Top 10 Biggest Holders of Bitcoin and the Billions They are Worth

• Launched in 2009, Bitcoin is the first and remains the most successful blockchain-based cryptocurrency globally.
• The creator of Bitcoin under the alias Satoshi Nakamoto is thought to be the largest Bitcoin holder. 
• Institutional investors and governments are just a few examples of other well-known Bitcoin whales.

As of July 18, 2024, Bitcoin (BTC) had a market capitalization  of $1,28 trillion, making it the largest cryptocurrency.

Interestingly, at the time of writing, the top 100 addresses on the network accounted for 15% of all Bitcoins, making it worth looking at the top Bitcoin holders and their worth. 

Who Controls the Bitcoin Market? Unmasking the Biggest BTC Holders

Bitcoin (BTC) has a capped total supply of 21 million BTC. As of July 18, 2024, about 19.7 million BTC were in circulation. This scarcity makes it crucial for investors to know who holds large amounts of Bitcoin, as these major holders can significantly influence market dynamics.

The pseudonymous nature of cryptocurrencies like Bitcoin (BTC) lets people create wallets without providing any personal identification. The only identifying information is the complex strings of letters and numbers,  devoid of personal identifiers like names or birth dates, obscuring the identity of the wallet holders. Despite the transparency of blockchain technology, which enables anyone to view wallet balances and transaction histories, it’s extremely challenging to determine the actual owners of these wallets.

Further complicating the identification of top Bitcoin holders is the dynamic nature of their holdings. Companies, countries, and large investors frequently adjust their BTC positions in response to shifting market conditions, regulatory changes, and other external factors. As a result, the roster of top Bitcoin holders is constantly in flux, reflecting the evolving landscape of cryptocurrency ownership.

Individuals With the Largest Bitcoin Holdings (in no particular order):

• Winklevoss twins (~70,000 BTC)

Cameron and Tyler Winklevoss, also known as the Winklevoss twins, co-founded the Gemini cryptocurrency exchange in 2014. In recent developments, the twins contributed 30.94 Bitcoin (15.47 BTC each), worth $2 million, to former President Donald Trump’s campaign. However, part of the contribution was refunded as it exceeded the legal limit.

Tyler and Cameron invested their $65 million settlement from a lawsuit against Facebook  into cryptocurrencies, particularly Bitcoin. Their early and significant investment in Bitcoin helped catapult them to prominence in the blockchain and cryptocurrency sectors. In 2015, they further solidified their status as industry pioneers by co-founding the Gemini cryptocurrency exchange.

Today, the Winklevoss Twins are estimated to hold approximately 70,000 BTC.

• Michael Saylor  (~ 17,732 BTC)

Michael Saylor is the founder of business analytics software company MicroStrategy. He served as CEO until early August 2022, when he transitioned to the role of chairman. Saylor, one of the most renowned executives of the Internet bubble era, became a multibillionaire in the late 1990s due to his ownership of MicroStrategy. However, the SEC filed accounting allegations against his company, resulting in a $11 million fine and plummeting stock value, leaving a nearly $6 billion hole in his net worth.

Today, Saylor has rebuilt his fortune through his investments in Bitcoin, filling the gap left by previous setbacks.

Saylor is a huge Bitcoin advocate. He called it “a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple, & secure savings account to billions of people that don’t have the option or desire to run their own hedge fund.” As chairman of Microstrategy, Salyor has bought up billions of dollars worth of tokens, even sometimes using leverage.  At the time of writing, his net worth hovered at $4.8 billion. A majority of Saylor’s wealth comes from his Class B holdings of MicroStrategy and the 17,732 Bitcoins he bought in 2020, valued at $1.14 billion. 

• Satoshi Nakamoto (~1.1 million BTC)

Satoshi Nakamoto is the pseudonymous creator of Bitcoin. Their history has been shrouded in mystery since the crypto industry’s inception. Although their account on the P2P Foundation suggests, they turned 49 on April 29.

