The Rise of Bitcoin: Unveiling the Top Bitcoin Holders
With nearly 500 million wallet addresses, Bitcoin has become a game-changer and a long-lasting presence that has reshaped the world. As the king of the cryptocurrency realm, Bitcoin has come a long way since its quiet introduction in 2009, facing numerous challenges along the journey. Every day, hundreds of thousands of transactions take place, but do you know who the major Bitcoin holders are?
1. Who are the Top Bitcoin Holders?
The largest Bitcoin holders are corporate entities, including institutions and cryptocurrency exchanges (CEX). These CEX store a significant amount of users’ crypto assets in cold wallets. Due to the nature of crypto transactions, these addresses are constantly changing.
It is estimated that there are 106 million Bitcoin holders worldwide. Although there are 460 million addresses used for transactions, 288 million of them do not hold any Bitcoin.
2. How to Identify Bitcoin Holders?
Due to the flow of funds between wallets, the list of major Bitcoin holders is constantly changing. As of May 15, 2024, according to blockchain explorers, the top ten addresses hold varying amounts of Bitcoin, ranging from 69,370 BTC to 248,597 BTC.
The Bitcoin whitepaper suggests creating a new address for each transaction. However, due to the nature of crypto transactions, they are semi-anonymous to some extent. If someone publicly shares their wallet address, all their transactions can be easily traced.
Blockchain analysis also reveals the connection between wallets and real-world identities. Investigators, regulatory bodies, and compliance teams use on-chain tools to detect and prevent criminal activities.
Bitcoin.org has stated, “Bitcoin is designed to allow its users to send and receive payments with an acceptable level of privacy, just like any other form of money. However, Bitcoin is not anonymous and cannot offer the same level of privacy as cash.”
3. Satoshi Nakamoto’s Bitcoin Wallet
The identity of Bitcoin’s anonymous creator, Satoshi Nakamoto, remains a mystery, but he is believed to hold 1 million Bitcoin. As Nakamoto mined the genesis block on January 3, 2009, one of his addresses is easily traceable: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.
This wallet currently holds approximately 99.84 Bitcoin with no record of outgoing transactions. However, Nakamoto may still own hundreds or even thousands of other independent addresses. These dormant funds add to the mystery surrounding him.
4. Top Bitcoin Holders and Their Wallet Addresses in 2024
Here are the top ten individual wallets and their owners, determined based on public data and blockchain intelligence:
1) BN (Cold Wallet 1) – 248,597.48 BTC
Unsurprisingly, the largest cryptocurrency exchange (CEX) globally manages the largest wallet, holding over 1.2% of all circulating Bitcoin. There has been very little fund outflow, with the most recent occurrence happening in January 2023, involving 2,000 BTC.
Bitcoin Address: 34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo
2) Bitfinex – 180,010.07 BTC
Bitfinex, an established CEX founded in 2012, ranks 10th in terms of trading volume as of May 15, 2024. Although it has experienced several major security breaches in the past, its record is not flawless. The most recent fund outflow occurred in April 2024, involving 4,000 BTC.
Bitcoin Address: b1qgdjqv0av3q56jvd82tkdjpy7gdp9ut8tlqmgrpmv24sq90ecnvqqjwww97
3) Robinhood – 136,295.81 BTC
Robinhood, a US-based commission-free trading platform for stocks, ETFs, cryptocurrencies, and options, attracts newcomers with user-friendly tools and deposit bonuses. However, it has faced criticism for promoting high-risk activities.
According to BitInfoCharts data, this wallet has not seen any significant fund outflow since its establishment in May 2023. As of now, Robinhood has yet to confirm ownership of this wallet, but Arkham Intelligence (a blockchain analysis platform) has linked it to the company.
Bitcoin Address: bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2
4) FBI (Bitfinex Funds) – 94,643.30 BTC
The funds in this wallet were stolen by a hacker couple from Bitfinex in 2016. US authorities have recovered a portion of the funds (120,000 BTC).
An investigation conducted jointly by the FBI, IRS-CI, and HSI identified the suspects based on gift card purchase records. The wallet is now under the control of US federal authorities and was created in February 2022. After the initial deposit, only a small amount of funds flowed in.
Consolidation of the stolen Bitfinex funds after 23 transfers. Source: Bitcoin.com
Bitcoin Address: bc1qazcm763858nkj2dj986etajv6wquslv8uxwczt
5) BN (Cold Wallet 2) – 82,833.46 BTC
Compared to the first BN wallet, the second-largest BN wallet experiences more frequent fund 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
Around 80,000 BTC was stolen from the Japanese exchange Mt. Gox in 2011. The CEX ceased operations three years later after exposing theft, fraud, and poor fund management, handling over 70% of Bitcoin buying and selling transactions.
The wallet’s history shows unauthorized fund transfers from the former Bitfinex CEO. Since 2011, there have been no outgoing transactions, only small deposits.
Bitcoin Address: 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF
Transaction distribution traced back to the hacker address. Source: Bitcoin.com
7) Anonymous Owner – 78,317.03 BTC
This address was activated on March 23, 2024, and has not seen any fund outflow transactions. The activity has been minimal since the initial deposit, and the owner remains unknown.
