As of July 2025, Bitcoin remains solid. The inflow of capital into spot ETFs continues to surge daily, supported by a significant decrease in exchange-held reserves, indicating growing investor confidence and long-term accumulation.

But what really caught attention this month was the sudden transfer of 20,000 BTC, worth over $2.1 billion, from two wallets that had not been used since 2011. These inactive Bitcoin wallets did not send funds to exchanges but to new, unidentified addresses.

With dormant cryptocurrencies awakening and demand from ETFs rising, the key question has once again taken center stage: Who owns the most Bitcoin in 2025? From exchanges and ETFs to corporations and cryptocurrency billionaires, the latest list of the richest Bitcoin holders in 2025 shows that the distribution of BTC power is changing but remains highly concentrated.

Did you know? On July 7 alone, Bitcoin ETFs in the United States attracted $217 million in net capital, marking the third consecutive day of strong buying from institutions.

Industry Giants in Trading: The Largest Bitcoin Holders of 2025

At the top of the list of the richest Bitcoin addresses is not an individual, but massive cold wallets operated by cryptocurrency exchanges. These custodial reserves are used to manage platform liquidity and protect customer funds, and they dominate any ranking of Bitcoin wallets.

Binance's main cold wallet currently holds approximately 248,600 BTC, accounting for about 1.25% of the circulating Bitcoin supply, worth over $26 billion.

According to Glassnode's BTC wallet data and tracking tools like BitInfoCharts and CoinCodex, these are the largest BTC wallets. The wallet's irregular yet significant transactions suggest long-term reserve management, not trading.

Next is the Robinhood cold wallet, holding approximately 140,600 BTC (about $15 billion). This address only occasionally has withdrawal transactions, which may reflect the cash flow of end users rather than internal transactions.

Next is the Bitfinex cold wallet, which stores approximately 130,010 BTC, although previous statistics indicated this number was closer to 156,000 BTC. Ignoring minor fluctuations, Bitfinex remains one of the top Bitcoin holders of 2025.

Other large wallets held by exchanges include:

  • Binance cold wallet number 2: 115,000 BTC

  • Recovery wallet from the Bitfinex hack (currently held by the government): 94,600 BTC

These custodial wallets account for some of the largest BTC wallets in 2025, serving as the anchor for infrastructure supporting daily trading volumes reaching billions of dollars.

Did you know? Exchange-held cold wallets use offline hardware devices to sign transactions without ever revealing private keys to the internet. This "air-gapped" setup makes them nearly impossible to hack, even if the online system is compromised.

BTC Held by Organizations: What You Need to Know

Strategy (Formerly MicroStrategy)

No corporate entity embodies Bitcoin accumulation more than MicroStrategy, now rebranded as Strategy.

As of mid-2025, the company has accumulated approximately 597,325 BTC, spending over $42.4 billion with an average cost of $70,982 per coin. This makes Strategy the world's largest public Bitcoin holder by a large margin. Nearly 92.5% of the company's balance sheet is now BTC, a bold bet that continues to shape the firm's fund management strategy in the cryptocurrency sector.

Other Public Bitcoin Holdings in 2025

In addition to Strategy, as of 2025, around 130 public companies have integrated Bitcoin into their balance sheets, holding a total of approximately 693,000 BTC, accounting for about 3.3% of the total circulating Bitcoin.

Notable participants include:

  • Tesla, with an estimated holding of 11,509 BTC, is quietly stored in Elon Musk's legendary Bitcoin wallet.

  • Block (8,584 BTC), GameStop (4,710 BTC), Semler Scientific (4,449 BTC), and XXI of Twenty One Capital (37,230 BTC), each company holds BTC as part of a broader asset diversification strategy.

  • Metaplanet, an unexpected competitor from outside the tech field, currently holds 15,555 BTC as of July 9, 2025, with ambitious plans to accumulate 210,000 BTC by 2027.

ETFs and Institutional Trust Funds

Organizations have gone beyond direct purchases. ETFs and trusts now hold massive amounts of Bitcoin reserves on behalf of millions of investors:

  • Grayscale Bitcoin Trust (GBTC) holds approximately 292,000 BTC, maintaining its position as one of the most significant custodians in the market.

  • BlackRock's iShares Bitcoin Trust (IBIT), launched in 2024, quickly gained market share and now manages approximately 274,000 BTC.

These Bitcoin ETF holdings have introduced a more familiar and tightly regulated form for traditional investors and have been implemented on a large scale.

Which Countries Hold the Most Bitcoin?

