Bitcoin has come a long way since it appeared back in 2008. Over time, it has transformed from a mysterious digital project into a powerful asset. Now that we’re in 2025, you may wonder who owns the most Bitcoin. This blog will give you a breakdown of the top Bitcoin holders from individual whales to corporations and entire countries.
A Quick Overlook at Bitcoin’s Total Supply:
Bitcoin’s maximum supply is 21 million coins. As of early 2025, roughly 19.8 million have been mined and released into circulation. Every time new blocks are mined, a small amount of new Bitcoin enters the market, but this supply expansion slows down after each “halving” event (which cuts the new coin reward in half every four years).
Because there’s a limit of 21 million, scarcity is a defining feature of Bitcoin. When large holders (sometimes called “whales”) hold onto their stash, it effectively reduces the circulating amount, and that can influence price. The fact that a major chunk of Bitcoin lies in only a few hands is an ongoing point of fascination—and sometimes concern—in the community.
Who Individually Holds the Most Bitcoin in 2025?
1. Satoshi Nakamoto (~1.1 million BTC)
No Bitcoin discussion is complete without mentioning its creator, Satoshi Nakamoto. While no one has ever confirmed who Nakamoto is, many analysts agree that he holds around 1.1 million BTC. These coins take us back to Bitcoin’s early days, when miners got 50 BTC for each block they solved. Satoshi’s coins are unchanged since they were mined, making this the single biggest personal treasure in Bitcoin’s history.
If even a small fraction of them were sold, it will cause a shock to Bitcoin’s price. But so far, they remain in numerous addresses, leaving everyone guessing about the creator’s true intentions.
2. The Winklevoss Twins (~70,000 BTC)
Tyler and Cameron Winklevoss are known for their legal dispute with Mark Zuckerberg and their early move into crypto. After receiving a settlement worth millions of dollars, they invested a large portion into Bitcoin back when it was much cheaper than it is now. Over time, these twin entrepreneurs became two of the biggest individual Bitcoin owners, with about 70,000 BTC in their stock.
They later went on to create Gemini, a regulated cryptocurrency exchange in the United States. They didn’t just buy coins and sit on them; they built an entire platform that helps others access digital assets. While some early buyers sold off their Bitcoin for quick gains, the Winklevoss twins decided to hold theirs for long, which has made their position both influential and symbolic in the crypto industry.
3. Tim Draper (~29,656 BTC)
Tim Draper is a venture capitalist well-known for bold moves in technology. His love for Bitcoin take us back to 2014, when he participated in a government auction for bitcoins seized from the Silk Road marketplace. He ended up winning about 29,656 BTC. Many people thought he was taking on a risky bet, but Draper remained confident about Bitcoin’s potential, often speaking publicly about how digital currencies can reshape finance.
Over the years, he has invested in several tech and fintech businesses that on cryptocurrency. For him, it’s not just about making money—it’s about creating a new type of financial system.
4. Michael Saylor (~17,732 BTC)
Michael Saylor is another major figure in the Bitcoin industry. He’s the co-founder of MicroStrategy. Saylor has been a supporter of Bitcoin as a digital store of value. In 2020, he publicly revealed that he owns 17,732 BTC. Since then, he’s practically become one of the major holders of Bitcoin, frequently sharing his thoughts about its role in preserving wealth.
Saylor’s personal Bitcoin holdings mirror his broader business strategy, which involves adding Bitcoin to his company’s treasury. He views it as a form of “digital gold.”
Major Public Companies Holding Bitcoin:
In recent years, many public companies have started using Bitcoin as part of their investment strategy. Some see it as a way to shield corporate cash from inflation, while others believe it could offer huge growth down the road. Regardless of the exact motivation, these companies have collectively put hundreds of thousands of BTC onto their balance sheets.
1. MicroStrategy (~446,400 BTC)
If you follow crypto news, you’ve heard about MicroStrategy’s massive Bitcoin holdings. Our data from late 2024 points to a stock of around 446,400 BTC. This is more than any other publicly traded company.
Under Michael Saylor’s leadership, MicroStrategy used its corporate funds and debt financing to pick up more coins. MicroStrategy sees Bitcoin as a hedge against the future uncertainty of government-backed currencies.
2. Marathon Digital Holdings (~40,435 BTC)
Marathon Digital Holdings is a giant in the Bitcoin mining space. Mining companies earn new bitcoins as rewards for confirming transactions on the network. Marathon not only produces Bitcoin through its powerful mining rigs but also holds a considerable portion of what it mines. As of late 2024 data, Marathon was reported to own about 40,435 BTC.
3. Riot Platforms (~16,728 BTC)
Riot Platforms is another major Bitcoin mining company. It has a slightly different strategy than Marathon, but it also mines Bitcoin and keeps a part of the mined coins. Riot is based in Texas and has been exploring ways to expand operations and optimize energy use. The company holds around 16,728 BTC.
