BTC Holders with the Largest Holdings

Satoshi Nakamoto, the creator of Bitcoin, accumulated approximately 1.1 million BTC through early mining activities. These Bitcoins have remained dormant ever since, never being transferred or used. As of January 16, 2025, his Bitcoin holdings have reached 1,123,540.13 BTC, some of which came from personal Bitcoin donations.

It is estimated that Nakamoto mined 54,316 blocks, and before Bitcoin’s first halving, each block rewarded 50 BTC, making him the largest holder of Bitcoin to date.

Nakamoto made his last public appearance in 2010, after which he withdrew from the project, leaving the Bitcoin community to maintain it. To this day, his Bitcoin has not been moved.

On January 3, 2009, Nakamoto mined the first-ever Bitcoin block, known as the Genesis Block. One of his famous wallet addresses is:

1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

As of January 16, 2025, this wallet address still holds 100.31 BTC, and no outbound transactions have occurred.

Source: Blockchain Explorer

Top 20 BTC Holders

Data Source: TimeChain Index

Types of Bitcoin Holding Addresses

Currently, the top 20 Bitcoin holders can be broadly categorized into several types, each with distinct purposes and uses. The holders in each category have different impacts on the market:

1. Early Miners

Example: Satoshi Nakamoto: Miners typically acquire Bitcoin through mining rewards. Satoshi’s Bitcoins represent the early stages of the Bitcoin network and have never been moved, remaining dormant as a legacy of Bitcoin’s history.

Short-term Impact: Early miners’ long-term holding of Bitcoins helps reduce the circulating supply, which enhances Bitcoin’s scarcity and store-of-value properties, contributing to price increases. It also attracts more investors and stabilizes the market. However, this behavior could also introduce short-term volatility risks. If these Bitcoins are ever released, the surge in market supply could trigger instability and increased price fluctuations.

Long-term Impact: Over the long term, the holdings of early miners help maintain Bitcoin’s decentralized nature, preventing power concentration. However, this also leads to the excessive concentration of wealth and the potential for market manipulation risks.

1. Exchanges

Examples: Binance, Coinbase, Bitfinex, Kraken: These large exchanges hold significant amounts of Bitcoin, primarily for customer deposits, trading facilitation, and asset management. The wallet addresses of exchanges typically hold large amounts of Bitcoin, making them a key source of market liquidity and price volatility.

Short-term Impact: The massive holdings of Bitcoin by exchanges directly affect market liquidity. The storage of Bitcoin and the trading activities on exchanges play a critical role in price fluctuations. For example, if an exchange experiences technical failures or faces legal risks, it could result in extreme price volatility. A notable incident occurred in 2014, when the Japanese exchange Mt. Gox was hacked, losing around 850,000 Bitcoins, which caused a dramatic price crash.

Long-term Impact: If exchanges continue to hold large amounts of Bitcoin, they could influence market liquidity and price stability. The concentration of Bitcoin on a few exchanges could make the market overly reliant on these platforms. Anything going wrong with these exchanges might lead to a liquidity crisis or price volatility. Furthermore, the Bitcoin holding strategies of exchanges could influence investor confidence and market sentiment.

1. Companies

Examples: MicroStrategy, BlackRock, Fidelity, Tether: These companies hold Bitcoin through asset management, investment products, or corporate strategies. For example, MicroStrategy uses Bitcoin as a corporate treasury reserve, while BlackRock and Fidelity hold Bitcoin via ETFs for client investment purposes. Tether, as the issuer of a stablecoin, may hold Bitcoin as an asset reserve.

Short-term Impact: In the short term, large-scale Bitcoin purchases by companies could drive up the price, attracting more investor attention and increasing market activity.

Long-term Impact: The involvement of institutional investors helps mainstream Bitcoin, encouraging more corporations and financial institutions to join and accelerating the maturity of the Bitcoin market and the establishment of regulatory frameworks. However, this could also lead to market concentration, increasing systemic risks if a major holder like MicroStrategy or Tether decides to sell their Bitcoin, which could cause significant market volatility.

1. Individuals

Example: Individual X 01 - HTX Origin: Individuals typically hold Bitcoin for investment purposes or as early miners. Due to Bitcoin’s anonymity, the identities of many individual holders are unknown, but their holdings are often substantial.

Short-term Impact: Given the large amounts held by some individuals, significant sell-offs by these holders could cause immediate and dramatic price fluctuations.

