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Analysts from the blockchain platform Arkham Intelligence have released a study on the distribution of BTC among the largest holders, evaluating the concentration of assets among individuals, companies, exchanges, and government entities.
According to Arkham’s findings, the largest holder of bitcoin remains the anonymous creator of the first cryptocurrency, Satoshi Nakamoto. Analysts estimate that approximately 1.1 million BTC are stored in wallets associated with him, making him the largest individual owner.
Among publicly identified wallets, the cold wallet of the cryptocurrency exchange Binance leads with around 250,000 BTC. Overall, the top four positions among the largest addresses belong to centralized exchanges.
The fifth position is held by an address containing bitcoins seized after the 2016 Bitfinex exchange hack, which are under the control of U.S. authorities. The sixth position is occupied by the wallet managing the reserves of the stablecoin issuer USDT — Tether.
In the corporate segment, the largest corporate holder remains Coinbase with 993,000 BTC across its addresses. This is followed by investment giant BlackRock (761,000 BTC), Strategy (over 714,000 BTC), Binance (approximately 661,000 BTC), and Fidelity Investments with 448,000 BTC.
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Among nations, the largest confirmed holders are:
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USA — 328,000 BTC;
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United Kingdom — 61,000 BTC;
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El Salvador — 7,500 BTC;
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United Arab Emirates — 6,800 BTC;
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Kingdom of Bhutan — 5,600 BTC;
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Russia — 1,000 BTC.
Arkham noted that some government reserves in bitcoin may remain undisclosed, as not all addresses are officially verified. Additionally, there are numerous anonymous wallets holding billions of dollars in assets, many of which have remained inactive for extended periods, potentially indicating a long-term storage strategy.
Analysts emphasized that the concentration of bitcoins among a limited number of holders remains significant. Institutional participation is increasing, altering the market structure compared to previous cycles, which were predominantly dominated by individual investors.
By 2026, the distribution of BTC continues to shift towards large funds and investment structures, while the share of retail holders is gradually declining. Experts believe this may impact market volatility and dynamics.
Previously, Arkham reported that the government of Bhutan has been selling bitcoins for the third consecutive week. The latest sale of 100 BTC generated nearly $6.8 million.
