As of writing, Bitcoin is trading at $99,574, making it the seventh-largest asset globally by market capitalization, with a total valuation of $1.97 trillion. So who are the biggest Bitcoin holders? Here’s a look at the top 10 holders and their holdings.
Understanding the Key Players Shaping the Bitcoin Market
Bitcoin etched its way into the history books this week, surpassing the $100,000 mark for the first time and peaking at $103,647 on December 4. At block height 873,693, there are currently around 19,792,573 BTC in circulation. Over the past year, the launch of Bitcoin ETFs in the United States has stirred up ownership dynamics.
Based on data from Timechain Index, Coinbase ranks as the largest holder of BTC. It should be noted that this analysis does not include unspent block rewards from the early years — 2009 (including Satoshi’s holdings), 2010, 2011, 2012, and beyond. Currently, San Francisco-based Coinbase’s exchange and custodian hold 1,123,520 BTC, worth over $112 billion. Second is centralized exchange Binance, which holds 686,997 BTC, worth a staggering $68.9 billion.
Next on the list is Blackrock. Its ETF, called IBIT, takes third place with 520,861 BTC, worth $52.2 billion. In fourth place is public company Microstrategy, which holds 402,099 BTC, worth $40.3 billion. Close behind is centralized exchange Bitfinex, which ranks fifth with 350,262 BTC, estimated to hold $35.04 billion.
Together, these five entities control 1,960,220 BTC, worth $196.59 billion, or about 9.9% of the entire circulating Bitcoin supply. Grayscale ranks sixth, with 211,799 BTC in verified on-chain holdings, worth about $21.19 billion as of this weekend. Fidelity ranks seventh, managing 201,043 BTC, worth an estimated $20.11 billion.
In eighth place is the U.S. government, which has amassed 199,172 BTC through forfeiture, worth $19.92 billion. If the government held these Bitcoins, it would likely still be among the top 10 BTC holders in the world, not counting the unspent Coinbase rewards and Satoshi Nakamoto’s holdings. Next up is a mysterious figure referred to by Timechain Index as “Individual X.” The mysterious entity holds 180,701 BTC, or more than $18 billion. Rounding out the top 10 is centralized exchange Kraken, with on-chain holdings of 179,409 BTC, worth $17.94 billion.
The combined holdings of the 6th to 10th largest holders are 972,127 BTC, worth $97.4 billion. In total, the top 10 entities control 2,932,348 BTC, worth an impressive $294 billion based on current prices. This group accounts for about 14.82% of the total circulating supply of Bitcoin. It is worth noting that these coins are distributed across thousands of addresses tracked by platforms like Timechain Index and Arkham, rather than the misconception that coins are consolidated in single wallets.
Bitcoin’s price breaking into six-digit territory shows that the king of cryptocurrencies is asserting its position as a global financial asset. However, along with the price increase, the story of ownership concentration is becoming increasingly clear, as large institutions and individuals continue to accumulate massive wealth in Bitcoin. The increase in ownership from “big players” not only reflects strong belief in Bitcoin’s potential, but also raises important questions about the power structure and decentralization that were at the core of Bitcoin’s original vision. If large holders continue to increase their influence, they could significantly shape market dynamics.
Despite this hypothesis, the details of the largest holders provide a glimpse into the interplay between today’s institutional adoption and individual participation. As the leading cryptocurrency by market capitalization grows, the distribution model may shape future narratives of ownership and market control. As 2025 approaches, these dynamics could signal significant changes to Bitcoin’s role in the broader financial landscape.
While the top holders collectively hold large amounts of Bitcoin, most entities (80%) – such as Coinbase, Binance, and Grayscale – do not formally “own” these assets but rather provide security on behalf of investors, customers, and shareholders (Microstrategy). With exceptions such as the US government claiming ownership of seized assets and the mysterious Individual X, the holders are private or unknown.
