Saylor's Strategy might actually surpass Satoshi's Bitcoin holdings

By TheStreet Roundtable

1 day ago

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Satoshi Nakamoto's mystery might never be solved, but his crypto holdings are very much visible.

As of April 20, Arkham notes that the wallet linked to the Bitcoin creator holds approximately 1.096 million Bitcoin. At the current price of $75,976 per Bitcoin, the worth of the holdings is close to $83.65 billion.

But someone, or rather, one company, is slowly sneaking closer to taking the spot for the world's largest Bitcoin holder.

What happens to Satoshi's holdings?

The fate of Satoshi's Bitcoin remains one of the biggest mysteries in all of finance. Since being mined between 2009 and 2010, Satoshi's holdings have never moved. Not a single coin, with every linked wallet sitting completely untouched for over 15 years.

Nobody knows why.

The most widely accepted theory is that Satoshi is dead, meaning the private keys died with them, and the coins are permanently inaccessible.

Others believe the keys simply got lost as early Bitcoin had extremely primitive key management, and a forgotten password or dead hard drive would mean permanent loss with no recourse.

A third possibility is that Satoshi is alive and deliberately refrains from touching the coins to avoid destabilizing the market or revealing their identity.

The scenario that truly terrifies the crypto world, however, is the fourth one in which the coins move. If Satoshi's wallets ever showed activity, it would trigger instant panic across the entire ecosystem, and dumping even a fraction of 1.1 million BTC into the market would be catastrophic for prices.

For now, the crypto community has largely treated Satoshi's stash as permanently removed from circulation, which effectively tightens the real supply of Bitcoin and quietly supports its price.

MicroStrategy's pivot to Strategy

The journey of Michael Saylor's MicroStrategy, now better known as Strategy (Nasdaq: MSTR), is fascinating.

During the peak of the COVID-19 pandemic, Saylor took a bold decision to switch the business strategy of the company from being a simple software firm to a Bitcoin holding company.

In just a couple of years, it became the largest publicly traded Bitcoin holding company.

For Saylor, the goal is simple: get hold of at least 5-7% of the total Bitcoin supply in the world.

Michael Saylor closes in on Satoshi after BlackRock

As of April 20, Strategy has 815,061 BTC, with the latest buy amounting to close to $2.54 billion for 34,164 BTC. The total holdings of Strategy amount to 3.88% of the total 21 billion BTC supply in the world.

With this, it has finally beaten iShares Bitcoin Trust (iBIT), the largest spot Bitcoin ETF in terms of BTC holding. It was launched by BlackRock, the world's largest asset manager, in 2024.

The BlackRock ETF currently holds 802,823 BTC, which is 3.82% of the total 21 million BTC supply and 12,238 BTC or 1.52% less than Strategy.

However, the current standings might change if BlackRock continues to see ETF inflows. As per SoSo Value, the last week, which ended on April 17, saw $996.38 million in net Bitcoin ETF inflows, the highest since the week ending on Feb. 27.

We will have to watch out for this week for further Bitcoin inflows and further buys from Strategy.

Now, to beat Satoshi's holdings, Strategy needs to close the gap with big leaps.

Gap to close: 281,300 BTC
Percentage increase needed: 34.51% more BTC than Strategy currently holds

However, Strategy has had different buying behaviours across the years. In 2026 so far, Strategy has made 15 total Bitcoin purchases of varying quantities in 105 days between Jan 5 and April 20.

The total Bitcoin purchased so far amounts to 142,561 BTC.

Strategy's 2026 Bitcoin Purchases

Based on this pace, we can estimate,

Daily buying pace required: 142,561 ÷ 105= 1,358 BTC/day
Time to surpass Satoshi: 281,300 ÷ 1,358 = 207 days.

For now, Strategy might be running a race against a ghost for all that matters. No one knows what will happen to Satoshi's Bitcoin stash.

And with daily Bitcoin net inflows varying, Strategy might have to compete with BlackRock once again before it thinks about competing for Satoshi's spot.