Who Holds the Most Bitcoin in 2025? Deep Dive Into Major Holders

Infographic showing Bitcoin distribution among Satoshi, exchanges, corporations, funds, and governments.

 

The Enigma of Satoshi Nakamoto’s BTC

At the top of the list is Bitcoin’s mysterious creator, Satoshi Nakamoto, whose wallet is estimated to contain between 600,000 and 1.1 million BTC, combining to nearly 5% of the total Bitcoin supply. These coins remain untouched since early mining days, reinforcing Satoshi's status as both a founding figure and the largest silent holder in the ecosystem WikipediaArkhamRiver.

Exchange Giants Holding Billions

Next in line are cryptocurrency exchanges holding BTC on behalf of users. Binance and Robinhood control significant reserves—data indicates over 248,000 BTC in Binance’s cold wallets and approximately 140,000 BTC in Robinhood’s BitInfoChartsCointelegraph. These custodial holdings are essential to maintain liquidity and user trust across their platforms.

Corporate Treasury Accumulation

Public companies are increasingly using Bitcoin as a treasury asset. MicroStrategy, led by Michael Saylor, houses approximately 423,000 BTC—making it the single largest corporate holder Wikipedia. Across all public firms, holdings approach nearly 985,000 BTC. Private firms like Tether and historical holders such as Mt. Gox also control substantial amounts Bitcoin TreasuriesRiver.

Visual of a government vault with Bitcoin symbols, representing the U.S. Strategic Bitcoin Reserve.

Institutional Funds and ETFs

Investors also gain exposure through institutional vehicles. BlackRock’s iShares Bitcoin Trust (IBIT) reportedly holds around 700,000 BTC, and Grayscale’s GBTC holds another 292,000+ BTC The Motley FoolInvestopedia. Combined, ETFs and funds control over 1.25 million BTC, or nearly 6% of total supply Bitcoin TreasuriesInvestopedia.

Government Reserves and Strategic Holdings

Governments have begun holding Bitcoin too. The United States holds around 200,000 BTC, now part of a formal Strategic Bitcoin Reserve established in 2025 InvestorsWikipedia. China, UK, Ukraine, Bhutan, and El Salvador also hold varying amounts (ranging from roughly 6,000 to almost 200,000 BTC) Wikipedia.

The Whale Landscape – Early Adopters & Distribution

Beyond institutional actors, the wider whale ecosystem is significant. The top 100 Bitcoin addresses (excluding Satoshi) cumulatively own 2.9 million BTC, or roughly 14–15% of the supply. Additionally, there are over 2,000 addresses each holding at least 1,000 BTC, reinforcing that wealth is concentrated among early adopters and major investors CCN.comRiver.

Summary Table & Final Thoughts

CategoryEstimated BTC Held
Satoshi Nakamoto~600k–1.1M BTC (~5%)
Exchanges (e.g., Binance, Robinhood)~388k BTC+
Corporations~984k BTC (public companies)
Institutional Funds~1.25M BTC (ETFs/funds)
Governments~200k (US) plus others
Top Whale Addresses~2.9M BTC (15% of supply)

A digital whale swimming across a blockchain ocean, symbolizing large Bitcoin whales.

Bitcoin ownership is highly concentrated: a few key players—Satoshi, major exchanges, institutional funds, governments, and whales—control a sizable portion of the total supply. Yet, due to blockchain transparency, we can track these holdings, even if true ownership remains often anonymous. For individual crypto users, this reinforces the importance of self-custody and not relying on centralized entities for long-term BTC storage.

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