The issue of bitcoin distribution among private investors, corporations, and governments is key to understanding market dynamics and long-term stability. The concentration of crypto coins is an important indicator that affects liquidity*, volatility*, and the strategic behavior of major players (crypto whales).
*Liquidity — the ability of a crypto asset to be exchanged quickly and without significant price losses for money or another asset. In the crypto market, high liquidity means that large amounts of cryptocurrency can be bought or sold almost instantly without sharp price spikes. The higher the liquidity, the simpler and more stable the transaction.
*Volatility — the degree of price fluctuation of an asset over a specific period. Cryptocurrencies traditionally have high volatility: their value can rise or fall rapidly in response to the news, actions of major players, or market panic.
According to BitInfoCharts data for November 2025, less than 1% of all addresses control more than 60% of the existing bitcoin supply. The number of crypto wallets with balances over 10 BTC has long exceeded 140,000, and according to River's statistics, about 66% of all bitcoins are held by retail investors. Public and private companies, on the other hand, have only around 6.2% of all issued bitcoins.
Below is a detailed overview of the largest bitcoin holders as of November 2025.
The largest Bitcoin holders among private individuals
1. Satoshi Nakamoto — 968,452 BTC
The creator of Bitcoin remains the largest holder in the history of the crypto market. Wallets associated with early mining of the first blocks contain almost 1 million BTC — roughly 5% of bitcoin's current market cap and about 2.9% of the entire crypto market.
Several sources, including Arkham Intelligence, suggest the total amount may reach 1.1 million BTC. These coins were mined in 2009–2010 and have remained untouched ever since.
2. Two anonymous investors — 86,200 and 78,317 BTC
Arkham Intelligence analytics highlights two addresses belonging to unknown individuals who rank among the largest private bitcoin holders. Their identities remain unconfirmed, but the size of their holdings makes these wallets key figures in the BTC ownership structure.
3. The Winklevoss twins — about 70,000 BTC
Tyler and Cameron Winklevoss are among the most well-known bitcoin investors. They bought bitcoin at roughly $10 and have consistently followed a long-term HODL* strategy. Their bitcoin portfolio exceeds $7.3 billion.
*HODL — a long-term cryptocurrency holding strategy in which an investor does not sell the asset even during severe market drawdowns. The term originated from a misspelling of "hold" and eventually became the acronym "Hold On for Dear Life."
4. Tim Draper — 29,656 BTC
A venture capital magnate who bought nearly 30,000 bitcoins at a 2014 auction, Draper remains one of the largest private holders. His assets previously exceeded 40,000 BTC, but part of the coins were lost due to the collapse of Mt. Gox. Despite this, Draper continues to hold BTC as a primary holder.
5. Michael Saylor — 17,732 BTC
A legendary bitcoin maximalist. Saylor publicly stated that he owns 17,732 BTC, although the actual amount may be higher — he avoids disclosing his more recent BTC purchases. It is known only that he continues to accumulate bitcoin.
Who holds the most Bitcoin among companies?
According to River, public companies control over 1 million bitcoins (about 5% of the supply), while private companies hold around 312,000 BTC (1.5% of the supply).
1. Strategy — 641,205 BTC
Strategy (formerly MicroStrategy) is the undisputed leader among corporate BTC holders. As of November 2025, the company's balance exceeds 640,000 BTC (~$62.5 billion). It regularly increases its reserves, often every month.
2. Block.one — 164,000 BTC
Block.one, the entity behind the EOS ecosystem, ranks second among corporate bitcoin holders.
3. Tether — 87,555 BTC
The issuer of the USDT stablecoin continues to grow its bitcoin reserves. By late 2025, Tether's holdings exceeded 87,500 BTC (~$9.17 billion).
4. Marathon Digital — 53,250 BTC
One of the world's largest industrial miners holds more than 53,000 bitcoins on its balance sheet.
5. Twenty One Capital — 43,514 BTC
A major fund actively investing in promising crypto projects and altcoins. It holds more than 43,000 bitcoins.
The largest BTC holders among exchanges and investment giants
1. Coinbase — 874,243 BTC
The largest U.S. crypto exchange with wallets holding over 874,000 bitcoins — more than 10% of the entire BTC supply. Coinbase is the second-largest holder after Satoshi Nakamoto.
2. BlackRock — 797,014 BTC
Following the launch of its Bitcoin ETF in 2024, BlackRock quickly became one of the largest holders of Bitcoin. The company controls around 797,000 BTC (~$83.5 billion).
3. Binance — 612,449 BTC
The Binance crypto exchange has accumulated over 612,000 bitcoins — about 2.9% of the BTC supply. Most of the funds are held in exchange reserve wallets.
4. Fidelity — 389,000 BTC
A global investment giant and a major Bitcoin ETF issuer. Its funds manage nearly 390,000 bitcoins.
5. Grayscale — 224,000 BTC
Grayscale is a key player among institutional bitcoin holders. It's a trust store that holds more than 220,000 BTC.
Countries with the largest Bitcoin reserves
Government bitcoin ownership continues to grow. By the end of 2025, countries collectively hold more than 2% of the entire BTC supply.
1. United States — 326,588 BTC
The largest state-level holder. A significant portion of these coins was confiscated during criminal investigations, including the Silk Road case.
2. United Kingdom — 61,245 BTC
The British government has accumulated a substantial amount of bitcoin — about $6.4 billion at the current exchange rate.
3. China — about 15,000 BTC
Despite banning cryptocurrencies in 2021, China holds around 15,000 bitcoins, primarily obtained through the PlusToken criminal case.
4. UAE — 6,428 BTC
The United Arab Emirates also ranks among the largest holders of BTC. Wallets associated with the UAE Royal Group have accumulated over 6,400 BTC — approximately $673 million.
5. El Salvador — 6,234 BTC
El Salvador is a pioneer in the legalization of cryptocurrencies: back in 2021, it recognized bitcoin as legal tender. The country continues to increase its BTC portfolio steadily, and the amount on its addresses has already exceeded 6,200 bitcoins — around $653 million at the current rate.