Long-term Impact: Over the long term, individual holders may help maintain the decentralization and distribution of the market. However, if large holders decide to sell their Bitcoin, it could lead to significant price impacts, particularly in situations of low liquidity.

1. Governments and Regulatory Agencies

Examples: U.S. Government, U.K. Government: Governments often hold Bitcoin through law enforcement actions, such as seizing assets from illegal activities like darknet transactions or hacking incidents. These Bitcoins are typically not held for investment purposes and may be under legal review or frozen.

Short-term Impact: Government-held Bitcoin usually does not directly participate in market trading, but their policies and regulatory actions have a huge impact. Policy uncertainty can lead to investor panic or overreaction. For example, if a large amount of Bitcoin seized by the U.S. government were auctioned off, it could place short-term pressure on the market price.

Long-term Impact: Government attitudes and regulatory policies are crucial for the legal framework of the market. A favorable regulatory environment could enhance market stability and promote Bitcoin’s acceptance as a digital asset, while harsh policies might negatively affect the market.

1. Custodians

Examples: Coinbase Prime Custody, Fidelity Custody: These institutions provide secure Bitcoin storage and management services for institutional investors. Custodians typically offer specialized risk management and asset protection measures to ensure the safe storage of Bitcoin, assisting clients with transactions and fund flows.

Short-term Impact: The emergence of custodians allows institutional investors to enter the market with greater security, contributing to the maturation of the Bitcoin market. More capital can flow into the Bitcoin market through custodial services, increasing liquidity.

Long-term Impact: As more institutional investors hold Bitcoin via custodial platforms, the market’s maturity and stability are expected to improve. These custodial services enhance Bitcoin’s legitimacy and market acceptance, helping Bitcoin become a mainstream asset class. However, if these custodians face security breaches or regulatory changes, they could have a long-term impact on market trust in Bitcoin.

Top Bitcoin Holders

Source: BitInfoCharts

Top Bitcoin Holders:

Rank 1 (Binance-coldwallet): Holds 248,598 BTC (1.25% of total supply), worth approximately $24.642 billion. This wallet belongs to Binance’s cold storage, likely used for platform user storage.

Rank 2 (Bitfinex-coldwallet): Holds 156,010 BTC (0.7875% of total supply), which is another exchange wallet.

Relatively New Addresses:

Rank 3 (Robinhood-coldwallet) and Rank 4 (Binance-coldwallet): Hold 140,575 BTC and 102,552 BTC respectively. These addresses show that these platforms have accumulated large amounts of Bitcoin in recent years. Robinhood, in particular, is a relatively new trading platform.

Rank 7 (MtGox-Hack) and Rank 9 (SilkRoad-FBI-Confiscated): These addresses represent Bitcoins previously seized by government or law enforcement agencies. They highlight how historical events, such as the Mt. Gox hack and the Silk Road investigation, have impacted the Bitcoin market.

Source: bitinfocharts

Transaction Activity:

Rank 1 (Binance-coldwallet) and Rank 2 (Bitfinex-coldwallet): Both of these addresses show relatively frequent transaction activity. Notably, Binance’s cold wallet (Rank 1) has been active since 2018 and continues to experience large transactions as of January 2025. This indicates ongoing movement of assets within Binance’s cold storage, likely involving customer deposits and withdrawals.

Rank 3 (Robinhood-coldwallet): This wallet has seen significant Bitcoin inflows and outflows in 2023 and 2024, which suggests that Robinhood is consistently processing large volumes of Bitcoin for its users. The activity reflects the growing presence of Robinhood as a major player in the market for institutional and retail Bitcoin trading.

Hacker Events:

Bitfinex-Hack-Recovery (Rank 5): The wallet holding 94,643 BTC represents the recovery of funds from the Bitfinex hack. This wallet serves as a testament to the exchange’s ongoing efforts to recover stolen funds and provide restitution. Such recovery wallets highlight persistent efforts to restore legitimacy after a hack, which is common in the crypto exchange industry.

Mt. Gox-Hack (Rank 7): This wallet contains 79,957 BTC, representing Bitcoin recovered from the infamous Mt. Gox hack. The funds were held in this address after the hack, and their recovery signifies ongoing efforts to return stolen assets to users impacted by the breach.

Government Involvement

Source: BitInfoCharts

1. United States

As of January 16, 2025, the U.S. government holds 198,109 bitcoins, valued at approximately $14.864 billion, making it the country with the largest Bitcoin holdings in the world.

