Satoshi Nakamoto, Institutions, and Whales: Who Holds the Most Bitcoin?

Translated by: Plain Language Blockchain

With nearly 500 million wallet addresses, Bitcoin has become a game-changer destined for long-term existence.

As the king of the cryptocurrency field, Bitcoin has gone through a long and challenging journey since its low-key trading in 2009, with hundreds of thousands of transactions being carried out every day,but do you know who are the big Bitcoin holders?

01 Who are the top Bitcoin holders?

The largest Bitcoin holders are corporate entities, including some institutions and crypto CEXs.CEXs store a large number of users' crypto assets in cold wallets. Due to the characteristics of crypto transactions, these addresses are constantly changing.

There are an estimated 106 million Bitcoin holders worldwide, and although 460 million addresses have been used for transactions, 288 million of them do not hold any Bitcoin.

02 How to identify Bitcoin holders?

Due to the flow of funds between wallets, the list of large Bitcoin holders is constantly changing. As of May 15, 2024, according to data from blockchain browsers, the number of Bitcoins held by the top ten addresses ranged from 69,370 BTC to 248,597 BTC.

The Bitcoin white paper recommends creating a new address for each transaction. But due to the nature of encrypted transactions, they are semi-anonymous to a certain extent: if a person publicly shares their wallet address, all their transactions can be easily traced back.

Blockchain analysis also reveals the interconnection between wallets and real-world identities. Investigators, regulators, and compliance teams use on-chain tools to detect and prevent criminal behavior.

Bitcoin.org once said: "Bitcoin is designed to allow users to settle payments with acceptable privacy, just like any other form of currency. However, Bitcoin is not anonymous, so it cannot provide the same level of privacy as cash."

03 Satoshi Nakamoto's Bitcoin Wallet

The identity of Satoshi Nakamoto, the anonymous creator of Bitcoin, remains a mystery, but he holds 1 million Bitcoins. Since Satoshi Nakamoto mined the Genesis Block on January 3, 2009, one of his addresses is easy to find: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.

The wallet currently holds approximately 99.84 Bitcoins, with no record of outgoing transactions. However, Satoshi Nakamoto may also have hundreds or even thousands of other independent addresses. These dormant funds add to his mystery.

04 Top Bitcoin Holders and Their Wallet Addresses in 2024

Here are the ten largest individual wallets and their owners, as determined based on public data and blockchain intelligence

1) BN (Cold Wallet 1) - 248597.48 BTC

Not surprisingly, the world's largest crypto CEX manages the largest wallet, holding over 1.2% of all circulating Bitcoin.Outflows are very rare - the most recent outflow occurred in January 2023, involving 2,000 BTC.

Bitcoin address: 34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo

BN's cold wallet statistics as of May 16, 2024. Source: BitInfoCharts

2) Bitfinex - 180010.07 BTC

Bitfinex is an established CEX founded in 2012. Although it has suffered several major security breaches and its historical record is not perfect, as of May 15, 2024, it ranks 10th in terms of trading volume. The most recent outflow transaction occurred in April 2024, with an amount of 4,000 BTC.

Bitcoin address: b1qgdjqv0av3q56jvd82tkdjpy7gdp9ut8tlqmgrpmv24sq90ecnvqqjwww97

3) Robinhood - 136295.81 BTC

Robinhood is a US-based zero-commission trading platform that offers trading in stocks, ETFs, cryptocurrencies, and options. It attracts newbies with user-friendly tools and deposit offers, but has also been criticized for promoting high-risk activities.

According to BitInfoCharts, the balance of the wallet has not seen any significant outflows since its inception in May 2023. As of now, Robinhood has not confirmed ownership of the wallet, but Arkham Intelligence, a blockchain analysis platform, has linked it to the wallet.

Bitcoin address: bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2

4) FBI (Bitfinex Funds) - 94643.30 BTC

The funds in this wallet were stolen from Bitfinex by a hacker couple in 2016. US authorities have recovered some of the funds (120,000 BTC).

The investigation, conducted jointly by the FBI, IRS-CI and HSI, identified the suspects based on gift card purchase records. The wallet is controlled by US federal authorities and was created in February 2022. After the initial deposit, only a small amount of funds flowed into the transaction.

The stolen Bitfinex funds were consolidated into a single wallet after 23 transfers. Source: Bitcoin.com

Bitcoin address: bc1qazcm763858nkj2dj986etajv6wquslv8uxwczt

5) BN (Cold Wallet 2) - 82833.46 BTC

Relatively speaking, BN's second largest wallet has experienced frequent fund outflows. The most recent fund outflow was in April 2024, with more than 7,910 BTC flowing out.

Bitcoin Address: 3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6

6) Anonymous Mt. Gox Hacker - 79957.26 BTC

In 2011, approximately 80,000 BTC was stolen from Japan-based Mt. Gox. Three years later, the CEX processed more than 70% of all Bitcoin buy and sell transactions before it ceased operations following revelations of theft, fraud, and mismanagement of funds.

The wallet's history shows unauthorized inflows of funds from the former Bitfinex CEO. Since 2011, no outflows have occurred, only some small deposits.

Bitcoin address: 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF

Transaction distribution traced back to the hacker address. Source: Bitcoin.com

7) Anonymous holder - 78317.03 BTC

This address was activated on March 23, 2024, and no funds have been transferred out of it. There has been very limited activity since the initial deposit, and the holder remains unknown.