Nakamoto debuted Bitcoin in their white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”  to a cryptography mailing group. The article, published on October 31, 2008, described a decentralized peer-to-peer protocol that was secure in terms of cryptography. Satoshi Nakamoto called Bitcoin a “purely peer-to-peer version of electronic cash” that “would allow online payments to be sent directly from one party to another without going through a financial institution or any intermediary.” Reports indicate that Nakamoto is possibly the largest individual Bitcoin holder and is purportedly the first miner of the currency, with over 1 million Bitcoins in their stash.

On-chain data suggests that Nakamoto mined approximately 54,316 blocks, earning 50 BTC for each block before the first halving event.

What’s particularly intriguing is that Nakamoto’s vast stash of Bitcoins remains unspent, lying dormant across roughly 22,000 wallet addresses. This inactive hoard represents a significant portion of the cryptocurrency’s supply. If any of these coins were moved, it could dramatically fluctuate Bitcoin’s market value and profoundly impact the broader cryptocurrency landscape, sending ripples across the global financial ecosystem.

• Tim Draper (~ 29,656 BTC)

American venture capitalist Timothy Cook Draper is known as a huge Bitcoin proponent. His most well-known investments are in FinTech firms like Twitter, DocuSign, Coinbase, Robinhood, Tesla, Hotmail, and Skype. In 2014, he paid $18.7 million, or approximately $632 per coin, to purchase 29,656 BTC that US Marshals had seized from the shuttered Silk Road black market. Draper supports decentralization and is against Government control.

• CZ Zhao (Unknown)

Changpeng ‘CZ’  Zhao stands atop the crypto world as its wealthiest figure, buoyed by his vast holdings and ownership in Binance, the largest crypto exchange in the world. His fortune is underpinned by a reported stash of 94 million BNB tokens and a commanding 90% equity stake in Binance, alongside undisclosed Bitcoin holdings.

While the exact number of Bitcoins CZ owns remains uncertain, in 2014, CZ was reported to have sold his apartment in China to purchase $1 million worth of BTC. This investment amounted to approximately 1300 Bitcoins at the time. Today, the value of these Bitcoins stands at $84 million.

At press time, CZ remained behind bars. In April, the Binance founder was sentenced to four months in prison after pleading guilty to charges related to enabling money laundering through his cryptocurrency exchange. Despite the severity of the accusations, his sentence was notably lighter than the prosecution’s demand for three years. Allegations against the billionaire included Binance’s purported failure to implement robust anti-money laundering measures mandated by the Bank Secrecy Act, allowing transactions tied to illicit activities involving Americans and individuals from sanctioned nations.

The US ordered Binance to pay $4.3 billion in fines and forfeitures, with Zhao agreeing to pay a $50 million fine. Forbes now estimates  his net worth at an impressive $61 billion, doubling since the legal proceedings.

Publicly Traded Companies With the Largest Bitcoin Holdings (in no particular order):

• Tesla (TSLA) (9,720 BTC)

Electric vehicle manufacturer Tesla holds the fourth-largest Bitcoin reserve among companies, valued at $546.7 million. In 2021, the company bought $1.5 billion worth of Bitcoin. This investment was intended not only to enhance Tesla’s bottom line but also to increase liquidity and provide customers with the option to purchase products using crypto.

However, the following year presented challenges as Tesla sold a significant portion of its Bitcoin holdings, incurring a steep loss. This sale was part of a broader trend where businesses reassessed their cryptocurrency holdings amid fluctuating market conditions. As revealed in its first quarter balance sheet  for 2024, Tesla has maintained its Bitcoin holdings.

• MicroStrategy (MSTR) (226,331 BTC)

In August 2020, MicroStrategy  purchased its first batch of Bitcoin, citing concerns that the epidemic, global financial stimulus programs, and political unpredictability would cause the dollar to depreciate. In a statement , CEO Michael Saylor said: “This investment reflects our belief that Bitcoin, as the world’s most popular cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

Today, the company is the world’s largest corporate holder of Bitcoin, owning more than 226,330 BTC  as of July 18, 2024. The company has disclosed that the average purchase price of these Bitcoins was $35,158, representing a total investment of $7.538 billion.

