The following is a list of the largest Bitcoin holders:
Who are the various experts on this list?
1. Satoshi Nakamoto
Nature: Bitcoin founder (individual or anonymous team).
Background: Acquired about 1.1 million BTC from early Bitcoin mining, these assets have never moved and are considered 'sleeping bitcoins.'
Feature: Holdings account for approximately 5.6% of the total circulating supply; a transfer could trigger a massive market shake.
2. Coinbase
Nature: A U.S.-listed cryptocurrency exchange (NASDAQ: COIN).
Background: Holds 983,000 BTC mainly as customer assets, not company-owned. Serves as a compliant custodian for ETFs like BlackRock.
Controversy: Highly concentrated customer assets may pose liquidity risks.
3. Binance
Nature: The world's largest cryptocurrency exchange.
Background: 619,000 BTC belong to user assets, stored in hot wallet and cold wallet systems.
Dynamics: Strengthened reserve proof audits due to regulatory pressure, ensuring a 1:1 reserve.
4. BlackRock
Nature: The world's largest asset management company (managing over $9.1 trillion in assets).
Background: Holds 600,000 BTC through the spot Bitcoin ETF IBIT (as of early 2025), up from 357,000 in September 2024, a rapid increase due to institutional fund inflow.
Status: Replaced MicroStrategy as the largest institutional holder, with a management fee of only 0.25%.
5. MicroStrategy (formerly miswritten as 'Strategy')
Nature: NASDAQ-listed software company (NASDAQ: MSTR), transformed into a 'Bitcoin development company.'
Background: Led by Bitcoin advocate Michael Saylor, continuously increasing holdings through corporate reserves and bond issuance, announced holding 461,000 BTC in April 2025 (your data of 449,000 was an early statistic).
Strategy: Average cost of about $31,000, with floating profits exceeding 100%.
6. Fidelity
Nature: Multinational financial services giant.
Background: Holds 346,000 BTC through the Bitcoin ETF FBTC, attracting traditional investment institutions to allocate cryptocurrency.
Advantage: Combines custody services with low fees, high institutional recognition.
7. Grayscale
Nature: A subsidiary of Digital Currency Group (DCG), a veteran crypto asset management institution.
Background: Previously monopolized institutional Bitcoin investment channels, its GBTC holdings decreased from 620,000 to 218,000 (2025) due to fund outflows, still the third largest Bitcoin ETF.
Transformation: Transitioned from trust to ETF in 2024, with fees higher than BlackRock leading to share loss.
US8. U.S. Government
Nature: Sovereign state holder.
Background: Accumulated 196,000-207,000 BTC through law enforcement actions (e.g., seizing Silk Road), stored in the Department of Justice wallet.
Impact: Auction or transfer plans may lead to short-term market fluctuations.
Key Trend: Institutionalization has become dominant—traditional financial giants like BlackRock and Fidelity hold about 7% of the total circulating supply through ETFs (the top 60 institutions collectively hold 590,000+28), with exchange custody accounting for over 8%. This trend, while enhancing market stability, has also raised concerns about centralization.
Source: From the internet, removal upon request