Bitcoin address: bc1q8yj0herd4r4yxszw3nkfvt53433thk0f5qst4g

8) Tether (cold wallet) - 75354.08 BTC

Arkham Intelligence confirmed that the leading stablecoin issuer received thousands of Bitcoin from Bitfinex's hot wallet. Tether's wallet began operating in September 2022 and only 0.0576 BTC was sent in 50 transactions.

Bitcoin address: bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4

9) BN (Cold Wallet 3) - 75177.38 BTC

The third largest address associated with BN has been dormant since March 2024, before which it received nearly $5 billion worth of Bitcoin.

Bitcoin address: 3E97AjYaCq9QYnfFMtBCYiCEsN956Rvpj2

Transaction history of BN wallet as of May 16, 2024. Source: BitInfoCharts

10) FBI (Silk Road Funds) - 69370.17 BTC

Silk Road was the first modern darknet market shut down in 2013, used for drug trafficking, money laundering and other illegal activities using Bitcoin. It served as an underground service for a certain network, allowing users to operate anonymously.

The Bitcoin in this wallet did not come directly from Silk Road. A hacker hacked into the market and stole Bitcoin between 2012 and 2013. In 2020, he returned the Bitcoins to the US authorities.

Bitcoin address: bc1qa5wkgaew2dkv56kfvj49j0av5nml45x9ek9hz6

05Top 5 Institutional Bitcoin Holders

1) MicroStrategy Incorporated - 214,400 BTC

The business intelligence provider, led by cryptocurrency advocate Michael Saylor, ranks first among companies holding BTC. According to its first quarter 2024 financial report, its Bitcoin holdings reached 214,400 after the latest acquisition in April.

Based on current prices, these Bitcoin holdings are worth about $13.5 billion, and the company has reportedly made about $6 billion in paper profits from Bitcoin. A former internet entrepreneur, Saylor once lost $6 billion in a day, but then made billions as Bitcoin's rise sent the company's stock soaring.

Ranking of corporate and national Bitcoin holdings as of May 6, 2024. Source: Independent

With more than 1% of all Bitcoins in existence, MicroStrategy owns more cryptocurrency than any single country. Its holdings are more than ten times those of Marathon Digital Holdings.

MicroStrategy's stock is widely seen as a proxy for Bitcoin for traditional investors. The year-to-date gain of 138.03% supports its inclusion in the MSCI World Index, scheduled to take effect on May 31.

2) Marathon Digital Holdings, Inc.

As the second largest publicly traded corporate holder, the U.S. mining company owns more than 17,631 bitcoins, valued at more than $1.5 billion, including the company’s holdings after it sold about 600 bitcoins earlier.

Unlike MicroStrategy, Marathon Digital failed to meet its first quarter revenue expectations, mining 34% fewer bitcoins due to equipment failures, maintenance, and weather-related obstacles. The decline has left its stock price down 14.01% year-to-date.

The company plans to sell more of its bitcoin holdings “to support monthly operations, manage treasury reserves, and for general corporate purposes.”

3) Tesla Inc.

The auto giant founded by Elon Musk entered the bitcoin market in February 2021, acquiring $1.5 billion worth of bitcoin in search of diversified investment channels and the best profit value. The company sold 75% of it in the following year due to concerns about low liquidity caused by China’s COVID-19 lockdown.

According to Arkham estimates, the electric car maker owns about 11,509 bitcoins as of April 2024. The first quarter balance sheet shows that the net digital assets remain unchanged since the fourth quarter of 2022. Bitcoin accounts for the vast majority of funds.

Despite accepting DOGE as a payment method for goods, Tesla owns a small amount of this memecoin. Its stock performance has declined recently, and it is down 29.64% year-to-date.

4) Coinbase Global, Inc.

The US-based company is the world's largest listed CEX and holds more than 9,100 bitcoins. It occupies a major position in the cryptocurrency field, providing services to retail users and institutions and custodial hundreds of thousands of bitcoins.

Similar to MicroStrategy, Coinbase has seen a rise in stock price since the beginning of 2024.Despite the regulatory crackdown by the SEC, its stock price has risen 26.44% year-to-date, thanks to the surge in the price of Bitcoin.

5) Hut 8 Corp.

The Canadian mining company is the only non-U.S. company among the top five listed holders and the second-largest listed mining company, with about 9,100 bitcoins.

According to the Benchmark report, these holdings provide "substantial liquidity and the ability to capture gains during periods of bitcoin price appreciation." It is worth about $592 million, equivalent to about 82% of Hut 8's market value.

Similar to Marathon Digital, the company has had financial difficulties this year, and its stock price has fallen by 33.81% so far.

06 Summary

Buying bitcoin and holding it for the long term, then waiting for it to appreciate, is one way to make money, but the evolving variety of assets and financial products now also provide opportunities for indirect participation, including bitcoin ETFs (spot and futures), shares of entities with large bitcoin holdings, and funds that invest in bitcoin or blockchain-related companies.

It can be seen that Bitcoin has a complex and extensive user group driven by institutions, CEX and service agencies, and its user portrait can give us an understanding of the current participation and adoption rate of Bitcoin.

The total number of Bitcoin users is not equal to the number of addresses. However, 500 million transactions per day and 67 million wallets with a balance of at least $1 indicate the market's active participation and increasing acceptance of Bitcoin.