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

Understanding who these major holders are helps to comprehend the power dynamics in the ecosystem and how their movements can impact the price.

What does it mean to "have a lot of Bitcoin" today

With Bitcoin trading above 120,000 USD in 2025 and a total supply limited to 21 million coins, even a few hundred BTC represent a great fortune.

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

These large holders are divided into three main groups:

  • Individual whales – individuals who accumulated large positions.

  • Companies and funds – that buy Bitcoin as a store of value or strategic investment.

  • Governments – that hold BTC, either through direct purchase or asset seizures in investigations.

Top companies holding Bitcoin in 2025

According to public data and financial reports, the following companies are among the largest corporate holders of BTC:

  • MicroStrategy – continues to lead with over 190,000 BTC under management; the aggressive strategy initiated in 2020 continues, bolstered by debt issuances to expand its position.

  • Tesla – after reducing exposure in 2022, increased purchases again in 2024, surpassing 10,000 BTC in strategic reserves.

  • Marathon Digital Holdings – one of the largest publicly traded miners, with over 17,000 BTC accumulated.

  • Centralized exchanges – custody BTC for clients and maintain their own reserves.

  • Block (ex-Square) – Jack Dorsey's company that holds Bitcoin on its balance sheet as part of its pro-crypto vision.

Governments that hold Bitcoin

Some countries maintain relevant positions, either for investment strategy or judicial seizures:

  • U.S. – one of the largest reserves, stemming from seizures linked to cybercrime (Silk Road case). Part is auctioned, but it still retains a significant balance.

  • China – despite market restrictions, retains confiscated BTC in fraud operations.

  • El Salvador – the first country to adopt Bitcoin as legal tender, continues to accumulate thousands of BTC.

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

Notable individuals and private entities

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

  • Satoshi Nakamoto – anonymous creator of Bitcoin; never moved his coins and is estimated to hold around 1.1 million BTC.

  • Initial whales – investors and miners from the early years who held their positions.

  • Specialized crypto funds – like Grayscale Bitcoin Trust and ETFs spot, that gather BTC from thousands of investors.

The concentration of wealth in figures

Studies of the blockchain indicate that:

  • Approximately 2% of addresses control over 90% of the circulating Bitcoin (including exchange and custodian addresses).

  • Addresses with more than 1,000 BTC are few, but exert disproportionate influence.

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

Impact of whales on the market

The concentration of BTC in large wallets has key implications:

  • Liquidity – large movements can generate sudden buying or selling pressure.

  • Sentiment – transfers to exchanges often generate fear of massive sell-offs; withdrawals usually indicate accumulation.

  • Stability – long-term holders tend to reduce volatility, while active traders increase it.

How to monitor whale movements

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

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

  • Glassnode, CryptoQuant – provide metrics on balances in exchanges, coin dormancy, and activity of old wallets.

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

Following this data allows anticipating trends and adjusting positions before sharp movements.

The future of the Bitcoin 'rich list'

With the advancement of spot ETFs and more countries evaluating strategic reserves in BTC, distribution could change.

Part of the concentration could dilute with more institutional and retail investors entering the market, although some whales—especially those from the early years—will likely maintain dominant positions.

Concentration is power… and requires attention

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

In a finite asset like BTC, every movement of large wallets can alter the market balance.

For investors, monitoring the activity of these whales is not optional: it is an essential part of risk management.

Did you know the importance of closely following Bitcoin whales?

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