Who Owns the Most Bitcoin? Biggest BTC Holders in 2026
📅 Last updated: February 2026
📋 En bref (TL;DR)
- Satoshi Nakamoto: ~1.1 million BTC never moved since 2009-2010
- MicroStrategy (Strategy): Largest corporate holder with ~581,000 BTC (3% of supply)
- Bitcoin Spot ETFs: BlackRock, Fidelity and others collectively manage +1 million BTC
- Governments: USA (~200,000 BTC), El Salvador (~6,000 BTC), Bhutan (~13,000 BTC)
- Exchanges: Binance, Coinbase and others custody millions of BTC for clients
- Miners: Marathon, Riot, Hut 8 accumulate instead of selling
Who Are the Biggest Bitcoin Holders?
With only 21 million bitcoins ever to exist, the question of their distribution is crucial. Who owns the most BTC? Mysterious individuals, publicly traded companies, governments, or investment funds?
The answer reveals significant concentration: less than 2% of addresses hold more than 95% of all bitcoins. But beware of hasty interpretations — an “address” can represent an exchange with millions of customers, or an ETF managing funds for thousands of investors.
🐋 Satoshi Nakamoto: The Largest Individual Holder
Bitcoin’s anonymous creator holds approximately 1.1 million BTC, mined during the network’s first months (2009-2010). These bitcoins are spread across roughly 22,000 addresses identifiable by their early mining characteristics.
🔐 Remarkable fact: None of these bitcoins have ever moved since their creation. If Satoshi is still alive and has the private keys, this fortune is worth approximately $115 billion at current prices.
The mystery remains: Did Satoshi lose the keys? Did they pass away? Did they voluntarily choose never to touch these funds? If even a fraction were moved, the event would shake the markets.
🏢 Public Companies: MicroStrategy Leads
MicroStrategy (renamed Strategy)
Michael Saylor’s company has become synonymous with institutional Bitcoin accumulation:
- ~581,000 BTC held (≈ $60 billion at $105,000/BTC)
- Represents approximately 2.8% of total supply
- Strategy: issuing shares and convertible bonds to buy BTC
- Average purchase price: ~$35,000 per bitcoin
- Bitcoin yield 2025: +19%
Tesla
Elon Musk’s automaker holds 11,509 BTC after selling 75% of its initial position in 2022. Current value: approximately $1.2 billion.
Other Public Companies
The corporate adoption movement is accelerating:
- Marathon Digital: ~48,000 BTC (miner that accumulates)
- Riot Platforms: ~18,000 BTC
- Hut 8: ~10,000 BTC
- Block Inc. (formerly Square): ~8,500 BTC
- Galaxy Digital: ~8,100 BTC
- Robinhood: ~136,755 BTC (on behalf of customers)
🏦 Private Companies and Foundations
Some non-public entities hold massive reserves:
- Block.one (EOS creators): ~164,000 BTC
- Mt. Gox (historical bankrupt exchange): ~44,899 BTC awaiting redistribution to creditors
- Tether: ~83,000 BTC (USDT stablecoin reserves)
- Tezos Foundation: tens of thousands of BTC
Collectively, private companies hold approximately ~300,000 BTC, or ~1.4% of supply.
📊 Bitcoin Spot ETFs: The New Giants
Since the approval of Bitcoin Spot ETFs in the US in January 2024, traditional asset managers have become major players:
- BlackRock (iShares IBIT): ~580,000 BTC — rivaling MicroStrategy
- Fidelity (FBTC): ~210,000 BTC
- Grayscale (GBTC): ~200,000 BTC (declining after conversions)
- ARK Invest / 21Shares: ~50,000 BTC
- Bitwise, VanEck, Invesco: tens of thousands each
📈 In total, US Bitcoin ETFs collectively hold over 1.1 million BTC — more than Satoshi Nakamoto!
🌍 Governments and Nation States
Several nations officially hold Bitcoin, often from judicial seizures:
United States
World’s largest government reserve with approximately 200,000 BTC. These bitcoins come mainly from seizures (Silk Road, Bitfinex hack, etc.). In 2025, an executive order officially established a “Strategic Bitcoin Reserve.”
El Salvador
First country to adopt Bitcoin as legal tender (2021). Holds approximately 6,000 BTC purchased progressively through a daily DCA strategy.
Bhutan
The small Himalayan kingdom mines Bitcoin thanks to abundant hydroelectric power. Estimated reserve of ~13,000 BTC.
