Survey Note: Detailed Analysis of Bitcoin’s Largest Holders in 2025
As of July 22, 2025, the Bitcoin “rich list” provides a fascinating glimpse into the distribution of the world’s most valuable cryptocurrency, with a total circulating supply of approximately 19.9 million BTC. This survey note compiles comprehensive data from recent reports, articles, and social media updates to identify the largest Bitcoin holders, analyze trends, and discuss implications. The analysis is based on a synthesis of information from reputable sources, including Cointelegraph, 99Bitcoins, and X (formerly Twitter) posts, ensuring a detailed and up-to-date perspective.
Background on the Bitcoin Rich List
The Bitcoin rich list ranks entities and individuals by the amount of Bitcoin they hold, often categorized by wallet addresses, corporate holdings, or sovereign reserves. Given Bitcoin’s decentralized nature, identifying holders can be complex, as many wallets are anonymous or controlled by exchanges and institutions. Recent data, however, provides insights into the top holders, with a focus on both dormant and active participants.
Methodology and Data Sources
This analysis draws from multiple sources dated mid-July 2025, including:
- Cointelegraph’s article published on July 20, 2025, detailing exchanges, corporations, sovereign holdings, and individuals.
- 99Bitcoins’ rich list updated as of July 21, 2025, providing aggregated holder and address data.
- X posts from July 8 to July 20, 2025, offering real-time updates on ETF and corporate holdings, such as those by @BlackHatTeams, @BitcoinMagazine, and @Dreamboat_id.
The data reflects a mix of wallet addresses, corporate balance sheets, and sovereign reserves, with some discrepancies resolved by prioritizing the most recent and consistent figures.
Detailed Breakdown of Top Bitcoin Holders
The following table summarizes the top holders, categorized by type, with their approximate BTC holdings as of mid-July 2025. Note that some numbers may vary slightly due to timing differences in reporting.
| Category | Holder | BTC Held | Notes |
|---|---|---|---|
| Individuals | Satoshi Nakamoto | 968,000-1,100,000 | Dormant since 2010, estimated ~5% of supply, historical significance. |
| Winklevoss twins | 70,000 | Founders of Gemini, active in crypto space. | |
| Tim Draper | 30,000 | Purchased at 2014 auction, predicts high future prices. | |
| Michael Saylor (personal) | 17,732 | CEO of MicroStrategy, separate from corporate holdings. | |
| 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF | 79,957.26 | Frozen, believed tied to early exchange exploits. | |
| Exchanges | Binance (primary cold wallet) | 248,600 | Largest exchange wallet, ~1.25% of supply, valued at $26B. |
| Robinhood (cold wallet) | 140,600 | Holds user BTC, occasional withdrawals. | |
| Bitfinex (cold wallet) | 130,010 | Fluctuations noted, operational wallet. | |
| Binance (cold wallet #2) | 115,000 | Additional exchange reserves. | |
| Bitfinex hack recovery wallet | 94,600 | Now government-held, from past security incidents. | |
| Corporations | MicroStrategy (Strategy) | 601,550 | Largest corporate holder, spent $42.4B, avg $70,982/coin. |
| Tesla | 11,509 | Corporate balance sheet holding. | |
| Block | 8,584 | Includes Square and Cash App operations. | |
| GameStop | 4,710 | Recent adopter, small but notable. | |
| Semler Scientific | 4,449 | Public company holding. | |
| XXI by Twenty One Capital | 37,230 | Digital asset investment firm. | |
| Metaplanet | 15,555 | Plans to reach 210,000 BTC by 2027. | |
| ETFs and Trusts | BlackRock’s IBIT | 731,527 | Spot Bitcoin ETF, largest active holder as of July 18, 2025. |
| Fidelity’s FBTC | 206,802 | Growing ETF, reflects institutional demand. | |
| Grayscale’s GBTC | 184,667 | Bitcoin Trust, holdings slightly decreased recently. | |
| Sovereign Holdings | United States | 207,189 | Strategic Bitcoin Reserve, from criminal seizures, valued at $17B. |
| China | 194,000 | Dormant, from 2019 PlusToken scam, not actively traded. | |
| United Kingdom | 61,245 | Government reserves, details less public. | |
| Ukraine | 46,351 | Mostly donated during conflict, strategic asset. | |
| Bhutan | 11,924 | From hydro-powered mining, small but notable. | |
| El Salvador | 6,229 | Legal tender strategy since 2021, symbolic holding. | |
| Georgia | 66 | Smallest official, valued at ~$8M. |
Total Holdings Context:
- The top 10 wallets (excluding Nakamoto) control approximately 1.1 million BTC, or ~5.5% of the total supply, according to Cointelegraph.
