Satoshi, companies & whales: Who holds the most Bitcoin?
With nearly half a billion wallet addresses, Bitcoin is a game-changer that is here to stay. The crypto king has come a long way since humble beginnings in 2009. Half a million transactions occur daily, but who owns the most coins?
Who are top Bitcoin holders?
The biggest hordes of Bitcoin are managed by corporate entities — institutions and crypto exchanges. CEXs safeguard vast amounts of users’ crypto in cold storage. Due to the nature of blockchain transactions, these addresses are fluid.
The total number of Bitcoin owners is estimated to reach 106 million worldwide. Although 460 million addresses have been used for transactions, 288 million hold no BTC today.
How to identify Bitcoin holders?
As coins travel between wallets, the list of the wealthiest owners is in flux. As of May 15, 2024, blockchain explorers indicate the top ten addresses hold from 69,370 BTC to 248,597 BTC.
The Bitcoin whitepaper recommends creating a new address for each transaction. By nature, crypto transactions are semi-anonymous: if one shares their wallet address publicly, all transactions are easily traced to them.
Blockchain analytics also reveals interconnections between wallets and real-world identities. Investigators, regulators, and compliance teams use on-chain tools to detect and prevent crime.
Bitcoin.org admits,
“Bitcoin is designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other form of money. However, Bitcoin is not anonymous and cannot offer the same level of privacy as cash.”
Satoshi Nakamoto’s BTC wallet
The identity of Bitcoin’s pseudonymous creator is a mystery, but he is rumored to hold 1 million BTC. As Satoshi mined the genesis block on January 3, 2009, one of his addresses is easy to find:1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.
This wallet contains roughly 99.84 BTC at press time, with no record of outgoing transactions. However, Satoshi is likely to have hundreds, if not thousands, of other unique addresses. The dormant funds contribute to his enigma.
Top Bitcoin holders in 2024: Wallet addresses
Here are the ten biggest individual wallets and their owners based on public data and blockchain intelligence.
1. Binance (cold wallet 1) — 248,597.48 BTC
Unsurprisingly, the world’s biggest crypto exchange manages the largest wallet, holding over 1.2% of all circulating BTC. Outflows are minimal — the latest one occurred in January 2023 and involved 2,000 BTC.
Bitcoin address: 34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo
2. Bitfinex — 180,010.07 BTC
Bitfinex is a veteran CEX established in 2012. While its track record is not immaculate — tarnished by several major breaches — it is the 10th CEX by trading volume as of May 15, 2024. The latest outgoing wallet transaction in April 2024 was for 4,000 BTC.
Bitcoin address: b1qgdjqv0av3q56jvd82tkdjpy7gdp9ut8tlqmgrpmv24sq90ecnvqqjwww97
3. Robinhood — 136,295.81 BTC
Robinhood is a US-based platform for zero-commission trading of stocks, ETFs, crypto, and options. It attracts newbies with user-friendly tools and deposit benefits, but is criticized for encouraging high-risk activities.
Since its creation in May 2023, the balance has not seen any significant outflows, as evidenced by BitInfoCharts. Robinhood has not confirmed ownership as of writing, but Arkham Intelligence has linked it to the wallet.
Bitcoin address: bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2
4. FBI (Bitfinex funds) — 94,643.30 BTC
This wallet contains funds a hacker couple siphoned from Bitfinex in 2016. The US authorities have recovered a portion of the total (120,000 BTC).
A joint investigation by the FBI, IRS-CI, and HSI identified the perpetrators based on gift card purchases. The wallet, controlled by US federal authorities, was created in February 2022 and has seen only minor incoming transactions after the initial deposits.
Bitcoin address: bc1qazcm763858nkj2dj986etajv6wquslv8uxwczt
5. Binance (cold wallet 2) — 82,833.46 BTC
The second-biggest Binance wallet sees more frequent outflows. It last sent coins in April 2024, when over 7,910 BTC left it.
Bitcoin address: 3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6
6. Anonymous Mt. Gox hacker — 79,957.26 BTC
In 2011, nearly 80,000 BTC was stolen from the Japan-based Mt. Gox. Three years later, the CEX handled over 70% of all BTC buys and sells before ceasing operations following revelations of theft, fraud, and fund mismanagement.
The wallet history shows incoming transfers labeled as unauthorized by the ex-Bitfinex CEO. No outgoing transfers have been made, with only minor deposits since 2011. These are dust transactions — BTC amounts smaller than the associated transaction fees.
Bitcoin address: 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF
7. Anonymous holder — 78,317.03 BTC
This address was activated on March 23, 2024, and has not seen any outgoing transactions. Activity since the initial deposit has been minimal, and the owner remains unknown.
