Unveiling the Biggest Bitcoin Holders: Who Owns the Most BTC in 2025?

Bitcoin, the world’s leading cryptocurrency, continues to captivate investors, enthusiasts, and institutions alike. With only 21 million BTC ever to exist, knowing who holds the largest stashes offers a glimpse into the power players shaping its ecosystem. While Bitcoin’s decentralized nature obscures exact ownership, blockchain data and public disclosures reveal some of the biggest holders as of March 2025. Here’s a look at the top 10 — many of whom might surprise you.

The Top 10 Bitcoin Holders

1. U.S. Spot Bitcoin ETFs (~1.12 million BTC)

Institutional adoption has surged, with U.S. Spot Bitcoin ETFs collectively holding approximately 1.12 million BTC. Giants like BlackRock’s iShares Bitcoin Trust (over 539,000 BTC) and Fidelity’s FBTC fund lead the charge, signaling a shift toward mainstream finance embracing crypto.

2. Satoshi Nakamoto (~1.1 million BTC)

The pseudonymous creator of Bitcoin remains the largest individual holder. Estimates suggest Nakamoto mined around 1.1 million BTC in Bitcoin’s early days, now worth billions. Remarkably, these coins, spread across roughly 22,000 addresses, have never moved, leaving their fate — and Nakamoto’s identity — a tantalizing mystery.

3. Binance (~633,000 BTC)

As the world’s largest cryptocurrency exchange, Binance holds over 633,000 BTC, primarily as custodial assets for its users. This massive reserve underscores its pivotal role in global crypto trading and liquidity.

4. MicroStrategy (~499,000 BTC)

This business intelligence firm, led by Bitcoin advocate Michael Saylor, has amassed nearly half a million BTC. MicroStrategy’s aggressive acquisition strategy — recently boosted by plans to raise $2 billion more — makes it the top corporate holder.

5. Bitfinex (~400,000 BTC)

Another major exchange, Bitfinex, holds around 400,000 BTC. Despite a rocky history, including a 2016 hack, it remains a significant player in Bitcoin custody, managing vast sums for its users.

6. U.S. Government (~213,000 BTC)

The U.S. government ranks high thanks to seizures from illicit activities, like the Silk Road takedown. Holding over 213,000 BTC, it’s a reluctant whale, often auctioning off portions to the public.

7. Grayscale Bitcoin Trust (~211,000 BTC)

Once the dominant institutional holder, Grayscale’s Bitcoin Trust now holds over 211,000 BTC. Though overtaken by newer ETFs, it remains a key player in offering regulated Bitcoin exposure.

8. Chinese Government (~194,000 BTC)

Despite crypto bans, China holds around 194,000 BTC, mostly seized from criminal operations. Like the U.S., it’s an unintentional giant in the Bitcoin space.

9. Block.one (~164,000 BTC)

The company behind the EOS blockchain sits on 164,000 BTC, acquired through its record-breaking $4.2 billion ICO in 2017–2018. It’s a quiet but formidable private holder.

10. Winklevoss Twins (~70,000 BTC)

Cameron and Tyler Winklevoss, founders of Gemini, round out the list with an estimated 70,000 BTC. Early adopters turned exchange moguls, they’ve held strong since Bitcoin’s nascent years.

Why It Matters

These holders — ranging from enigmatic individuals to governments and Wall Street titans — control a significant chunk of Bitcoin’s circulating supply (currently around 19.8 million BTC).

Their actions, whether hoarding or selling, can sway markets. Yet, Bitcoin’s ownership remains relatively decentralized compared to many altcoins, with the top 100 addresses holding about 14.5% of the total supply.

For enthusiasts and investors, tracking these whales offers insight into Bitcoin’s evolving narrative — from a rebel currency to a global asset.