From cryptocurrency exchanges, ETFs to sovereign treasuries and crypto billionaires, the holding pattern of Bitcoin in 2025 shows a trend of concentration coexisting with gradual decentralization.
Key Points
Exchanges are at the top, with Binance and Robinhood owning the largest BTC wallets.
MicroStrategy leads with nearly 600,000 BTC in corporate holdings.
The U.S. currently holds 207,189 BTC, making it the largest sovereign holder.
The number of medium-sized wallets is continuously increasing, showing that BTC is being adopted more widely.
Who owns the most Bitcoin?
As of July 2025, Bitcoin remains robust. Daily fund inflows into spot ETFs continue to grow, and exchange reserves have significantly decreased, reflecting rising investor confidence and an increased willingness to hold long-term.
The most noteworthy event this month is that two wallets, which had not moved since 2011, suddenly transferred 20,000 BTC, worth over 2.1 billion USD. These dormant wallets did not send funds to exchanges but instead transferred to new anonymous addresses.
With dormant Bitcoins being awakened and demand driven by ETFs heating up, the key question once again comes into focus: Who owns the most Bitcoin in 2025 (
BTC¥796,861
)? From exchanges, ETFs to enterprises and crypto billionaires, the latest 2025 Bitcoin billionaire list reveals changes in BTC power distribution, although it remains highly concentrated.
Exchange Giants: Top Bitcoin Holders in 2025
In the list of the richest Bitcoin addresses, the top spots are not occupied by individuals but by large cold wallets operated by cryptocurrency exchanges. These custodial reserves are used to manage platform liquidity and ensure the security of customer assets, making them regulars on any Bitcoin wallet leaderboard.
Leading is Binance's main cold wallet, currently holding about 248,600 BTC, approximately 1.25% of the total circulating Bitcoin, with a total value exceeding 26 billion USD.
According to Glassnode BTC wallet data and tracking platforms like BitInfoCharts and CoinCodex, this is the largest BTC wallet in the world. The transaction frequency of this wallet is low, but the amounts are huge, reflecting long-term reserve management rather than daily trading purposes.
Next is Robinhood's cold wallet, holding about 140,600 BTC (approximately 15 billion USD). This address mainly sees occasional withdrawals, likely reflecting end-user fund flows rather than internal reallocations within the platform.
Again for Bitfinex cold wallet, storing about 130,010 BTC, though earlier estimates were close to 156,000 BTC. Despite slight fluctuations, Bitfinex remains one of the top Bitcoin holders in 2025.
Other large exchange-held wallets also include:
Binance's second cold wallet: 115,000 BTC
Bitfinex hack recovery wallet (now managed by the U.S. Department of Justice): 94,600 BTC
These custodial wallets occupy several of the largest BTC wallet positions in 2025, providing the infrastructure needed to support daily trading volumes of billions of dollars.
Institutional BTC Holdings: What You Need to Know
Strategy (formerly MicroStrategy)
In the field of Bitcoin reserves, no company is more representative than Strategy (formerly MicroStrategy).
By mid-2025, the company had accumulated approximately 597,325 BTC, investing over 42.4 billion USD, with an average cost of 70,982 USD per BTC. Strategy has become the publicly traded company with the most Bitcoin by a significant margin. Nearly 92.5% of its assets have been converted to BTC, a radical strategy that continues to lead the financial management model of enterprises in the cryptocurrency space.
Bitcoin holdings of other public companies in 2025
As of 2025, apart from Strategy, around 130 listed companies have included Bitcoin in their balance sheets, holding a total of approximately 693,000 BTC, accounting for about 3.3% of the circulating Bitcoin.
Notable holders include:
Tesla is estimated to hold 11,509 BTC, which are managed discreetly by Elon Musk's personal Bitcoin wallet and have become legendary in the industry.
Block (8,584 BTC), GameStop (4,710 BTC), Semler Scientific (4,449 BTC), and XXI under Twenty One Capital (37,230 BTC) all consider Bitcoin an important part of their diversified asset allocation.
Metaplanet, an unexpected participant from outside the tech industry, holds 15,555 BTC as of July 9, 2025, with plans to increase holdings to 210,000 BTC by 2027, a highly ambitious goal.
ETF and Institutional Trust
Institutional investors are no longer limited to directly purchasing Bitcoin. ETFs and trust products now represent millions of investors holding large Bitcoin reserves:
Grayscale Bitcoin Trust (GBTC) currently holds about 292,000 BTC, remaining one of the most important custodians in the market.
BlackRock's iShares Bitcoin Trust (IBIT) was launched in 2024 and quickly captured market share, currently managing about 274,000 BTC.
The emergence of these Bitcoin ETFs has introduced a more regulated and familiar investment channel for traditional investors, facilitating large-scale asset allocation.
Which countries hold the most Bitcoin?
By mid-2025, there are approximately 529,000 BTC in global sovereign treasuries, accounting for about 2.5% of the total Bitcoin supply, reshaping the geopolitical landscape of digital currency.