Its last Bitcoin purchase was on June 20, 2024. MicroStrategy revealed on its official website that it had acquired an additional 11,931 Bitcoins, further expanding its portfolio as part of its ongoing investment strategy.

Headquartered in Virginia, MicroStrategy has significantly expanded its holdings, now owning around ten times more than the next largest corporate Bitcoin owner. This investment has paid off, as MicroStrategy’s shares surged over 350% in 2023.

• Hut 8 Mining Corp (HUT) (9,110 BTC)

An infrastructure firm for mining digital assets, Hut 8 Mining Corp (HUT) is based in Canada. The business runs cloud and colocation data center facilities and caters to business clients looking for computing services. In February 2023, Hut 8 Mining announced that it would join forces with US Bitcoin  to become Hut 8 Corp., also known as “New Hut.” Following the acquisition, six facilities totaling about 825 megawatts will be available to the company for use in crypto mining and other operations.

The analyst team, led by George Sutton , recently noted that the company’s Bitcoin holdings are worth about 75% of its current market capitalization. They described this as both a protective measure for investors and a potentially opportunistic source of capital that the business could use for growth.

As of June 17, Hut 8 held a significant position in the industry, ranking second among listed miners with 9,102 Bitcoins in reserve. This considerable reserve of Bitcoin not only provides Hut 8 with a substantial liquidity cushion but also positions it to benefit from potential price increases in the cryptocurrency market. The value of its cryptocurrency holdings is approximately $592 million, representing about 82% of its market capitalization.

• Riot Platforms Inc. (9,084 BTC)

• Marathon Digital Holdings (17,857 BTC)

Marathon Digital Holdings, a prominent player in the Bitcoin mining industry since its inception in 2010, is bases in Fort Lauderdale, Florida. The company is one of the leading Bitcoin miners globally, with a current installed hash rate of 29.9 EH/S as of June 17, 2024. This hash rate is a measure of the computational power used to mine and process transactions in Bitcoin.

Historically, the company has prioritized retaining a significant portion of the Bitcoin it mines. However, during September and October of 2023, Marathon made a decision to sell about 1,700 BTC. This sale was aimed at covering direct operational costs. The company also indicated plans to continue selling a portion of their mined Bitcoin for operational and general corporate purposes. Despite these sales, Marathon’s overall strategy remains focused on holding its Bitcoin, selling only as necessary to fund reinvestment.

As of the July 18, 2024, Marathon Digital Holdings, Inc. reported  holding a total of 17,857 BTC. Fred Thiel, Marathon’s chairman and CEO, noted  the strength of their MARA pool in May, highlighting a significant 32% increase in the number of blocks won compared to April, with figures rising from 129 to 170 blocks. At the same time, their share of available miner awards increased from 3.2% to 4.2%. In May, they managed to mitigate the impact of the April Halving event by winning more blocks, which led to the production of 616 bitcoins, representing only a 27% decline.

• Coinbase (~ 9,000 BTC)

Private Companies  With the Largest Bitcoin Holdings (in no particular order):

• Block Inc (8,027 BTC)

Block Inc is a software company that focuses on high-performance blockchain solutions. Following its launch in May 2017, its flagship project, EOSIO, an open-source blockchain technology created to help secure data transfer and high-performance decentralized apps, has gained acclaim as the first effective blockchain platform for developers.

In its earnings report for the first quarter of 2024, Block Inc, led by Twitter co-founder Jack Dorsey, significantly outperformed expectations. Despite facing allegations of US law violations, the company not only maintained stability but also achieved considerable growth in gross profit and net income.

In the first quarter of 2024, Block reported a gross profit of $2.09 billion, marking a 22% increase from the previous year. Analysts often consider gross profit a more precise indicator of the company’s core transactional businesses’ performance.

Block’s net income soared to $472 million, a remarkable rise compared to $98.3 million in the previous year. Revenue for the quarter was $5.96 billion with adjusted earnings per share at $0.85. Reflecting optimism about its financial health and future prospects, Block raised its adjusted EBITDA forecast for the second quarter to $690 million from $670 million.

