As of July 2025, Bitcoin continues to attract institutional capital and long-term investors. Spot Bitcoin ETFs are seeing record inflows, while exchange-held reserves are decreasing—hinting at growing self-custody and long-term holding behavior.
But when it comes to who owns the most Bitcoin, the answer still points to a concentrated group: exchanges, sovereign treasuries, corporate giants, and a few crypto billionaires.
Exchanges Hold the Largest Bitcoin Wallets
Topping the Bitcoin rich list are crypto exchanges with massive custodial cold wallets:
- Binance Cold Wallet #1: Holds approximately 248,600 BTC, worth over $26 billion, making it the largest single Bitcoin wallet.
- Robinhood Cold Wallet: Contains around 140,600 BTC (~$15B), used to manage user-held assets with minimal movement.
- Bitfinex Cold Wallet: Currently holds about 130,010 BTC, though this has fluctuated from earlier estimates near 156,000 BTC.
- Binance Cold Wallet #2: Holds roughly 115,000 BTC.
- Bitfinex Hack Recovery Wallet: Now under government control, holding 94,600 BTC.
These five wallets alone hold more than 728,000 BTC, representing a significant chunk of Bitcoin’s circulating supply.
Governments and Corporations Are Major BTC Holders
The United States government has emerged as the largest sovereign Bitcoin holder, now controlling 207,189 BTC. Much of this stash originates from criminal seizures, including assets linked to the Silk Road and Bitfinex hacks.
Meanwhile, MicroStrategy remains the top corporate Bitcoin holder, with nearly 600,000 BTC in its treasury. CEO Michael Saylor has reiterated the company’s belief in Bitcoin as a long-term inflation hedge and reserve asset.
Whales vs. Mid-Sized Wallets: The Distribution Shift
While the top of the rich list is concentrated, data shows that mid-sized wallets (10–1,000 BTC) are steadily increasing, pointing to a broader distribution and growing adoption among high-net-worth individuals and small institutions.
In parallel, two dormant wallets from 2011 recently moved 20,000 BTC—sparking renewed interest and speculation. While the coins weren’t sent to exchanges, the movement suggests early holders are watching the market closely.
Bitcoin’s Power Structure Is Evolving
In 2025, Bitcoin’s ownership remains top-heavy, but decentralization is slowly spreading. As ETF flows surge and mid-tier accumulation rises, the future of Bitcoin ownership may gradually shift away from a handful of centralized giants.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.