In March 2025, U.S. President Trump signed an executive order to establish a strategic Bitcoin reserve. This reserve of a total of 207,189 BTC is entirely sourced from criminal seizures, with a total value exceeding 17 billion USD, and is not for sale.
This reserve, as a long-term asset, will be held indefinitely, equivalent to a "digital Fort Knox" (the U.S. gold reserve). This move officially places the U.S. among the top sovereign Bitcoin holders in 2025, incorporating BTC into the national strategic system.
Despite the domestic ban on cryptocurrency trading in China, approximately 194,000 BTC are still held, mainly from the crackdown on the PlusToken scam in 2019. Although these Bitcoin wallets are dormant, their existence indicates that even under a highly restrictive regime, sleeping wallets can still quietly influence market dynamics.
As of July 8, 2025, other sovereign holders include:
United Kingdom: 61,245 BTC
Ukraine: 46,351 BTC, most of which were donations received during the Ukraine crisis
Bhutan: 11,924 BTC, obtained through state-owned hydropower mining
El Salvador: 6,229 BTC, stemming from its legal tender strategy launched in 2021
In addition, sovereign-level Bitcoin reserves show that digital assets are gradually becoming strategic assets, influencing central bank policies and demonstrating institutional legitimacy globally.
Additional Information
Georgia has one of the world's smallest official sovereign Bitcoin funds, holding only about 66 BTC, currently valued at around 8 million USD.
The richest Bitcoin addresses: The list of crypto billionaires is revealed
Although some of the largest Bitcoin addresses are controlled by enterprises and custodians, individual holders still possess astonishing BTC wealth. Some are well-known figures active in the public eye, while others remain anonymous, hidden within the blockchain world.
Ranking first is Satoshi Nakamoto, the mysterious founder of Bitcoin. His (her or their) wallet is estimated to hold between 968,000 and 1.1 million BTC, which has never been moved since 2010. This batch of reserves accounts for nearly 5% of all Bitcoin, like a sleeping giant. If one day these Bitcoins are transferred, it will undoubtedly trigger huge market volatility and speculation.
Following closely are the Winklevoss twins, estimated to hold about 70,000 BTC. As founders of Gemini and notable advocates in the cryptocurrency space, they remain one of the most watched crypto billionaires.
Tim Draper is a venture capitalist and an early supporter of Bitcoin, currently holding about 30,000 BTC, which were purchased at the 2014 U.S. Marshals auction. He has long predicted that Bitcoin prices will reach $250,000 and still maintains this view.
Michael Saylor holds Bitcoin through both corporate and personal identities. In addition to the vast reserves of MicroStrategy, Saylor himself held 17,732 BTC as of August 2024, currently valued at nearly 2 billion USD.
Another mystery: Address 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF holds 79,957.26 BTC. It is widely believed that this address is related to early exchange theft incidents and is currently frozen, yet it remains one of the richest Bitcoin addresses in history.
BTC Whale Tracking: Current State of On-chain Wealth Distribution
Bitcoin holdings remain highly concentrated, but this pattern is gradually changing.
The top ten BTC wallets (excluding Satoshi Nakamoto's holdings) control a total of approximately 1.1 million BTC, accounting for about 5.5% of the total supply. Further, the top hundred addresses hold about 2.9 million BTC, nearly 14.7% of the entire circulation. Most of these belong to exchange reserves, institutional holdings, or high-net-worth Bitcoin whales in 2025.
However, real change is occurring among medium-sized holders: the number of wallets holding 100 to 1,000 BTC has significantly increased. Over the past year, the total amount of Bitcoin held by this category of medium-sized addresses grew from 3.9 million to 4.76 million BTC. The distribution of crypto wealth is becoming more balanced, indicating that small institutions, funds, and even wealthy individuals are more actively accumulating Bitcoin.
This trend is closely related to broader adoption, a clearer regulatory environment, and the improvement of BTC whale tracking tools. While large players still dominate market liquidity, the economic base of Bitcoin is continuously broadening, which is expected to support price stability in the future.
Who holds the keys to Bitcoin? From cold wallet giants to the growing middle class
At this stage, the top positions are held by large exchange cold wallets—Binance, Robinhood, and Bitfinex; followed by companies like MicroStrategy, institutional products like Grayscale, national reserves, and legendary individual wallets like Satoshi Nakamoto.
But what is truly noteworthy is the structural change. An increasing number of medium-sized Bitcoin holders are emerging, while inflows into Bitcoin ETFs and increases in national reserves further solidify Bitcoin's position in the mainstream financial system.
However, there are still many uncertainties in the industry:
Will sleeping wallets awaken?
Will companies like MicroStrategy continue to buy, or will they adjust their strategies based on market conditions?
Will the largest BTC wallets continue to grow, or will they be redistributed?
The answers to these questions will have to wait for the next chapter of the crypto industry.
