I Don’t Care racked up 13 million streams and 22,000 downloads in one week.
The duo also saw combined sales of 123,852, making the track only the second chart-topping single to open with more than 100,000 sales.
I Don’t Care takes Sheeran’s tally of number ones to six, and Bieber’s to seven, equalling acts like Kylie and U2.
However, the duo didn’t manage to topple Ariana Grande’s record for the year’s biggest-selling single.
Her song 7 Rings notched up 126,240 combined sales when it was released in January.
Earlier on Friday, Ed and Justin released the official video for I Don’t Care which features some bizarre scenes, including Bieber dressed as both a bear and an ice cream.