BlackRock's Bitcoin ETF holdings surpassed Coinbase and Binance; ETH could be next
BlackRock is emerging as the leading custodian of Bitcoin and Ether as its ETFs continue to reshape market dynamics in 2025.
BlackRock's iShares Ethereum ETF is about to overtake Coinbase as the second largest custodian of Ether
ETH
3889 €
in the world, reducing the gap to just 200,000 ETH. With holdings now amounting to 3.6 million ETH, iShares has added 1.2 million ETH in less than two months.
At this pace, it could surpass Coinbase by the end of the year and reduce Binance's dominance to a margin of just 1.1 million ETH.
The shift highlights a significant divergence in custody trends. Binance continues to lead with 4.7 million ETH, up from 2.5 million in 2019, although growth has consolidated. Coinbase, which was once the largest custodian of Ether with over 8 million ETH in 2019, has seen its reserves fall to 3.8 million ETH, representing a 52% decline over six years.
BlackRock's rapid accumulation signals a structural adjustment in cryptocurrency markets, as institutions increasingly favor regulated ETFs over custody on exchanges. The acceleration of ETF holdings reduces liquid supply and points to greater institutional conviction in Ether. The latest on-chain data shows that IBIT's Bitcoin (BTC) holdings have increased to about 745,357 BTC, eclipsing Coinbase with 706,150 BTC and Binance with 584,557 BTC.
These developments underscore BlackRock's emergence as the largest institutional custodian of both Bitcoin and Ether, solidifying its influence over the cryptocurrency market structure.