Most of these bitcoins were seized by law enforcement agencies, originally stemming from the shutdown of the “Silk Road” marketplace, during which the government confiscated about 69,000 BTC and has periodically auctioned them off.

In July 2024, former President Trump pledged at the Bitcoin2024 conference to “never sell” the bitcoins held by the government and introduced a “strategic Bitcoin reserve” plan.

In the same month, Wyoming Senator introduced the “U.S. Bitcoin Strategic Reserve Act,” which proposes accumulating 1 million bitcoins (5% of the total supply) over the next five years to be held as a strategic reserve for at least 20 years. The bill has been submitted to the Senate Banking Committee for review and may be signed into law by Trump.

Source: bitcointreasuries

2. China

Despite China’s strict crackdown on cryptocurrency trading and mining, it remains the second-largest government holder of Bitcoin globally. Currently, the Chinese government holds approximately 190,000 bitcoins, valued at around $1.88 billion. Most of these bitcoins come from the PlusToken Ponzi scheme, which had promised investors returns as high as 30%.

Source: Bitcoin Treasuries

3. United Kingdom

In a money-laundering operation, UK police seized 61,245 bitcoins, valued at approximately $5.973 billion. Investigations revealed that these bitcoins were linked to several cryptocurrency wallets of a Chinese delivery worker, suspected of laundering money by converting cryptocurrencies into cash or other assets in Dubai. The case involved nearly 130,000 Chinese investors, making the UK one of the top governments holding the most cryptocurrency, ranking third.

Source: Bitcoin Treasuries

4. Ukraine

According to a report by Bitcoin.com, 652 Ukrainian officials admitted to holding 46,351 bitcoins (worth over $4.7 billion) and other cryptocurrencies like ETH, LTC, BCH, and XMR in their 2020 asset declarations. Dnipro City Council member Vyacheslav Mishalov held 18,000 bitcoins for the second consecutive year, while Ukraine’s First Secretary at the Embassy in Vietnam, Petro Lensky, held 6,528 bitcoins, and Odessa Regional Council Vice Chairman Alexander Urbansky held 5,328 bitcoins. In September 2021, the Ukrainian parliament almost unanimously passed a bill legalizing and regulating cryptocurrencies.

Source: Bitcoin Treasuries

5. Bhutan

As of November 12, 2024, the Bhutanese government holds 11,688 bitcoins, valued at approximately $1.19 billion. In addition, Bhutan holds Ethereum (ETH) and Binance Coin (BNB) as reserve assets. Bhutan has accumulated these cryptocurrency reserves through Bitcoin mining, leveraging its abundant hydroelectric resources.

Source: Bitcoin Treasuries

6. El Salvador

El Salvador currently holds 6,029 bitcoins, valued at $611.26 million. In 2021, El Salvador became the first country to adopt Bitcoin as legal tender. Since November 2022, the government has implemented the “1 Bitcoin per Day” program, purchasing 1 BTC daily, regardless of its market value. El Salvador is now the 6th largest holder of Bitcoin globally.

Source: Bitcoin Treasuries

Publicly Listed Companies

As of January 16, 2025, over 50 publicly listed companies worldwide hold Bitcoin, according to data from Bitcointreasuries.net. These companies span across various industries, including technology, finance, mining, and blockchain. As Bitcoin continues to emerge as a significant asset class, more publicly listed companies are beginning to include it in their asset portfolios.

Note: Market capitalization is calculated based on the Bitcoin price as of January 16, 2025 (approximately $98,000).

Source: BitcoinTreasuries.net

1. MicroStrategy

Year Founded: 1989

Industry: Software and Business Intelligence

Bitcoin Holdings: 439,000 BTC

Background: \
MicroStrategy is a U.S.-based business intelligence company providing analytics software and data analysis services. Founded in 1989 by Michael Saylor, the company is widely recognized for its bold investments in Bitcoin. Since 2020, MicroStrategy has been acquiring Bitcoin on a large scale, making it one of the publicly traded companies with the largest Bitcoin holdings globally. The company has adopted Bitcoin as a core reserve asset on its balance sheet.

Source: MicroStrategy on BitcoinTreasuries.net

2. Marathon Digital Holdings

Year Founded: 2010

Industry: Cryptocurrency Mining

Bitcoin Holdings: 44,394 BTC

Background: \
Marathon Digital Holdings is one of the leading Bitcoin mining companies in the U.S., focusing on Bitcoin mining and holding substantial amounts of Bitcoin as part of its investment strategy. Marathon operates mining facilities across the U.S. and continues to expand its Bitcoin mining capacity. The company emphasizes improving mining efficiency through large-scale miner deployments and strategic site selection for its facilities.

