Bitcoin, created in 2009, is a decentralized asset — but its distribution is far from uniform. In 2025, a relatively small number of individuals, companies, and governments concentrate a significant portion of the total supply, influencing liquidity, volatility, and even market sentiment.

Understanding who these large holders are helps to comprehend the power dynamics in the ecosystem and how large movements can impact the price. And that is why we will specifically address this topic in this article.

What does 'having a lot of Bitcoin' mean in the current context

With Bitcoin trading above $110,000 in 2025 and total supply limited to 21 million coins, even a few hundred BTC already represent a fortune.

However, when we talk about 'whales', we usually refer to addresses or entities that control thousands or even hundreds of thousands of units of BTC.

These large holders are divided into three main groups:

  1. Individual whales — individuals who have accumulated large positions;

  2. Companies and funds — that buy Bitcoin as a store of value or strategic investment;

  3. Governments — that hold BTC, either through direct purchase or through asset seizure in investigations.

Major companies holding Bitcoin in 2025

The companies listed below rank among the largest corporate holders of BTC, according to public data and financial reports.

  • MicroStrategy – Continues to lead the ranking, with over 190,000 BTC under management. The aggressive strategy initiated in 2020 remains firm, reinforced by debt issuances to increase the position;

  • Tesla – After reducing its exposure in 2022, it increased purchases again during 2024, maintaining strategic reserves that exceed 10,000 BTC;

  • Marathon Digital Holdings – One of the largest publicly traded miners, with over 17,000 BTC accumulated as part of its operation;

  • Centralized Exchanges – hold BTC custody for clients and maintain their own reserves;

  • Block (formerly Square) – Jack Dorsey's company that maintains Bitcoin as part of its balance sheet, reflecting its pro-crypto vision.

Some governments also hold Bitcoin

Some countries have relevant positions, either for investment strategy or judicial confiscation:

  • United States – Holds one of the largest reserves, resulting from seizures related to cybercrime and cases like Silk Road. Part of the BTC is auctioned, but there is still a significant balance;

  • China – Despite market restrictions, holds BTC seized in operations against fraudulent schemes;

  • El Salvador – The first country to adopt Bitcoin as legal tender, continues to accumulate, with reserves estimated in thousands of BTC;

  • Ukraine – Received donations in Bitcoin during the war, some of which remain in the government's digital coffers.

Relevant private individuals and entities

Although not everyone appears in public records, some figures are known to hold large amounts of BTC:

  • Satoshi Nakamoto – The anonymous creator of Bitcoin, who has never moved his coins, is estimated to hold about 1.1 million BTC;

  • Early whales – Investors and miners who entered in the early years and maintained their positions;

  • Specialized crypto funds – Managers like Grayscale Bitcoin Trust and spot ETFs, which pool BTC from thousands of investors.

The concentration of wealth in numbers

Studies on the blockchain show that:

  • About 2% of addresses control over 90% of all Bitcoin in circulation (considering exchange and custodian addresses);

  • Addresses with more than 1,000 BTC are few, but exert disproportionate influence on the market;

  • Movements of these wallets can impact the price, especially during periods of low liquidity.

Market impact: whales significantly impact

The concentration of BTC in large wallets brings important implications:

  1. Liquidity – When whales move large amounts, they can create sudden buying or selling pressure;

  2. Sentiment – Transfers to exchanges often generate fear of mass selling; withdrawals indicate potential accumulation;

  3. Stability – Long-term holders (HODLers) tend to reduce volatility, while active traders increase fluctuations.

It's not enough to just know that whales exist and recognize a few; it's also important to keep an eye on the decisions they make. After all, their movements significantly impact the market as a whole.

How to monitor whale movements

Traders and investors use on-chain tools to track large transactions:

  • Whale Alert – tracks significant transfers in real-time;

  • Glassnode, CryptoQuant – provide metrics on exchange balances, coin dormancy, and activity of old wallets;

  • Public reports – corporate balance sheets and official statements from listed companies.

By tracking this data, it is possible to anticipate trends and adjust positions before sudden movements.

The future of the Bitcoin 'rich list'

As Bitcoin spot ETFs gain traction and more countries consider strategic reserves in BTC, the distribution tends to change.

Part of the concentration may dilute as more institutional and retail investors enter the market, but some whales — especially those that have accumulated since the early years — are likely to maintain dominant positions.

Concentration is power - and demands attention

Knowing who holds most of the Bitcoin is not just curiosity. It is an indicator of how power and influence are distributed within the ecosystem.

In a finite asset like BTC, each movement of large holders can alter the market balance. For investors, tracking the activity of these wallets is not optional — it is part of risk management.

Did you know the importance of staying informed about Bitcoin whales?

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