Bitcoin, the world’s first decentralized digital currency, has been around since 2009. From an experimental project, it imparted to existence as a global financial asset that individuals and institutions have gathered huge quantities of BTC; even if Bitcoin promotes decentralization, a few entities hold about a huge percent of the total supply.
This blog explores the 10 largest Bitcoin holders worldwide as per the last publicly available data in 2025.
1. Satoshi Nakamoto – 1.1 Million BTC
The anonymous creator of Bitcoin, called Satoshi Nakamoto, mined roughly 1.12 million BTC in the early days (2009-2010). These coins have never been moved, which really means it may have been an intentional act to promote Bitcoin decentralization. From a present value perspective, the BTC has an assumed worth of more than $70 billion and is distributed over ~22,000 addresses.
Why it matters:
The moment these coins are in recent times in motion, it can cause either massive loss of confidence or colossal volatility.
2. Coinbase (Exchange Wallets) – 1.05 Million BTC
Coinbase, the largest U.S.-based crypto exchange, holds BTC in cold wallets on behalf of users. According to blockchain analytics, these wallets total around 1.05 million BTC.
Note: These aren’t Coinbase’s proprietary assets but user-deposited funds.
3. Binance – 650k to 765k BTC
Binance holds between 650,000–765,000 BTC in custody. Being the largest crypto exchange worldwide in trading volume, their reserves are spread over multiple wallets, and the actual holdings are published periodically in the transparency reports.
Why it matters:
The holdings of Binance represent a significant amount of global liquidity.
4. BlackRock (IBIT ETF) – 550k+ BTC
In 2024, BlackRock launched iShares Bitcoin Trust (IBIT), igniting gigantic institutional interest. By mid-2025, the ETF held 550,000+ BTC, making it the largest holder in the spot ETF.
Impact:
Institutional adoption continues to impart legitimacy and stability to the market.
5. MicroStrategy – 499k BTC
Under the Bitcoin bullish leadership of Michael Saylor, MicroStrategy has acquired nearly 499,000 BTC. The company still purchases Bitcoin as a treasury asset, supported by bonds and convertible notes.
Implication:
MicroStrategy is the largest public BTC holder as an instance of a Bitcoin-backed balance sheet.
6. Grayscale Bitcoin Trust (GBTC) – 220k BTC
Once the dominant U.S. Bitcoin investment vehicle, Grayscale’s GBTC still holds around 220,000 BTC. Despite recent outflows due to ETF competition, GBTC remains a major player.
Investor Note:
Grayscale’s holdings are now more transparent, aligning with SEC ETF conversions.
7. U.S. Government – 213k BTC
The U.S. government has seized BTC through law enforcement operations (Silk Road, Bitfinex hack, etc.). These assets are stored by the U.S. Marshals Service and sold via auctions, though a large amount remains unsold.
Interesting Fact:
The U.S. is now among the largest nation-state holders of Bitcoin.
8. Bitfinex – 359k BTC
Bitfinex, one of the earliest and most influential exchanges, holds over 359,000 BTC in cold wallets. These holdings reflect both user balances and company reserves.
Security Note:
Despite a history of hacks, Bitfinex has since improved wallet transparency and multisig protocols.
9. Kraken – 237k BTC
U.S.-based exchange Kraken stores around 237,000 BTC, primarily in cold storage for user assets. Known for compliance and transparency, Kraken is a major BTC custodian for U.S. customers.
10. Wrapped Bitcoin (WBTC) – 176k BTC
WBTC is a tokenized form of BTC on Ethereum, fully backed 1:1 by Bitcoin. These tokens allow BTC holders to participate in DeFi. The reserve BTC is held by BitGo and verified via on-chain audits.
Honorable Mentions
| Holder | BTC Held | Notes |
| UK Government | ~61k BTC | Seized through criminal investigations. |
| China Government | ~194k BTC | Confiscated from Ponzi schemes & illegal mining. |
| North Korea (Lazarus) | ~13.5k BTC | Stolen by cyberattacks. |
| Bhutan | ~13k BTC | Mined using hydroelectric energy. |
| El Salvador | ~6k BTC | First country to adopt BTC as legal tender. |
How Many Bitcoins Are Left?
As of 2025, approximately 1.3 million BTC remain to be mined, with the final BTC expected around 2140. A large chunk of coins (est. 3–4 million) are permanently lost due to lost keys or unspendable wallets—tightening overall supply.
Bitcoin Distribution – Who Really Owns BTC?
- Top 2% of addresses hold >90% of Bitcoin.
- Over 1 million addresses hold at least 1 BTC.
- More than 3 million BTC are estimated to be lost forever due to lost private keys or wallets.
Final Thoughts: Why Bitcoin Distribution Matters
Understanding who the largest holders of Bitcoin are lets us analyze considerations for liquidity into the market, a centralization risk, and some level of geopolitical interest. Be it the mad scientist of technology himself, Satoshi; a corporate strategist like Michael Saylor; or a government agency holding seized coins-the concentration of BTC directly affects:
- Price volatility
- Regulatory decisions
- Investor sentiment
As Bitcoin grows up, transparent ownership and responsible custody will exert greater influence on its future.
FAQs
1 Are these holdings public?
Yes, the blockchain is transparent so analysts can verify wallet balances, though several wallet identities remain anonymous.
2 What happens if a government sells its Bitcoin?
Such an event normally brings about temporary price dips as was experienced during the US Marshals auctions, but the markets absorb them pretty much quickly.
3 How does an ETF hold Bitcoins?
An ETF purchases and stores BTC via a trusted custodian (e.g., Coinbase Custody) and then issues shares that are backed by real Bitcoin.
4 Is Satoshi’s Bitcoin lost?
It is unclear. The Bitcoins haven’t moved for over a decade; however, from a technical perspective, they still can be moved if their private keys exist.
👉 Join The Safe Trader Academy today and start trading like a pro.
