s ETF alone holds around 115,000 more Bitcoin and nearly $7.1 billion more in value than all sovereign governments combined. BlackRock’s current holdings represent approximately 3.8% of all Bitcoin currently in circulation, meaning that nearly one in every 26 Bitcoins in existence is now held by this particular investment fund. In just over two years since its founding, a single regulated investment vehicle has assembled one of the largest Bitcoin stockpiles on the planet.

Total BTC Owned by ETFs

Spot Bitcoin ETFs were approved by the U.S. Securities and Exchange Commission (SEC) in January 2024, allowing investors to gain exposure to Bitcoin through regulated investment funds without directly purchasing, storing, or securing the cryptocurrency themselves. Since then, these products have become one of the primary channels through which institutional capital enters the Bitcoin market.

The growth has been substantial. Total Bitcoin holdings across all U.S.-approved spot ETFs increased from 851,499 BTC in Q2 2024 to a peak of 1.31 million BTC in Q4 2025. By June 2026, ETF holdings stand at 1.2 million BTC worth more than $75 billion, representing approximately 6.2% of all Bitcoin currently in circulation. This means that today, these funds collectively hold more Bitcoin than Satoshi Nakamoto, Bitcoin’s mysterious creator, whose wallets hold roughly 1 million BTC. This massive amount has remained untouched for more than 16 years.

However, the data suggests that the rapid accumulation phase that defined the first two years of spot ETFs may be slowing. After reaching record levels at the end of 2025, total ETF holdings declined for two consecutive quarters, falling by 81,000 BTC between Q4 2025 and Q2 2026. This marks the first sustained contraction in Bitcoin ETFs since SEC approval.

BlackRock’s BTC Accumulation Outpaces All Other U.S. Bitcoin ETFs Combined

BlackRock’s iShares Bitcoin Trust (IBIT) has absorbed a disproportionate share of spot Bitcoin ETF demand since launch. Holdings rose from 303,935 BTC in Q2 2024 to 734,261 BTC in Q2 2026, an increase of nearly 430,326 Bitcoin worth more than $26.9 billion at current prices.

The scale of that growth becomes even more striking when viewed against the broader Bitcoin ETF market. During the two years between Q2 2024 and Q2 2026, BlackRock increased its Bitcoin holdings by 459,848 BTC, while total Bitcoin held across all U.S. spot ETFs increased by 400,476 BTC. As a result, BlackRock accounted for 121.9% of all net Bitcoin accumulated by U.S. spot ETFs during the period.

As a result, BlackRock’s share of all Bitcoin held by U.S. spot ETFs surged from 35.7% in Q2 2024 to 61% in Q2 2026. Over the same period, Grayscale’s share fell from 32.2% to 11.5%, while Fidelity’s share declined from 18.7% to 14.5%. Together, these three ETFs now account for approximately 87% of all Bitcoin held across U.S. spot ETFs.

‘BlackRock is capturing an increasingly large share of the Bitcoin ETF market. While investors were initially presented with eleven competing products following SEC approval, institutional capital has become progressively concentrated in a small number of funds. BlackRock has been the primary beneficiary of that trend, routinely attracting inflows even during periods when the broader ETF market was experiencing net redemptions.’

– Alan Goldberg, Analyst at BestBrokers

Ethereum ETFs: BlackRock Extends Its Dominance Beyond Bitcoin

BlackRock is not only the largest Bitcoin ETF, but it also leads the Ethereum ETF market. As of mid-June 2026, U.S. spot Ethereum ETFs collectively held 5.19 million ETH worth approximately $8.59 billion. BlackRock alone accounted for 2.84 million ETH, worth just over $5 billion and representing nearly 55% of all Ethereum held across U.S.-approved ETFs and reinforcing its position as the dominant institutional player in digital asset markets. The firm’s Ethereum ETF holds more ETH than the next three largest competitors, Grayscale Mini, Grayscale, and Fidelity, combined.

Raw Data

Methodology

This report reviews the total amount of Bitcoin and Ethereum held on-chain by all SEC-approved BTC and ETH ETFs, starting from Q2 2024, the quarter following the SEC’s approval of spot Bitcoin ETFs. The analysis uses quarterly data on each fund’s holdings to track accumulation trends, compare market shares, and identify which funds are contributing most to the overall growth of Bitcoin and Ethereum held in ETFs. Figures were sourced from Dune Analytics and official ETF filings as of June 12, 2026. National BTC holdings were aggregated using Coingecko’s Government Bitcoin Treasuries database.