Bitcoin address: bc1q8yj0herd4r4yxszw3nkfvt53433thk0f5qst4g
8. Tether (cold wallet) — 75,354.08 BTC
Arkham Intelligence confirms that the leading stablecoin issuer has received thousands of bitcoins from Bitfinex’s hot wallet. Tether’s wallet came to life in September 2022, and has sent out a mere 0.0576 BTC in 50 transactions.
Bitcoin address: bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4
9. Binance (cold wallet 3) — 75,177.38 BTC
This third-biggest Binance-linked address has been dormant since March 2024, when it appeared and received almost $5B worth of BTC.
Bitcoin address: 3E97AjYaCq9QYnfFMtBCYiCEsN956Rvpj2
10. FBI (Silk Road funds) — 69,370.17 BTC
Silk Road, shut down in 2013, was the first modern darknet market for drug trade, money laundering, and other illegal activities using BTC. Working as a hidden service on the Tor network, it let users stay anonymous.
The bitcoins in this wallet do not come directly from Silk Road. A hacker infiltrated it and stole the coins between 2012 and 2013. In 2020, he surrendered them to US authorities.
Bitcoin address: bc1qa5wkgaew2dkv56kfvj49j0av5nml45x9ek9hz6
Biggest corporate Bitcoin holder: MicroStrategy Incorporated
This business intelligence provider, led by crypto advocate Michael Saylor, boasts the largest corporate stash. Its Q1 2024 financial results reveal 214,400 BTC after the latest acquisition in April.
Those holdings are worth roughly $13.5B at press time, and the company reportedly has a paper profit of approximately $6B from its BTC. A former dot-com entrepreneur, Saylor once lost $6B in one day but then made billions on BTC rallies as his company’s share price soared.
With over 1% of all existing bitcoins, MicroStrategy owns more crypto than any single country. Its holdings are more than tenfold those of Marathon Digital Holdings.
MicroStrategy stock is widely regarded as a Bitcoin exposure proxy for conventional investors. The 138.03% YTD surge supports its inclusion in the MSCI World Index, scheduled for May 31.
Other whales in corporate top 5
Marathon Digital Holdings, Inc.
The second-biggest publicly listed holder is a US mining firm. As of April 30, 2024, it owned over 17,631 BTC, worth over $1.5B, after selling around 600 BTC earlier that month.
Unlike MicroStrategy, Marathon Digital has missed its Q1 revenue expectations, mining 34% less BTC due to equipment failures, maintenance, and weather-related hurdles. The decline has pulled the stock price down 14.01% YTD.
The firm plans to sell more of its holdings “to support monthly operations, manage its treasury, and for general corporate purposes.”
Tesla, Inc.
Elon Musk’s giant tapped into Bitcoin in February 2021, acquiring $1.5B worth of coins to maximize and diversify cash returns. The following year, it sold 75% of those holdings, citing liquidity concerns linked to COVID-19 shutdowns in China.
As of April 2024, the electric vehicle producer owned around 11,509 BTC by Arkham’s estimates. The Q1 balance sheet shows net digital assets unchanged since Q4 2022. BTC constitutes the lion’s share of the funds.
Despite accepting DOGE payments for merchandise, Tesla owns a minimal amount of the memecoin. Its stock performance has recently declined, with -29.64% YTD at press time.
Coinbase Global, Inc.
This US-based firm is the largest publicly listed crypto exchange globally, with holdings exceeding 9,100 BTC. It looms large in the crypto space, serving retail users and institutions that entrust it with hundreds of thousands of BTC.
Like MicroStrategy, Coinbase has enjoyed a stock rally since early 2024. Despite an SEC regulatory crackdown, its stock has surged 26.44% YTD, supported by Bitcoin’s price leaps.
Hut 8 Corp.
Canada’s mining firm is the only non-US company among the biggest publicly listed holders. It is also the second listed miner, owning approximately 9,100 BTC.
According to a Benchmark report, those holdings offer a “sizable liquidity cushion as well the ability to capture upside during bitcoin price rallies.” Valued at roughly $592M, they equal around 82% of Hut 8’s market cap.
Like Marathon Digital, the company has struggled financially this year, with its stock plunging 33.81% at press time.
Indirect exposure
Holding Bitcoin in wallets is one of many ways to capitalize on its appreciation. Various assets and financial products offer indirect exposure. They include Bitcoin ETFs (spot and futures), stocks of entities with vast BTC holdings, and funds engaging Bitcoin or blockchain-linked companies.
💡 Learn more about spot Bitcoin and ether ETFs in our 2024 guide.
Wrapping up
With institutions, exchanges, and services contributing to its volume, Bitcoin has a complex and widespread user base. The ownership landscape is a fascinating picture of engagement and accelerating adoption.
The total number of BTC users does not equal that of the addresses. Yet half a billion daily transactions and 67 million wallets with at least $1 balances reveal active participation and growing intake.
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