As part of its investment strategy, Block holds 8,027 BTC.

• Tether International Limited (75,354 BTC)

Tether International Limited, the entity behind the USDT stablecoin, has actively incorporated Bitcoin into its reserve strategy. As of April 1, 2024, the company is estimated to hold approximately 75,354 Bitcoins, based on its public announcements.

In its assurance report for the first quarter of 2023, Tether announced its decision to hold Bitcoin as a reserve currency, marking a significant shift in its reserve management strategy.

Tether followed this up by buying an additional 1,529 BTC for $45.4 million in the second quarter of 2023.

The company has also publicly committed to regularly allocating up to 15% of its net realized operating profits towards purchasing Bitcoin.

ETFs With the Largest Bitcoin Holdings:

• BlackRock’s iShares Bitcoin Trust (IBIT) (322,125.4 BTC)

After more than a half year has passed since the first spot Bitcoin Exchange-Traded Funds (ETFs) were listed in the US, some of the most popular have already amassed billions of dollars worth of investment each.

The Bitcoin ETF market has experienced a resurgence, with substantial inflows following a recent dip in Bitcoin prices—the lowest since February. In the past week alone, Bitcoin ETFs received $882 million in new investments, with $403 million going into BlackRock’s iShares Bitcoin Trust (IBIT).

Currently, IBIT holds approximately 322,125.4 BTC  and leads the market with around $18 billion in net assets. As of the end of 2023, BlackRock remains the world’s largest ETF manager by assets under management (AUM), overseeing $3.5 trillion in global ETF investments.

• Grayscale Bitcoin Trust (GBTC) (273,016.1  BTC)

Digital Currency Group (DCG), the parent company of Grayscale Investments, recently reported a decline in Q1 earnings, impacted by $17.5 billion in net outflows from its GBTC fund. According to the shareholder letter, GBTC managed to net $156 million between January and March, maintaining a flat performance from Q4 2023. The 1.5% management fee of GBTC is believed to be driving investors to competitors like BITB, which offers a more competitive fee of 0.2%.

Grayscale has announced plans to reduce its fees and is also in the process of launching a new Bitcoin Mini Trust ETF with significantly lower fees, pending approval from the US Securities and Exchange Commission (SEC).

Still, Grayscale GBTC, a leading player in the cryptocurrency investment space, has seen a reduction in its Bitcoin holdings. This could be due to a variety of factors, including market volatility, investor behavior, or strategic portfolio adjustments.

According to the latest data , Grayscale currently holds 273,016.1 Bitcoins.

• Fidelity Wise Origin Bitcoin Fund (178,503.1 BTC)

Fidelity’s Wise Origin Bitcoin Fund (FBTC) is the third biggest Bitcoin holder  among other exchange-traded funds (ETFs) on the market right now. Holding 178,503.1 Bitcoins, it became very attractive for investors.

Countries With the Largest Bitcoin Holdings (in no particular order):

• Ukraine (46,351 BTC)

The Ukrainian government currently holds 46,351 BTC, a substantial amount of cryptocurrency, largely due to its efforts in confiscating illegal assets. This includes a significant seizure of $1.5 million worth of crypto assets from Yury Shchigol, a former government official. Such actions indicate Ukraine’s active engagement in utilizing cryptocurrency seizures as part of its broader strategy to combat corruption and illegal activities within the country.

These holdings not only reflect the government’s commitment to enforcing the law but also highlight the growing importance of digital assets in global financial and legal systems. By converting illicit gains into state-held assets, Ukraine is leveraging these technologies to enhance its national financial resources, potentially using them for various state needs or reinvestments into further law enforcement capabilities.

• The United States (207,189 BTC)

According to data from Bitcoin Treasuries , the United States has amassed a substantial Bitcoin reserve of approximately 207,189 BTC, valued at $13,4 billion. A significant portion of this Bitcoin accumulation has occurred through law enforcement seizures, primarily since 2020. This trend highlights the growing role of cryptocurrency in legal and regulatory frameworks, as the US increasingly enforces asset confiscation in cases involving illicit activities.