4. Hut 8 Mining Corp (~10,096 BTC)
Hut 8 is a Canadian crypto mining firm, recognized as one of the top miners in North America. This company follows a strategy of mining Bitcoin and retaining a large part of the block rewards it generates. As of late 2024, Hut 8’s treasury has around 10,096 BTC. Hut 8’s approach includes using advanced hardware and monitoring energy consumption to keep costs down.
Private Companies:
While public companies attract lots of attention, private firms also hold large reserves of Bitcoin. These companies don’t always broadcast their purchases as openly because they’re not subject to the same reporting rules as publicly traded entities.
1. Block.one (~140,000 BTC)
Block.one is well-known for its involvement in blockchain projects. It’s particularly recognized for developing the EOS.IO software, which ran one of the largest initial coin offerings (ICOs) in the early days of crypto fundraising. According to our figures, Block.one holds around 140,000 BTC.
2. Tether (~82,454 BTC)
Tether is the company behind USDT, the world’s largest stablecoin by market share. Unlike some stablecoins that only hold traditional financial assets, Tether has started to diversify into Bitcoin for part of its reserves. Publicly shared data indicates that Tether holds about 82,454 BTC.
ETFs and Funds holding the most BTC in 2025:
1. BlackRock’s iShares Bitcoin Trust (~552,168 BTC)
After spot Bitcoin exchange-traded funds (ETFs) started in the United States, BlackRock’s iShares Bitcoin Trust appeared as a major player. By the end of 2024, it was reported to hold approximately 552,168 BTC. This shows that a large number of investors are picking ETFs as a way to join the Bitcoin market without handling private keys or using crypto exchanges directly.
2. Grayscale Bitcoin Trust (~206,835 BTC)
Grayscale’s Bitcoin Trust (GBTC) is one of the longest-running Bitcoin funds. For years, it was among the few ways traditional investors could get exposure to Bitcoin in a regulated stock-like format. Even though it has lost some ground to newer ETFs, it still holds a large chunk of BTC—roughly 206,835 coins as of late 2024.
3. Fidelity Wise Origin Bitcoin Fund (~201,163 BTC)
Fidelity is one of the biggest financial services providers in the world. Its Wise Origin Bitcoin Fund has about 201,163 BTC, marking a major step for a financial institution. Fidelity’s entry into crypto is part of a broader shift where major Wall Street firms see cryptocurrencies as legitimate assets.
Government Bitcoin Treasuries
It might surprise you to learn that some governments also hold Bitcoin. Some acquired coins through seizures linked to criminal busts, while others, like El Salvador, decided to buy Bitcoin for strategic or policy reasons.
1. United States (~207,189 BTC)
The United States government has accumulated a considerable amount of Bitcoin—around 207,189 BTC—mostly through seizures of illegal markets or fraudulent schemes. The U.S. has sometimes auctioned these coins. There’s even discussion that lawmakers would like to see more government-level investment in Bitcoin.
2. China (~194,000 BTC)
China has a long history with Bitcoin—once hosting the majority of the world’s mining activity, then placing heavy restrictions on crypto trading. Through multiple law enforcement activities, the Chinese government ended up with a large sum of Bitcoin, somewhere around 194,000 BTC. While the official standing on cryptocurrency remains complex, the government’s holdings reflect how big the black market seizures have been over the years.
3. United Kingdom (~61,000 BTC)
The UK also appears to hold some Bitcoin, estimated at around 61,000 BTC. These coins often come from criminal investigations related to digital finance. Despite the country’s regulatory approach, the existence of a significant crypto indicates an ongoing balancing act
4. Ukraine (~46,351 BTC)
Ukraine’s government owns about 46,351 BTC. Part of these funds came from anti-corruption cases and other enforcement actions. Some believe that Ukraine’s conflict and economic pressures have led government officials to explore digital assets more deeply.
5. Bhutan (~13,029 BTC)
This small Himalayan kingdom surprises many by showing up on the list of top Bitcoin-holding nations. Bhutan apparently mined and acquired around 13,029 BTC, which is a big sum given the country’s economy. While Bhutan hasn’t been as public about its crypto strategy as El Salvador, holding Bitcoin shows an interest in exploring new opportunities for economic growth or investment.
Final Thoughts
A decade ago, crypto industry was mostly a playground for tech enthusiasts. Today, Bitcoin has become a major global asset. Big companies are storing it for diversification, governments seize it from criminal cases and well-known investors keep adding it to their personal portfolios. If you’re planning to buy Bitcoin, the top Bitcoin’s holders will help you see the bigger picture of adoption can help you with picturing the Bitcoin’s future,