As of mid-2025, an estimated 529,000 BTC, accounting for about 2.5% of the total supply, is sitting in government coffers, reshaping the geopolitical dynamics of digital currency.

The United States drew attention in March 2025 when President Donald Trump signed an executive order establishing the Strategic Bitcoin Reserve Fund. This reserve of 207,189 BTC, worth over $17 billion, is entirely sourced from illegal seizures, not for sale.

This is a long-term asset, stored indefinitely as a type of "digital Fort Knox." This move has solidified the United States' position as the wealthiest nation in Bitcoin by 2025 by institutionalizing the role of BTC in the national strategy.

Despite the domestic ban on cryptocurrency trading, China is estimated to hold 194,000 BTC, primarily from the crackdown on the PlusToken scam in 2019. This Bitcoin remains dormant but exists, demonstrating that even in restrictive regimes, dormant Bitcoin wallets can subtly shape the market.

Other sovereign holders include (as of July 8, 2025):

  • United Kingdom: 61,245 BTC

  • Ukraine: 46,351 BTC, mostly donated during the conflict

  • Bhutan: 11,924 BTC, generated through state hydroelectric mining

  • El Salvador: 6,229 BTC, the result of a legal tender strategy implemented in 2021

Additionally, government Bitcoin reserves indicate that this digital asset is becoming a strategic asset, shaping central bank policy and signaling organizational legitimacy worldwide.

Did you know? The country of Georgia holds one of the smallest official sovereign Bitcoin funds, approximately 66 BTC, worth about $8 million at current prices.

The Richest Bitcoin Address: Who Are the Top Cryptocurrency Billionaires?

While corporations and custodians dominate the largest wallet addresses, individual BTC holders still maintain a vast wealth. Some are public figures. Others remain mere shadows on the blockchain.

  • At the top of the list is Satoshi Nakamoto, the mysterious creator of Bitcoin. His (or her, or their) BTC wallet, estimated to contain between 968,000 and 1.1 million BTC, has remained untouched since 2010. This treasure, accounting for nearly 5% of the total Bitcoin supply, looms like a sleeping giant. If it moves, the market will erupt in speculation.

  • Next are the Winklevoss twins, estimated to hold around 70,000 BTC. As the founders of Gemini and strong advocates of cryptocurrency, they remain among the most prominent cryptocurrency billionaires.

  • Tim Draper, a venture capital investor and Bitcoin advocate since the early days, still holds around 30,000 BTC, purchased at a US Marshals auction in 2014. He has long predicted a price of $250,000 and still holds this view.

  • Michael Saylor, through his company and personally, is a dual holder. In addition to the massive volume of Strategy, Saylor himself owns 17,732 BTC (as of August 2024), worth nearly $2 billion today.

  • There remains a mystery: the address 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF, holding 79,957.26 BTC. This address is believed to be linked to early exchange hacks and is currently frozen, but it remains ranked as one of the richest Bitcoin addresses ever recorded.

BTC Whale Tracker: Asset Distribution on the Blockchain

Bitcoin ownership remains highly concentrated, but the narrative is gradually changing.

The top 10 BTC wallets (excluding the BTC held by Nakamoto) control about 1.1 million BTC, accounting for about 5.5% of the total supply. Broadly, the top 100 addresses hold a total of about 2.9 million BTC, nearly 14.7% of the total circulating coins. Most of this is held in reserves by exchanges, institutional holders, or high-net-worth Bitcoin 'whales' in 2025.

However, the real change is happening just below the surface: The number of wallets holding between 100 and 1,000 BTC has grown significantly. Over the past year, these mid-range addresses have increased from 3.9 million BTC to 4.76 million BTC. This marks a significant step in the distribution of cryptocurrency assets, signaling that smaller organizations, funds, and even wealthy individuals are accumulating sats more robustly.

This trend aligns with broader adoption, clearer regulations, and improved visibility of BTC whale tracking tools. While the giants still dominate liquidity, the economic foundation of Bitcoin is expanding, which may stabilize price behavior over time.

Who Holds the Keys to Bitcoin? From Major Cold Wallets to Developing Middle Classes

At the top are large trading cold wallets — Binance, Robinhood, and Bitfinex — followed by corporations such as Strategy, institutional firms like Grayscale, government bonds, and legendary personal wallets like Satoshi Nakamoto's BTC address.

However, it is the ongoing change that is important. An increasing number of mid-range Bitcoin holders are entering the market, while the flow of ETF capital and national reserves legalize Bitcoin's role in mainstream finance.