Revealing the Top Holders of Bitcoin: Analysis of Global Wallet Addresses and Holdings Situation

Original Title: 《 Satoshi, companies \& whales: Who holds the most Bitcoin?》

Author: EarnBIT

Compiled by: Baihua Blockchain

With nearly 500 million wallet addresses, Bitcoin has become a game-changing and enduring presence in the world.

As the king of the cryptocurrency realm, Bitcoin has traversed a long and challenging journey since it quietly began trading in 2009, with hundreds of thousands of transactions occurring daily. But do you know who the major Bitcoin holders are?

Who are the top holders of Bitcoin?

The largest Bitcoin holders are corporate entities, including some institutions and crypto CEXs. CEXs store a significant amount of users' crypto assets in cold wallets. Due to the nature of crypto trading, these addresses are constantly changing.

It is estimated that there are 106 million Bitcoin holders globally. Although there are 460 million addresses used for trading, 288 million of these addresses hold no Bitcoin.

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 blockchain explorer data, the amount of Bitcoin held by the top ten addresses ranges from 69,370 BTC to 248,597 BTC.

The Bitcoin white paper suggests creating a new address for each transaction. However, due to the nature of crypto trading, they are somewhat semi-anonymous: if a person publicly shares their wallet address, it is easy to trace all their transactions.

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

Bitcoin.org has stated: "The design of Bitcoin is intended to allow users to settle payments with an acceptable level of privacy, just like any other form of currency. However, Bitcoin is not anonymous, so it cannot provide the same level of privacy as cash."

Satoshi's Bitcoin Wallet

The identity of Bitcoin's anonymous creator, Satoshi Nakamoto, remains a mystery, but he holds 1 million Bitcoins. Since Satoshi mined the genesis block on January 3, 2009, one of his addresses is easily found: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.

This wallet currently holds approximately 99.84 Bitcoins, with no outgoing transaction records. However, Satoshi may also own hundreds or even thousands of other independent addresses. These dormant funds add to his mystique.

Top Bitcoin Holders and Their Wallet Addresses in 2024

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

1) BN (Cold Wallet 1) - 248,597.48 BTC

Not surprisingly, the largest crypto CEX in the world manages the largest wallet, holding over 1.2% of all circulating Bitcoins. There is very little outflow of funds— the last outflow occurred in January 2023, involving 2,000 BTC.

Bitcoin Address: 34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo

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

2) Bitfinex - 180,010.07 BTC

Bitfinex is an established CEX founded in 2012. Although it has suffered several significant security breaches, its trading volume ranks 10th as of May 15, 2024. The most recent outflow transaction occurred in April 2024, amounting to 4,000 BTC.

Bitcoin Address: b1qgdjqv0av3q56jvd82tkdjpy7gdp9ut8tlqmgrpmv24sq90ecnvqqjwww97

3) Robinhood - 136,295.81 BTC

Robinhood is a U.S.-based commission-free trading platform that offers trading in stocks, ETFs, cryptocurrencies, and options. It attracts newcomers with user-friendly tools and deposit incentives but has also faced criticism for promoting high-risk activities.

According to BitInfoCharts, since its establishment in May 2023, this wallet has not seen any significant outflows. To date, Robinhood has not confirmed ownership of this wallet, but Arkham Intelligence (a blockchain analysis platform) has linked it to the wallet.

Bitcoin Address: bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2

4) FBI (Bitfinex Funds) - 94,643.30 BTC

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

An investigation conducted by the FBI, IRS-CI, and HSI identified the suspects based on gift card purchase records. This wallet is controlled by U.S. federal authorities and was created in February 2022, with only a small amount of funds flowing in after the initial deposit.

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

Bitcoin Address: bc1qazcm763858nkj2dj986etajv6wquslv8uxwczt

5) BN (Cold Wallet 2) - 82,833.46 BTC

Relatively speaking, BN's second-largest wallet experiences more frequent outflows. The most recent outflow occurred in April 2024, with over 7,910 BTC flowing out.

Bitcoin Address: 3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6

6) Anonymous Mt. Gox Hacker - 79,957.26 BTC

In 2011, approximately 80,000 BTC were stolen from Japan's Mt. Gox. Three years later, this CEX ceased operations after exposing theft, fraud, and mismanagement, having previously handled over 70% of Bitcoin trading.

The wallet's history shows unauthorized fund transfers from the former Bitfinex CEO. Since 2011, there have been no outflows, only some small deposits.

Bitcoin Address: 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF

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

7) Anonymous Holder - 78,317.03 BTC

This address was activated on March 23, 2024, and has not seen any outflow transactions. Activity since the initial deposit has been very limited, and the holder remains unknown.