Source: Marathon on BitcoinTreasuries.net

3. Riot Platforms

Year Founded: 2000

Industry: Cryptocurrency Mining

Bitcoin Holdings: 17,429 BTC

Background: \
Riot Platforms (formerly Riot Blockchain) is a U.S.-based cryptocurrency mining company focused on Bitcoin mining and blockchain technology applications. Riot operates multiple Bitcoin mining facilities and aims to increase its Bitcoin holdings by expanding its mining infrastructure. The company is also involved in blockchain technology development and investment.

Source: Riot on BitcoinTreasuries.net

4. Hut 8 Mining Corp

Year Founded: 2011

Industry: Cryptocurrency Mining

Bitcoin Holdings: 10,096 BTC

Background: \
Hut 8 is a leading Canadian Bitcoin mining company. It operates multiple mining facilities and continuously expands its computational capacity to strengthen its position in the industry.

Source: Hut 8 Mining Corp on BitcoinTreasuries.net

5. Tesla

Year Founded: 2003

Industry: Electric Vehicles and Energy Solutions

Bitcoin Holdings: 9,720 BTC

Background: \
Tesla is a global leader in electric vehicle manufacturing. In 2021, Tesla announced the purchase of $150 million worth of Bitcoin and expressed plans to accept Bitcoin as a payment method. However, this strategy was later paused due to environmental concerns. Despite this, Tesla remains one of the few mainstream companies considering Bitcoin a strategic asset on its balance sheet.

Source: Tesla on BitcoinTreasuries.net

ETF

Source: TimeChainIndex

Source: TimeChainIndex

1. BlackRock

Overview: BlackRock is the world’s largest asset management firm, headquartered in the United States, managing over $100 trillion in assets. \
Bitcoin ETF: Its iShares Bitcoin Trust (IBIT) has become one of the most popular Bitcoin ETFs in the market. It holds 548,506 BTC, making it the largest Bitcoin ETF holder globally. \
Influence: BlackRock’s involvement has accelerated the recognition of Bitcoin among traditional financial institutions and attracted a large number of institutional investors into the crypto market.

Source: BlackRock

2. Fidelity

Overview: Fidelity Investments is one of the most established financial services companies in the United States, managing assets exceeding $4.5 trillion. It is well-known for its retirement funds and asset management services.

Bitcoin ETF: Fidelity launched the Fidelity Wise Origin Bitcoin Trust (FBTC), which holds 207,929 BTC, making it the second-largest Bitcoin ETF product in the market.

Strategy: Fidelity has been proactive in Bitcoin investment, offering cryptocurrency custody services as early as 2018. The company has also played a key role in encouraging institutional investors to adopt Bitcoin.

Source: Fidelity Crypto Overview

3. Grayscale

Introduction: Grayscale is one of the largest digital asset management companies in the world, affiliated with Digital Currency Group (DCG), and focuses on cryptocurrency investment products.

Bitcoin ETF: Its flagship product, the Grayscale Bitcoin Trust (GBTC), is one of the earliest Bitcoin investment trusts and has now been converted into an ETF, holding 202,328 Bitcoins.

Features: GBTC has faced controversy in the past due to its high management fees and trading at a discount. However, liquidity has significantly improved after its conversion into an ETF, making it an important Bitcoin investment tool in the market.

Source: Grayscale Bitcoin Trust (GBTC)

Conclusion

Over the past decade, the structure of Bitcoin holders has undergone significant changes. From early miners and individual investors to now include centralized exchanges, institutional investors, and government agencies, the distribution of Bitcoin holders reflects the gradual maturation of the market.

Today, Bitcoin is part of individual wealth management and has become an important asset in institutional and government strategic reserves. With the entry of new participants, such as exchanges, ETFs, and custodians, the liquidity and stability of the Bitcoin market have greatly improved.

However, the concentration of holders has raised concerns about market manipulation and risk, especially regarding the Bitcoin reserves held by exchanges and government agencies. In the future, the distribution of Bitcoin holders may continue to evolve. As more countries, companies, and institutions participate, Bitcoin’s decentralized nature and its status as a global digital asset may face new challenges and opportunities.