U.S. spot bitcoin ETFs have amassed more than 1.1 million bitcoin, exceeding the estimated holdings of the crypto currency’s mysterious creator Satoshi Nakamoto, according to data shared by Bloomberg senior ETF analyst Eric Balchunas.

More than half of the ETF-owned bitcoins are held by BlackRock Inc.’s $51.5 billion iShares Bitcoin Trust (IBIT), the world's biggest spot bitcoin exchange-traded fund, which reports nearly 528,000 bitcoin owned. Grayscale's Grayscale Bitcoin Trust ETF (GBTC) and the Grayscale Bitcoin Mini Trust (BTC) follow, with about 241,000 bitcoin between them.

The rapid accumulation of bitcoin by the funds demonstrates Wall Street’s growing embrace of cryptocurrency as a mainstream investment vehicle, with traditional financial institutions increasingly facilitating access to digital assets through regulated products, according to Steve Kurz, global head of asset management at Galaxy Digital.

“For most people… the ETF is a pretty good option,” Kurz said in a webinar Dec. 9. “It's efficient. It sits in your portfolio. You can post it as collateral. It's got a lot of benefits.”

While Satoshi Nakamoto is usually credited as the founder of bitcoin, whether or not that title refers to a single person or group isn't clear, according to multiple sources including Britannica.com.

In addition to steady buying of the world's largest cryptocurrency, spot bitcoin ETFs are drawing fresh investments. Over the past five trading days, bitcoin ETFs gathered net inflows of over $2.8 billion, according to data from U.K.-based asset manager Farside Investors.

IBIT, FBTC Crypto ETFs Top Inflows

IBIT led the recent surge of inflows, attracting over $2.6 billion over the past five trading days, according to Farside data. Fidelity Wise Origin Bitcoin Fund (FBTC) followed with over $412 million in inflows during the same period, Farside reported.

The collective bitcoin holdings of U.S. spot ETFs have now surpassed Satoshi Nakamoto’s estimated 1.1 million bitcoins, according to Bloomberg data. The funds’ total holdings of 1.104 million bitcoin also places them well ahead of major holders including Binance and MicroStrategy.

Kurz noted during the webinar that institutional adoption continues to expand, with over 50% of U.S. hedge funds now having some crypto exposure, up from 25% two years ago.

Daily flows remain strong even as bitcoin’s price has pulled back about 5.7% from its Dec. 4 all-time high of $103,900, according to CoinMarketCap. On Dec. 9, its most recent trading day, bitcoin ETFs attracted $479 million in net inflows, Farside reports.