Who Owns the Most Bitcoin?

Cryptocurrencies have recently gained immense popularity, with Bitcoin leading the way. As Bitcoin once again crosses its all-time high mark, it has become a “household” name with no need to explain “what is Bitcoin?”. However, as the adoption of Bitcoin increases, many are curious about who owns the most BTC. This question is not just a passing curiosity but rather a reflection of the increasing significance of digital assets in the investment portfolios of millions around the globe.

The Bitcoin price is a crucial indicator for the industry, influencing decisions made by individuals, investment firms, and governments. As of February 2024, a mix of miners, individual investors, businesses, funds, crypto market maker program participants, and governmental entities have all joined the “digital gold rush.” This article explains who owns Bitcoin and in what proportion and mentions the largest investors in BTC.

Who Has the Most Bitcoin?

To have a better picture of who owns bitcoins and how much, see the Bitcoin ownership distribution as of February 2024:

• Miners control 3.4% of Bitcoin (714,000 BTC).
• Individuals hold the largest share at 57% (11.97 million BTC).
• Businesses own 3.6% of Bitcoin (758,000 BTC).
• Funds/ETFs have 3.9% of Bitcoin (818,000 BTC).
• Governments possess 2.7% of Bitcoin (565,000 BTC).
• Satoshi/Patoshi account for 5.2% of Bitcoin, with 1.1 million BTC.
• Lost BTC represents 17.6% of Bitcoin (3.7 million BTC).
• 6.6% of Bitcoin is yet to be mined.

Largest Individual Bitcoin Holders

It’s hard to answer the question of how many people hold Bitcoin. As of Feb 2024, more than 460 million BTC wallets have been created, of which only 37% are economically relevant. The most accurate measure is the count of BTC wallet addresses containing a non-zero balance. According to BitInfoCharts, there are 67 million Bitcoin addresses with at least $1. It’s important to note, however, that some of these addresses may be inactive. Presently, the number of wallets that have remained static for the last seven years amounts to 17.97 million.

Who holds the most bitcoins? Some individuals stand out for their massive BTC holdings:

• Tyler and Cameron Winklevoss purchased BTC for an estimated $11 million worth at around $10 each coin, amassing roughly 70,000 BTC.
• Venture capitalist Tim Draper, despite a setback with the loss of 40,000 BTC in the Mt. Gox hacking, acquired 29,656 BTC, investing $18.7 million, which works out to about $632 for each coin.
• Michael Saylor, the driving force behind Microstrategy, openly shared in 2020 that his personal Bitcoin holdings reached 17,732 BTC.

These crypto institutional investors not only possess significant amounts of Bitcoin but also reflect the different paths in cryptocurrency’s value and potential.

Companies Holding the Most Bitcoin

Companies are turning to Bitcoin as a strategic asset for their corporate treasuries. This move, adopted by Microstrategy, Tesla, and Galaxy Digital Holdings, aims to protect corporate savings from inflation and the pitfalls of negative-yield bonds.

A notable strategy among the largest Bitcoin holders is leveraging low-interest corporate bonds to generate cheap debt, which is then allocated toward BTC purchases. This approach is predicated on the expectation that as inflation reduces the dollar’s value and Bitcoin’s value remains robust, the real cost of repaying the debt in fiat currency will decrease over time.

At present, public companies collectively possess over 264,136 BTC, amounting to approximately 1.35% of Bitcoin’s total circulating supply. Microstrategy is the front-runner, with a staggering 193,000 BTC in its portfolio. Under the leadership of Michael Saylor, Microstrategy has taken a debt-financing strategy to augment its Bitcoin reserves.

Another notable player is Robinhood Markets, a financial services firm known for its trading platform, which facilitates the buying and selling stocks, ETFs, and cryptos. Robinhood holds 118,300 BTC following a strategic accumulation plan.

Marathon Digital Holdings (a BTC mining company) holds 13,716 BTC. Despite a history of accumulation, the company made a strategic decision to sell 766 BTC in March 2023.

Governments Holding the Most Bitcoin

Presently, it’s estimated that the global government’s holdings of Bitcoin total approximately 244,779 BTC, accounting for about 1.17% of the cryptocurrency’s total circulating supply. The biggest Bitcoin holders are China and El Salvador. The Chinese government possesses around 194,000 BTC, acquired mainly from dismantling the Plustoken scam in 2019.

In Ukraine, it’s reported that government members privately own about 46,351 BTC. Meanwhile, El Salvador has taken a pioneering step by directly investing in BTC, with its current holdings standing at 2,381 BTC.

This growing trend highlights the complex relationship between governments and digital currencies and showcases the challenges and opportunities they present in the modern financial landscape.

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