Bitcoin Address: bc1q8yj0herd4r4yxszw3nkfvt53433thk0f5qst4g
8) Tether (Cold Wallet) – 75,354.08 BTC
Arkham Intelligence confirmed that the leading stablecoin issuer received thousands of Bitcoin from Bitfinex’s hot wallet. The Tether wallet started operating in September 2022 and has only sent 0.0576 BTC in 50 transactions.
Bitcoin Address: bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4
9) BN (Cold Wallet 3) – 75,177.38 BTC
The third-largest wallet associated with BN has been dormant since March 2024, receiving nearly $5 billion worth of Bitcoin before that.
Bitcoin Address: 3E97AjYaCq9QYnfFMtBCYiCEsN956Rvpj2
Transaction history of BN wallet as of May 16, 2024. Source: BitInfoCharts
10) FBI (Silk Road Funds) – 69,370.17 BTC
Silk Road was the first modern darknet marketplace that was shut down in 2013. It facilitated drug trading, money laundering, and other illegal activities using Bitcoin. As an underground service on a network, it allowed users to operate anonymously.
The Bitcoin in this wallet did not directly come from Silk Road. A hacker infiltrated the marketplace between 2012 and 2013 and stole the Bitcoin. In 2020, he returned these Bitcoin to US authorities.
Bitcoin Address: bc1qa5wkgaew2dkv56kfvj49j0av5nml45x9ek9hz6
5. Top Institutional Bitcoin Holders
1) MicroStrategy Incorporated – 214,400 BTC
Leading the pack among corporate Bitcoin holders is this business intelligence provider, led by crypto advocate Michael Saylor. According to its Q1 2024 financial report, after the latest acquisition in April, MicroStrategy’s Bitcoin holdings reached 214,400.
These holdings are valued at approximately $13.5 billion based on current prices, and the company reportedly made around $6 billion in paper profits from Bitcoin. Saylor, a former internet entrepreneur, suffered losses of $6 billion in a day but later earned billions from Bitcoin’s surge, driving the company’s stock price up.
Ranking of enterprise and national Bitcoin holdings as of May 6, 2024. Source: Independent
With over 1% of all existing Bitcoin, MicroStrategy holds more cryptocurrency than any individual country. Its holdings are over ten times larger than Marathon Digital Holdings’.
MicroStrategy’s stock is widely seen as a proxy for traditional investors’ exposure to Bitcoin. It has gained 138.03% year-to-date, supporting its inclusion in the MSCI Global Index, set to take effect on May 31.
2) Marathon Digital Holdings, Inc.
As the second-largest publicly-traded corporate holder, this US-based mining company holds over 17,631 Bitcoin, worth over $1.5 billion, including its holdings after selling around 600 Bitcoin earlier.
Unlike MicroStrategy, Marathon Digital failed to meet its Q1 revenue expectations due to equipment malfunctions, maintenance, and weather-related obstacles, resulting in a 34% decrease in mined Bitcoin. This decline has led to a 14.01% drop in its stock price year-to-date.
The company plans to sell more of its holdings “to support monthly operations, manage cash reserves, and for general corporate purposes.”
3) Tesla, Inc.
The automotive giant founded by Elon Musk entered the Bitcoin market in February 2021, acquiring $1.5 billion worth of Bitcoin for diversification and optimal profit potential. Within a year, the company sold 75% of its holdings due to concerns about low liquidity caused by COVID-19 lockdowns in China.
According to Arkham’s estimate, as of April 2024, this electric vehicle manufacturer holds around 11,509 Bitcoin. The Q1 balance sheet shows unchanged net digital assets since Q4 2022, with Bitcoin comprising the majority of the funds.
Despite accepting DOGE as a payment method for merchandise, the quantity of this Memecoin held by Tesla is minimal. Its stock performance has recently declined, with a 29.64% year-to-date decrease.
4) Coinbase Global, Inc.
This US-based company is the largest publicly-traded cryptocurrency exchange (CEX) globally, holding over 9,100 Bitcoin. It plays a significant role in the crypto space, serving retail users and institutions, and custodians hundreds of thousands of Bitcoin.
Similar to MicroStrategy, Coinbase’s stock has been rising since the beginning of 2024. Despite regulatory crackdowns by the SEC, the stock has gained 26.44% year-to-date, benefiting from Bitcoin’s price surge.
5) Hut 8 Corp.
As the only non-US company among the top five publicly-traded holders, this Canadian mining company holds approximately 9,100 Bitcoin. According to Benchmark’s report, these holdings provide “significant liquidity and the ability to capture upside during periods of Bitcoin price appreciation.” The value is approximately $592 million, accounting for around 82% of Hut 8’s market capitalization.
Similar to Marathon Digital, the company has faced financial difficulties this year, resulting in a 33.81% decrease in its stock price year-to-date.
6. Conclusion
Buying Bitcoin and holding it long-term while waiting for its appreciation is one way to make money. However, the constantly evolving landscape of various assets and financial products now provides indirect opportunities for participation, including Bitcoin ETFs (spot and futures), stocks of entities with significant Bitcoin holdings, and funds investing in Bitcoin or blockchain-related companies.
It is evident that Bitcoin has a complex and diverse user base, driven by institutions, CEX, and service providers. Understanding the user profiles gives us insights into Bitcoin’s current level of involvement and adoption.
The total number of Bitcoin users does not equate to the number of addresses. However, the five hundred million daily transactions and the 67 million wallets with at least $1 balance demonstrate the market’s active participation and increasing acceptance of Bitcoin.
