Quick Answer – Who really owns the most Bitcoin today?
| Holder/Entity | Category | Estimated BTC | USD Value | Ownership Type | Source |
|---|---|---|---|---|---|
| Satoshi Nakamoto | Individual | ~1,100,000 | ~$123.2B | Beneficial | Patoshi pattern estimates |
| Coinbase (user custody) | Exchange | ~1,000,000 | ~$112.0B | Custodial | Arkham Intelligence, Proof-of-Reserves |
| MicroStrategy (Strategy) | Company | ~640,418 | ~$71.7B | Beneficial | Corporate filings, on-chain data |
| Binance (user custody) | Exchange | ~612,000 | ~$68.5B | Custodial | Exchange PoR report |
| U.S. Government | Government | ~325,000 | ~$36.4B | Beneficial | DOJ & Treasury seizure data |
| Fidelity Wise Origin Bitcoin Fund (FBTC) | ETF | ~200,000 | ~$22.4B | Custodial | Fund fact sheet |
| Grayscale Bitcoin Trust (GBTC) | ETF/Trust | ~173,500 | ~$19.4B | Custodial | ETF holdings disclosure |
| El Salvador | Government | ~6,246 | ~$700M | Beneficial | Public BTC disclosure |
Is there a single wallet that answers this?
Not reliably. The richest addresses usually belong to custodians using cold storage and multi-signature setups. One address can mask countless users; one user can hold funds across many addresses. Treat richest address lists as infrastructure inventories, not personal wealth rankings.
What’s the most honest leaderboard?
Segment by beneficial owners (Satoshi, corporations, sovereigns) and custodians (exchanges, ETFs). Present both side-by-side with verified sources and timestamps. This dual view reflects economic reality, distinguishing who holds keys from who benefits—and it stays accurate even as wallet structures evolve.
Why is “who owns the most” harder than it looks?
Bitcoin is transparent on-chain yet pseudonymous off-chain. Entities shard funds across thousands of addresses; custodians pool client assets; labels change as wallets rotate. Seizures, redemptions, and ETF flows constantly reallocate supply. Without verified off-chain context, a neat answer is tidy—but misleading.
Does Satoshi still hold ~1.1 million BTC?
Best estimates cluster Satoshi’s early-mined coins near 1.1 million BTC across thousands of untouched addresses. None of this proves identity or spendability. The dormancy itself shapes Bitcoin’s mythos—and the market’s nerves—far more than precise counts ever could
| Method | Range | Confidence | Limitations |
|---|---|---|---|
| Patoshi pattern (block timing analysis) | 1.08M–1.15M BTC | High | Assumes single miner, unverified identity |
| Coinbase output clustering | ~1.1M BTC | Medium | Potential overlap with early miners |
| Early block reward distribution study | 1.0M–1.2M BTC | Medium | Cannot confirm control or key access |
| Transaction dormancy tracking | No movement since 2010 | High | Does not rule out lost keys |
| Chain heuristics (block intervals, nonce reuse) | ~1.1M BTC | High | Dependent on heuristic assumptions |
Which company holds the most Bitcoin now?
One public company dominates: MicroStrategy (rebranded “Strategy”) has amassed a market-moving treasury via debt, equity, and opportunistic buys. Other corporates hold less, but miners and crypto-natives (e.g., stablecoin issuers) also stack. Always date-stamp—totals shift with fresh issuances, conversions, and treasury actions.
| Company | Ticker/Status | BTC | Cost basis (if disclosed) | Strategy notes |
|---|---|---|---|---|
| MicroStrategy (Strategy) | NASDAQ:MSTR | ~640,000 | ≈$39,000 per BTC | Corporate treasury anchor, financed via debt & equity, continuous accumulation |
| Marathon Digital Holdings | NASDAQ:MARA | ~48,000 | N/A | BTC mined and held as reserve, part of self-mining treasury strategy |
| Tesla, Inc. | NASDAQ:TSLA | ~11,500 | ≈$34,000 per BTC | Initially purchased $1.5B BTC in 2021, later trimmed exposure |
| Block Inc. | NYSE:SQ | ~8,027 | ≈$27,000 per BTC | Bitcoin integrated into Cash App ecosystem, strategic long-term holding |
| Galaxy Digital Holdings | TSX:GLXY | ~8,100 | N/A | Diversified crypto financial services, maintains BTC for balance sheet & liquidity |
| Block.one | Private | ~140,000 | N/A | EOS developer, large early accumulation, long-term cold storage |
| Tether Holdings | Private | ~82,000 | ≈$30,000 per BTC | Allocates up to 15% of profits into BTC reserves |
| Hut 8 Mining | NASDAQ:HUT | ~10,200 | N/A | Holds mined BTC for treasury diversification |
How did MicroStrategy get so big?
Relentless accumulation: convertible notes, ATM equity programs, and a clear thesis—BTC as a superior long-term treasury asset. Execution consistency and transparent updates built credibility, but leverage and volatility concentrate risk alongside potential upside.
What are the risks to corporate whales?
Do ETFs now control a big slice of BTC?
Which ETFs top the list today?