Bitcoin Address: bc1q8yj0herd4r4yxszw3nkfvt53433thk0f5qst4g

8) Tether (Cold Wallet) - 75,354.08 BTC

Arkham Intelligence confirms that this leading stablecoin issuer received thousands of Bitcoins from Bitfinex's hot wallet. The Tether wallet began operating in September 2022 and has sent only 0.0576 BTC in 50 transactions.

Bitcoin Address: bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4

9) BN (Cold Wallet 3) - 75,177.38 BTC

This third address associated with BN has been dormant since March 2024, having received nearly $5 billion worth of Bitcoin prior to that.

Bitcoin Address: 3E97AjYaCq9QYnfFMtBCYiCEsN956Rvpj2

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

10) FBI (Silk Road Funds) - 69,370.17 BTC

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

The Bitcoins in this wallet did not come directly from Silk Road. A hacker breached the market and stole Bitcoins between 2012 and 2013. In 2020, he returned these Bitcoins to U.S. authorities.

Bitcoin Address: bc1qa5wkgaew2dkv56kfvj49j0av5nml45x9ek9hz6

Top Five Institutional Bitcoin Holders

1) MicroStrategy Incorporated - 214,400 BTC

This business intelligence provider, led by cryptocurrency advocate Michael Saylor, ranks first among companies holding BTC. According to its Q1 2024 financial report, following its latest acquisition in April, its Bitcoin holdings reached 214,400.

At current prices, these held Bitcoins are worth approximately $13.5 billion, and it has been reported that the company has realized about $6 billion in paper profits from Bitcoin. As a former internet entrepreneur, Saylor once lost $6 billion in a day but later earned billions during Bitcoin's rise, causing the company's stock price to soar.

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

With over 1% of all existing Bitcoins, MicroStrategy holds more cryptocurrency than any single country. Its holdings are more than ten times that of Marathon Digital Holdings.

MicroStrategy's stock is widely viewed as a proxy for traditional investors' exposure to Bitcoin. It has risen 138.03% year-to-date, supporting its inclusion in the MSCI Global Index, effective May 31.

2) Marathon Digital Holdings, Inc.

As the second-largest publicly traded holder, this U.S. mining company owns over 17,631 Bitcoins, worth over $1.5 billion, including its holdings after selling about 600 Bitcoins earlier.

Unlike MicroStrategy, Marathon Digital failed to meet its revenue expectations for Q1, with Bitcoin production down 34% due to equipment failures, maintenance, and weather-related obstacles. This decline has caused its stock price to drop 14.01% year-to-date.

The company plans to sell more of its held Bitcoins "to support monthly operations, manage cash reserves, and for general corporate purposes."

3) Tesla, Inc.

Founded by Elon Musk, automotive giant Tesla entered the Bitcoin market in February 2021, acquiring $1.5 billion worth of Bitcoin in search of diversified investment channels and optimal profit value. The following year, the company sold 75% of its holdings due to concerns over low liquidity caused by China's COVID-19 lockdowns.

According to Arkham's estimates, as of April 2024, this electric vehicle manufacturer holds approximately 11,509 Bitcoins. The Q1 balance sheet shows that net digital assets have remained unchanged since Q4 2022, with Bitcoin accounting for the vast majority of the funds.

Despite accepting DOGE as a payment method for merchandise, Tesla holds a very small amount of this Memecoin. Its stock performance has recently declined, with a year-to-date drop of 29.64%.

4) Coinbase Global, Inc.

This U.S.-based company is the largest publicly traded CEX globally, holding over 9,100 Bitcoins. It plays a significant role in the cryptocurrency space, serving retail users and institutions, and hosting hundreds of thousands of Bitcoins.

Similar to MicroStrategy, Coinbase's stock price has risen since the beginning of 2024. Despite regulatory crackdowns by the SEC, its stock has increased by 26.44% year-to-date, benefiting from the surge in Bitcoin prices.

5) Hut 8 Corp.

This Canadian mining company is the only non-U.S. company among the top five publicly traded holders and is the second-largest publicly traded mining company, holding approximately 9,100 Bitcoins.

According to Benchmark's report, these held Bitcoins provide "substantial liquidity and the ability to capture upside during Bitcoin price increases." Their value is approximately $592 million, accounting for about 82% of Hut 8's market capitalization.

Similar to Marathon Digital, the company has faced financial difficulties this year, with its stock price down 33.81% to date.

Conclusion

Buying Bitcoin and holding it long-term, then waiting for its appreciation is one way to make money. However, the continuous development of various assets and financial products also offers opportunities for indirect participation, including Bitcoin ETFs (spot and futures), stocks of entities with significant Bitcoin holdings, and funds investing in Bitcoin or blockchain-related companies.

It can be seen that, driven by institutions, CEXs, and service providers, Bitcoin has a complex and extensive user base, and its user profile allows us to understand the current level of participation and adoption of Bitcoin.

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