- The top 100 addresses hold about 2.9 million BTC, or ~14.7% of the supply, indicating significant concentration.
- Mid-tier wallets (100-1,000 BTC) have grown from 3.9 million BTC to 4.76 million BTC over the past year, signaling broader retail adoption.
Analysis of Largest Holders
- Satoshi Nakamoto: Estimated to hold 968,000-1,100,000 BTC, these coins are untouched since 2010, making Satoshi the largest holder by volume. However, their dormancy means they don’t impact current market dynamics, raising questions about their future movement.
- BlackRock’s IBIT: With 731,527 BTC as of July 18, 2025, BlackRock’s ETF is the largest active holder, surpassing MicroStrategy. This reflects the rapid adoption of Bitcoin by traditional financial institutions, with BlackRock’s holdings alone accounting for ~3.7% of the supply.
- MicroStrategy: Holding 601,550 BTC, MicroStrategy remains a corporate leader, having spent $42.4 billion at an average price of $70,982 per coin. Its strategy underscores Bitcoin’s role as a corporate treasury asset.
- Binance and Exchanges: Binance leads with 248,600 BTC in its primary cold wallet, representing user reserves and exchange operations. Other exchanges like Robinhood (140,600 BTC) and Bitfinex (130,010 BTC) also hold significant amounts, often for customer balances.
- Sovereign and Government Holdings: The US Government leads with 207,189 BTC, part of its Strategic Bitcoin Reserve, followed by China with 194,000 BTC (dormant). Other nations like the UK (61,245 BTC) and Ukraine (46,351 BTC) highlight Bitcoin’s geopolitical significance.
Trends and Implications
- Institutional Dominance: The rise of ETFs like BlackRock’s IBIT (731,527 BTC) and Fidelity’s FBTC (206,802 BTC) indicates Bitcoin’s integration into traditional finance, with institutional holdings now rivaling corporate ones. This shift is evident from X posts, such as @BitcoinMagazine noting BlackRock and MicroStrategy’s combined 1,297,325 BTC as of July 8, 2025, worth $140.8 billion.
- Concentration Concerns: The top 10 holders control ~6.7% of the supply (excluding Satoshi), raising debates about decentralization. While large holders like BlackRock and MicroStrategy can influence prices, the growth of mid-tier wallets (now at 4.76M BTC) suggests retail adoption is balancing the ecosystem.
- Sovereign Strategies: Governments are increasingly viewing Bitcoin as a strategic asset, with the US leading at 207,189 BTC and China holding 194,000 BTC dormant. This trend, noted in Cointelegraph, could shape future monetary policies and market stability.
Controversies and Future Outlook
The concentration of Bitcoin among large holders has sparked discussions about market stability and decentralization. While Satoshi’s dormant stash (968,000 BTC) is a historical anomaly, active holders like BlackRock and MicroStrategy are seen as stabilizing forces by some, yet criticized by others for potential market manipulation. The growth of mid-tier holders, as reported, offers hope for broader distribution, but the future remains uncertain as institutions and governments continue to accumulate.
In conclusion, as of July 2025, Satoshi Nakamoto leads the Bitcoin rich list with dormant holdings, while BlackRock’s IBIT and MicroStrategy dominate active markets. The evolving landscape suggests Bitcoin is transitioning from a niche asset to a mainstream, strategic investment, with implications for both its price and philosophy. For further reading, explore Cointelegraph’s analysis or 99Bitcoins’ detailed list.