Rank by BTC units, not AUM. As of 21 October 2025, Fidelity’s FBTC and BlackRock’s IBIT lead the field, followed by Grayscale’s converted GBTC. Their combined holdings exceed half a million BTC. Daily creations and redemptions can swing totals quickly, so always verify date-stamped data.
Top Bitcoin Holders
As of October 21, 2025
| Holder/Entity | Category | Estimated BTC | USD Value |
|---|---|---|---|
| Satoshi Nakamoto | Individual | ~1,100,000 | ~$123.2B |
| Coinbase | Exchange | ~1,000,000 | ~$112.0B |
| MicroStrategy | Company | ~640,418 | ~$71.7B |
| Binance | Exchange | ~612,000 | ~$68.5B |
| U.S. Government | Government | ~325,000 | ~$36.4B |
| Fidelity FBTC | ETF | ~200,000 | ~$22.4B |
| Grayscale GBTC | ETF/Trust | ~173,500 | ~$19.4B |
| El Salvador | Government | ~6,246 | ~$700M |
Which ETFs top the list today?
Rank by BTC units, not AUM. As of 21 October 2025, Fidelity’s FBTC and BlackRock’s IBIT lead the field, followed by Grayscale’s converted GBTC. Their combined holdings exceed half a million BTC. Daily creations and redemptions can swing totals quickly, so always verify date-stamped data.
Are the “richest addresses” actually people?
Rarely. They’re commonly exchange cold wallets, ETF custodians, or internal vaults. Individuals with enormous stacks distribute across many addresses and layers. Treat address leaderboards as infrastructure inventories, not celebrity lists.
Which exchanges custody the most BTC?
Typically the largest global exchanges. Use Proof-of-Reserves snapshots with user liabilities versus reserves to avoid misreads. Ratios over raw totals matter more—and shift constantly as users deposit, withdraw, and rotate assets through ETF redemptions or off-chain channels.
Which exchanges custody the most BTC?
| Exchange | User BTC | Reserves BTC | Coverage % | PoR method |
|---|---|---|---|---|
| Coinbase | ~1,000,000 | ~1,000,000 | 100% | Merkle tree audit (Arkham, internal attest) |
| Binance | ~591,763 | ~612,449 | 103.5% | Merkle tree, independent verification |
| OKX | ~150,860 | ~150,860 | 100%+ | Merkle proof, monthly PoR report |
| Bitfinex | ~204,338 | ~205,000 | 100.3% | Attested reserve proof |
| Kraken | ~99,500 | ~100,200 | 100.7% | Independent auditor report (CF Benchmarks) |
Which governments hold meaningful BTC?
Governments mostly acquire BTC through seizures and forfeitures; a few buy or mine. The U.S. balance swings with law-enforcement actions and auctions; El Salvador dollar-cost-averages; others surface sporadically. Numbers are inherently fluid—present ranges with provenance and dates.
Does the U.S. have a “Strategic Bitcoin Reserve”?
Yes—policy formally centralized how seized BTC is managed. But treat balances as dynamic: court restitution, auctions, and new seizures reorder totals quickly. Clarity on governance doesn’t guarantee a static hoard, and restitution obligations can dilute the headline figure.
What about El Salvador’s stack?
Small by global standards yet symbolically powerful. Holdings update through public posts and verified wallet traces. The focus is policy intent—legal tender, tourism incentives, and state-backed mining—more than raw quantity. Its significance lies in precedent, not scale.
TL;DR: So who owns the most Bitcoin?
Satoshi likely tops individuals; MicroStrategy leads corporates; ETFs and exchanges warehouse the largest totals but mostly for clients; governments fluctuate with seizures and restitution. The most accurate answer is a timestamped snapshot separating beneficial holders from custodians—and accepting that uncertainty is built in.
Bitcoin Holdings by Segment
As of October 21, 2025
| Segment | Top Holder(s) | Est. BTC | % of Supply |
|---|---|---|---|
| Individual | Satoshi Nakamoto | ~1,100,000 | ~5.5% |
| Exchange Custodians | Coinbase, Binance, OKX | ~1,750,000 | ~8.8% |
| Corporate | MicroStrategy | ~640,418 | ~3.2% |
| ETF/Trust | Fidelity, BlackRock, Grayscale | ~570,000 | ~2.8% |
| Government | United States (DOJ/Treasury) | ~325,000 | ~1.6% |
| National Adoption | El Salvador | ~6,246 | ~0.03% |
FAQs
Satoshi Nakamoto, Bitcoin’s pseudonymous creator, is believed to hold around 1.1 million BTC mined during the network’s early days. These coins have never moved, making Satoshi the largest known individual holder.
MicroStrategy (now rebranded “Strategy”) leads all public companies, holding roughly 640,000 BTC. The firm continues to accumulate Bitcoin through debt offerings and equity sales, viewing it as a long-term treasury asset.
The United States holds the largest government-controlled stash — about 198,000 BTC, mainly from criminal seizures. China follows closely with around 194,000 BTC, mostly from confiscated assets tied to fraud and scams.
Yes, in terms of custody. Exchanges and ETFs simplify access but pool coins under a few custodians. However, beneficial ownership is broadening as more investors gain exposure through funds, pensions, and direct wallets.