There are many stories about lost cryptocurrency, especially among the earliest miners and companies that mined Bitcoin on their own hardware. At the same time, there is another category of market participants: those who managed not to lose but instead to concentrate huge amounts of the first cryptocurrency. Some preserved coins they mined long ago, others have been buying BTC for years or received it as business income.
According to BitInfoCharts data as of November 2025, about 60% of the entire BTC supply is concentrated on an extremely narrow group of addresses – less than 1% of all existing wallets. In other words, the overwhelming share of bitcoins is controlled by a very small layer of holders.
The number of addresses with a balance of more than 10 BTC (roughly equivalent to $1 million at the current rate) exceeds 140,000. Analysts at River estimate that about 66% of coins are held by retail investors, while public and private companies together control only 6.2% of the supply.
Below is an overview of the largest bitcoin holders as of November 2025, taking into account the US dollar value of their assets.
Largest Private Bitcoin Holders
1. Satoshi Nakamoto — 968,452 BTC
Addresses attributed by analytics services to the creator of Bitcoin hold roughly 968,452 BTC – more than $84 billion (calculated using the average rate as of November 25, 2025: 1 BTC = $87,098.73). This is about 5% of bitcoin’s total market cap and roughly 2.9% of the entire cryptocurrency market.
Satoshi Nakamoto remains the largest BTC holder both among individuals and corporations: he is believed to own about 4.7% of the maximum possible supply of coins.
A number of analytics platforms, including Arkham Intelligence, suggest that Satoshi’s real holdings may reach 1.1 million BTC. Nakamoto not only designed the Bitcoin protocol, but also became its first miner: he mined the genesis block and initiated the first transaction in BTC history.
It is generally assumed that access to part of these funds has been lost. It is believed that multisignature may have been used for key wallets, and the data needed to unlock them eventually became unavailable.
2. Unknown Investors — 86,200 and 78,317 BTC
According to Arkham Intelligence, two large anonymous addresses hold 86,200 BTC and 78,317 BTC respectively. The identities of the owners of these wallets, as well as the entities that may stand behind them, remain undisclosed. Nevertheless, these addresses are considered the largest among non-public private bitcoin holders.
3. The Winklevoss Brothers — about 70,000 BTC
Some of the most famous bitcoin investors are twins Tyler and Cameron Winklevoss – the entrepreneurs who once sued Mark Zuckerberg over the idea of a social network. Today the brothers run major crypto exchange Gemini and, according to analysts’ estimates, control around 70,000 BTC, which is roughly $6.1 billion.
The Winklevoss brothers have said they started buying bitcoins when they were still trading around $10 per coin, investing about $11 million, and since then have stuck to a strict HODL strategy – “buy and hold”. According to some reports, printed copies of the private keys to their wallets are stored in bank vaults across the United States.
4. Tim Draper — 29,656 BTC
Venture capitalist Tim Draper also stands out among the largest private BTC holders. According to River, in 2014 he bought about 29,656 BTC at an auction, paying roughly $18.7 million at an average price of about $632 per bitcoin. At today’s rate this is around $2.6 billion.
Previously, addresses linked to Draper held about 40,000 BTC, but a significant portion was lost after problems with one of the early crypto services. Despite these serious losses, the investor continued to build his BTC position and is still considered one of the largest private holders.
5. Michael Saylor — 17,732 BTC
Well-known bitcoin maximalist Michael Saylor is also among the biggest owners of the first cryptocurrency. In 2020 he publicly announced that he controls 17,732 BTC, which at the time of writing is worth more than $1.5 billion.
Saylor has repeatedly emphasized that he does not plan to sell his bitcoins and only keeps accumulating them, though he does not disclose the exact volume of new purchases. In an interview with Bloomberg in August 2024 he only remarked that he owns “at least that much”, hinting that his personal BTC portfolio has likely grown even larger.
Largest Bitcoin Holders Among Companies and Corporations
According to a River report, the corporate sector accumulates a very significant share of BTC supply. Public companies together hold more than 1,000,000 bitcoins – about 5% of total issuance. Private companies account for roughly 312,000 BTC, which corresponds to about 1.5% of supply. Below are the largest corporate BTC holders as of November 2025.
1. Strategy — 641,205 BTC
The absolute leader among companies is Strategy (formerly MicroStrategy), managed by Michael Saylor. The company’s balance sheet includes more than 641,205 BTC – over $56 billion.
Strategy consistently increases its bitcoin reserves: purchases are made regularly, at least once a month and sometimes several times within a single reporting period.
The average acquisition price is estimated at about $66,300 per BTC, which gives the company an unrealized profit of roughly $13.5 billion. In early November 2025, Strategy made another purchase, adding 397 BTC to its reserves.
2. Block.one — 164,000 BTC
In second place is Block.one – the developer of a major blockchain project that conducted a record-breaking token sale in 2017–2018, raising about $4 billion.
According to River, addresses belonging to Block.one hold more than 164,000 BTC, equivalent to almost $14.5 billion.