The rise in US Bitcoin assets reflects a broader strategy of using seized digital assets. This approach not only disrupts the financial networks of criminal enterprises but also potentially benefits public coffers if these assets rise in value. 

• China (190,000 BTC)

China currently holds approximately 190,000 BTC, a substantial amount of Bitcoin primarily acquired through the seizure of funds from the PlusToken Ponzi scheme. This fraudulent scheme resulted in significant financial losses for many, and the subsequent seizure of these assets by Chinese authorities transferred a large quantity of Bitcoin into government holdings.

The Chinese government’s Bitcoin holdings are worth about $12.621 billion. This considerable amount reflects not only the scale of the initial fraud but also China’s capacity to recuperate and secure assets through its legal and regulatory efforts.

• El Salvador (5,748 BTC)

El Salvador holds 5,748 BTC in its treasury. The country began acquiring BTC in September 2021. By February 2024, its Bitcoin holdings surpassed a value of $397 million, representing a profit of over 40%. President Nayib Bukele noted that a significant contributor to the country’s Bitcoin accumulation was a government initiative offering accelerated citizenship to immigrants who contribute a BTC “donation” to the national treasury.

• The United Kingdom (over 1,3 million BTC)

According to a recent report  by Chainalysis, the United Kingdom has become the third largest nation-state holder of Bitcoin. The UK, however, now holds around 61,000 BTC , worth about $3,9 billion at current prices. This positioned the UK behind only the US and China in terms of Bitcoin ownership.

Assets, valued at approximately $4 billion, were confiscated from individuals Jian Wen and Zhimin Qian .

Such a significant amount of Bitcoin reflects the UK’s effectiveness in tracking and seizing illicit digital assets. It also highlights the country’s prominent position in the global cryptocurrency market. This is not just in terms of regulatory actions but also in fostering a robust environment for cryptocurrency trading and investment.

Who Is the Biggest Bitcoin Holder?

Satoshi Nakamoto – 1 million BTC

By being the first miner to produce blocks of transactions, Satoshi Nakamoto not only invented but also launched Bitcoin. On January 3rd 2009, Satoshi is thought to have mined over 22,000 blocks and earned a total of over one million Bitcoin in block rewards. As a result, Satoshi is thought to be the owner of the largest Bitcoin cache . This currently stands at more than 1 million BTC, or almost $23 billion, making him one of the biggest Bitcoin holders. This Bitcoin is dispersed among 22,000 addresses rather than being kept in a single address. With the exception of a few test transactions, none of it was ever used. Since his departure from the project in 2010, Satoshi has gone silent.

However, a year ago, over 100 BTC were moved  from two dormant Bitcoin wallets from Satoshi era. Because the account had previously been dormant for more than ten years, it has stirred up controversy in the cryptocurrency world. Both addresses have earned 50 BTC for mining blocks back in June 2010. For several years, there was essentially no activity. There were two microtransactions that entered the wallet in the previous six months for the modest amount of 0.00000547 BTC. Due to the combination of two mining address outputs, the moved coins belonged to the same owner, who just might be Satoshi himself. 

Conclusion

The number of people generating billions off the new asset class surged as cryptocurrency gained popularity. Cryptocurrency millionaires are a diverse group; some have made their billions by offering goods and services to the developing ecosystem, while others have done so by profiting from the volatility of the cryptocurrency market. It should be noted that the BTC is distributed more evenly than other cryptocurrencies. 

According to the National Bureau of Economic Research , the Bitcoin ecosystem “is still dominated by large and concentrated players, be they large miners, bitcoin holders, or exchanges”. The majority of the profits from increased adoption are expected to fall disproportionately to a small number of players because of bitcoin’s intrinsic concentration, which makes it prone to systemic risk. Keep in mind that there is a risk of loss in every trade. Before trading, always do your own research.  

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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