Bitcoin Ownership: Who Holds the Most BTC?
Bitcoin Ownership Distribution: A Snapshot
Individuals remain the dominant force in Bitcoin ownership, according to research from River, a U.S.-based bitcoin financial services firm. Their recent study, dated August 25th, analyzes the global distribution of BTC using public filings, custodial address tagging, and prior blockchain analysis.
The research categorizes the circulating Bitcoin supply to determine market share among different entities.
Key Findings:
- Individuals: Control approximately 65.9% of the circulating BTC, equivalent to 13.83 million coins. This includes both self-custodied wallets and exchange accounts classified as individual holdings.
- Businesses: Account for around 6.2% of the supply, or 1.30 million BTC. This encompasses corporate treasuries and traditional firms reporting Bitcoin holdings.
- ETFs and Funds: Hold roughly 7.8%, representing 1.63 million BTC. This category includes spot ETFs and other investment vehicles that custody Bitcoin for clients.
- Governments: Possess an estimated 1.5%, or 306,000 BTC, based on publicly tracked sovereign addresses.
- Lost Bitcoin: Makes up approximately 7.6%, totaling 1.58 million BTC. This figure is inferred from age heuristics, identifying coins that have remained unmoved for extended periods and are likely unrecoverable.
- Satoshi/Patoshi Holdings: Are estimated at 4.6%, or 968,000 BTC, derived from studies of early-era mining patterns.
The remaining 5.2% of the supply, or 1.09 million BTC, is yet to be mined before the 21 million hard cap is reached.
Implications of Bitcoin Distribution
While these estimates are not definitive due to the nature of custodial aggregation and potential wallet misclassification, they offer insights into Bitcoin's evolving landscape.
The study highlights that individual ownership remains dominant, but the institutional share is growing. This growth is fueled by the rise of Bitcoin ETFs and an increasing number of companies adding Bitcoin to their balance sheets.
As the blockchain space evolves, security remains paramount. Platforms like Codeum provide crucial services for blockchain projects, including smart contract audits and security consulting, to ensure the safety and integrity of digital assets.