Bitcoin Ownership in 2025: A Shifting Landscape
Key Takeaways
- Exchanges like Binance and Robinhood hold the largest BTC wallets.
- Strategy (formerly MicroStrategy) leads corporate holdings with nearly 600,000 BTC.
- The US holds 207,189 BTC, the largest sovereign stash.
- Mid-tier wallets are growing, indicating broader BTC adoption.
Who Owns the Most Bitcoin in 2025?
Bitcoin remains strong in July 2025, with daily inflows into spot ETFs surging and exchange-held reserves dropping—signs of rising investor confidence. A significant event was the movement of 20,000 BTC (over $2.1 billion) from dormant wallets untouched since 2011 to new, unidentified addresses.
This activity, alongside ETF demand, highlights the ongoing question: Who holds the most Bitcoin in 2025? The answer reveals a concentrated, yet shifting, distribution of BTC.
Exchange Giants: Top Bitcoin Holders
Crypto exchanges dominate the list of largest Bitcoin holders, managing custodial reserves for liquidity and customer funds. Binance’s primary cold wallet leads with approximately 248,600 BTC (1.25% of circulating supply, valued at over $26 billion). Robinhood’s cold wallet follows with about 140,600 BTC (~$15 billion), and Bitfinex holds around 130,010 BTC. Other significant exchange holdings include additional Binance cold wallets and a Bitfinex hack recovery wallet now held by a government.
Institutional Bitcoin Holdings
Strategy (formerly MicroStrategy)
Strategy holds approximately 597,325 BTC, making it the largest public Bitcoin holder globally. This represents a significant investment of over $42.4 billion.
Other Public Bitcoin Holdings
Besides Strategy, about 130 publicly traded companies hold roughly 693,000 BTC (3.3% of circulating supply). Notable holders include Tesla, Block, GameStop, Semler Scientific, XXI by Twenty One Capital, and Metaplanet, which has ambitious accumulation plans.
ETFs and Institutional Trusts
ETFs and trusts provide regulated access to Bitcoin for traditional investors, holding substantial BTC reserves.
Countries Holding the Most Bitcoin
Approximately 529,000 BTC (2.5% of total supply) is held in sovereign vaults. The US holds the most, with 207,189 BTC from criminal seizures, forming a "digital Fort Knox." Despite a domestic ban, China holds an estimated 194,000 BTC, largely from the PlusToken scam. Other significant holders include the United Kingdom, Ukraine, Bhutan, and El Salvador.
Richest Bitcoin Addresses: Crypto Billionaires
While institutions and exchanges dominate, individual holders maintain substantial BTC wealth. Satoshi Nakamoto’s wallet, estimated to hold 968,000–1.1 million BTC (nearly 5% of all Bitcoin), remains untouched. The Winklevoss twins, Tim Draper, and Michael Saylor (both personally and through Strategy) are other notable individual holders. An unidentified address, 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF, also holds a significant amount of BTC.
Bitcoin Wealth Distribution
Bitcoin ownership remains concentrated. The top 10 wallets (excluding Nakamoto) control approximately 1.1 million BTC (5.5% of supply), while the top 100 hold about 2.9 million BTC (14.7%). However, a key shift is occurring in mid-tier wallets (100–1,000 BTC), which have grown significantly, suggesting broader adoption and wealth distribution.
Conclusion
While exchanges, institutions, and governments hold substantial BTC, the growth of mid-tier wallets points to increased adoption and distribution. The future distribution of Bitcoin remains uncertain, and developments in dormant wallets, corporate strategies, and major wallet holdings will continue to shape the market.
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