3. Tether — 87,555 BTC
Tether, issuer of the largest stablecoin, is also actively building a bitcoin reserve. Its balance sheet currently includes about 87,555 BTC – roughly $7.6 billion.
These holdings form part of the company’s corporate reserves intended to support the stability of the stablecoin and diversify Tether’s assets.
4. Marathon Digital — 53,250 BTC
Marathon Digital, one of the largest industrial miners, holds over 53,250 BTC in its wallets, i.e. more than $4.6 billion. The company steadily grows its reserves through its own mining operations and usually does not rush to sell the coins it mines.
5. Twenty One Capital — 43,514 BTC
Investment firm Twenty One Capital, which regularly participates in private funding rounds for crypto projects and new altcoins, is also among the largest corporate bitcoin holders.
Its addresses hold more than 43,514 BTC – about $3.7 billion.
Exchanges and Investment Funds: Who Controls the Most BTC
Estimating the exact amount of bitcoin held on exchanges is difficult: customer funds and the platforms’ own reserves are often accounted for together, which blurs the real figures. Nevertheless, River’s analytics for November 2024 show that about 12% of total BTC supply is held on exchanges in user custody. Below are the largest holders among exchanges and investment firms.
1. Coinbase — 874,243 BTC
U.S. company Coinbase, which operates the exchange of the same name along with a wallet and various infrastructure services, controls about 874,243 BTC – more than 10% of total bitcoin issuance.
This makes Coinbase the largest corporate BTC holder among exchanges and the second-largest holder globally after Satoshi Nakamoto.
2. BlackRock — 797,014 BTC
Investment giant BlackRock, with a market capitalization of about $167.5 billion and assets under management of roughly $12.5 trillion, entered the crypto market in 2024 by launching its spot bitcoin fund, the Bitcoin ETF iShares Trust.
According to Arkham Intelligence, BlackRock owns more than 797,014 BTC – almost $70 billion, or around 3.8% of total BTC supply. Among crypto ETF issuers, the company is the clear leader and even surpasses Binance by the volume of BTC it controls.
3. Binance — 612,449 BTC
Reserve reports show that Binance is the second-largest BTC holder among exchanges after Coinbase. Corporate addresses of the platform store about 612,449 BTC, which is around $54 billion and roughly 2.9% of bitcoin issuance.
These reserves provide liquidity for spot and derivatives trading and also serve as proof of the exchange’s solvency.
4. Fidelity — 389,000 BTC
Financial conglomerate Fidelity, which manages more than $15 trillion in assets, is also actively present in the crypto market through its own bitcoin-based products, including spot and exchange-traded funds.
The company controls around 389,000 BTC, or roughly $34 billion at the current rate.
5. Grayscale — 224,000 BTC
Rounding out the list of the largest bitcoin investors among funds is Grayscale. Its addresses hold more than 224,000 BTC – around $19.6 billion.
Grayscale is part of Digital Currency Group (DCG), a holding company that invests in promising blockchain startups, infrastructure solutions and crypto-related businesses.
Nation States: The Largest Sovereign Bitcoin Holders
According to aggregate estimates by analysts, governments of various countries already control more than 2% of bitcoin issuance, and this share continues to grow – mainly through confiscations during investigations, treasury purchases and strategic programs for the development of digital assets.
1. United States — 326,588 BTC
The United States is the largest sovereign BTC holder. According to Arkham Intelligence, addresses associated with U.S. authorities hold more than 326,588 BTC, or about 1.5% of total issuance.
A significant portion of these coins came under state control as a result of major investigations, including the shutdown of the darknet marketplace Silk Road and the subsequent confiscation of funds from its operators.
2. United Kingdom — 61,245 BTC
In second place is the United Kingdom. Addresses associated with the British government hold more than 61,245 BTC, equivalent to roughly $5.3 billion.
The main sources of these holdings are confiscations in cybercrime, fraud and money-laundering cases involving cryptocurrencies.
3. China — 15,000 BTC
Although China remains the only major power that has officially maintained a strict ban on cryptocurrency operations (introduced back in 2021), the country’s authorities control around 15,000 BTC.
Most of these assets are connected to the PlusToken Ponzi scheme case (2019), in which government agencies confiscated substantial volumes of cryptocurrency from the organizers.
4. UAE — 6,428 BTC
The United Arab Emirates is also among the largest sovereign bitcoin holders. Addresses linked to UAE Royal Group and affiliated entities hold more than 6,428 BTC, which corresponds to roughly $560 million.
The growing share of BTC fits into the UAE’s strategy of developing digital investments and modernizing its national financial infrastructure.
5. El Salvador — 6,234 BTC
El Salvador was the first country in the world to recognize bitcoin as legal tender in 2021 and has since continued to actively increase its reserves. Government addresses hold more than 6,234 BTC – over $543 million.
The government follows a strategy of gradual, constant accumulation: purchases are made both through regular small buys (including the “1 BTC per day” model) and through larger lump-sum purchases during notable market pullbacks.