Other Countries
- Ukraine: ~46,000 BTC (donations received during the war)
- Finland: ~1,981 BTC (seizures)
- Germany: sold its ~50,000 BTC in 2024
- China: unknown but estimated significant position (fraud seizures)
💱 Exchanges: The Biggest Custodians
Trading platforms hold millions of BTC on behalf of their users:
- Binance: ~600,000 BTC
- Coinbase: ~1,000,000 BTC (including institutional custody)
- Bitfinex: ~400,000 BTC
- Kraken, OKX, Bybit: hundreds of thousands each
⚠️ Important: These bitcoins belong to customers, not the exchanges. The rule “not your keys, not your coins” reminds us of the risks of leaving funds on a centralized platform (cf. FTX bankruptcy).
📋 Summary Table of Biggest Holders
Individuals:
- Satoshi Nakamoto: ~1,100,000 BTC
- Winklevoss Twins: ~70,000 BTC (estimated)
- Tim Draper: ~30,000 BTC (estimated)
Public Companies:
- MicroStrategy: ~581,000 BTC
- Marathon Digital: ~48,000 BTC
- Tesla: ~11,500 BTC
ETFs and Funds:
- BlackRock IBIT: ~580,000 BTC
- Fidelity FBTC: ~210,000 BTC
- Grayscale GBTC: ~200,000 BTC
Governments:
- United States: ~200,000 BTC
- Ukraine: ~46,000 BTC
- Bhutan: ~13,000 BTC
- El Salvador: ~6,000 BTC
Why Does This Concentration Matter?
Bitcoin’s distribution raises legitimate questions:
- Manipulation risk: “Whales” can influence prices by selling massively
- Decentralization: Does Bitcoin remain decentralized if a few entities control a significant portion?
- Adoption: Institutional accumulation legitimizes Bitcoin as an asset class
- Scarcity: With lost bitcoins (~4 million) and those locked long-term, actually available supply decreases
💡 Perspective: Despite apparent concentration, Bitcoin remains more distributed than most other assets. The wealthiest 1% own ~50% of global stocks, compared to ~30% for Bitcoin.
Glossary
📚 Glossary
- Bitcoin : First decentralized cryptocurrency, created in 2009 by Satoshi Nakamoto
- Whale : Holder owning a large amount of BTC (typically >1,000 BTC)
- ETF : Exchange-Traded Fund, a fund traded on stock exchanges allowing Bitcoin investment without direct ownership
- Mining : Process of validating transactions and creating new bitcoins
- Private key : Secret code allowing spending of bitcoins from an address
- Custody : Service for safeguarding and securing cryptocurrencies on behalf of clients
- DCA : Dollar Cost Averaging, strategy of regular purchases to smooth entry price
- Cold storage : Offline storage of bitcoins for maximum security
FAQ
Frequently Asked Questions
Who owns the most Bitcoin in the world?
In terms of identifiable addresses, Satoshi Nakamoto remains the largest individual holder with ~1.1 million BTC. For institutional entities, MicroStrategy and BlackRock (via its ETF) compete for first place with each holding ~580,000 BTC.
How much Bitcoin do governments own?
Governments collectively hold approximately 300,000-400,000 BTC. The United States leads with ~200,000 BTC, followed by Ukraine (~46,000 BTC from donations), Bhutan (~13,000 BTC mined), and El Salvador (~6,000 BTC purchased).
Can Satoshi Nakamoto sell their bitcoins?
Theoretically yes, if they still have the private keys. But none of their ~1.1 million BTC have ever moved since 2010. A sale, even partial, would be immediately detected and would likely cause significant market volatility.
Why are companies buying Bitcoin?
Several motivations: inflation protection, treasury diversification, appreciation potential, and strategic positioning. MicroStrategy has transformed this strategy into a business model, using debt to buy BTC.
How many Bitcoin addresses hold more than 1 BTC?
Approximately 1 million addresses hold at least 1 BTC, representing less than 2% of active addresses. With 8 billion humans on Earth, there mathematically aren’t enough whole bitcoins for everyone.
Have Bitcoin ETFs become the biggest holders?
Collectively, yes. US Bitcoin Spot ETFs now hold over 1.1 million BTC — surpassing even Satoshi Nakamoto’s estimated holdings. BlackRock alone holds ~580,000 BTC through its IBIT ETF.
