New on-chain data from Arkham Intelligence shows that six entities hold a combined 4.25 million Bitcoin, equal to roughly 21% of the 21 million BTC cap. A large share of those coins is not actively circulating, which puts the amount of Bitcoin realistically available to buy well below the headline supply figure.
Six holders account for 21% of Bitcoin’s eventual supply
Satoshi Nakamoto remains the largest holder in Arkham’s breakdown, with 1,096,358 BTC tied to wallets identified through the Patoshi Pattern, a mining signature linked to around 22,000 blocks. According to the report, none of those coins has moved since 2010. At the price referenced in the article, that stack is worth about $75 billion.
Coinbase ranks second with 993,069 BTC, valued at roughly $68 billion on-chain and held for the company and its custody clients. BlackRock follows with 761,801 BTC, or about $52 billion, most of it associated with its spot Bitcoin ETF.
Strategy’s reported holdings exceed what appears under its name on-chain
Strategy, formerly MicroStrategy, reports total Bitcoin holdings of 714,644 BTC, worth around $54 billion. Arkham said only 415,230 BTC appears directly under Strategy’s name on-chain. The remainder is attributed to Fidelity Custody because of how the custody system groups wallet ownership.
The U.S. government holds 328,372 BTC, valued near $22 billion. The article says most of that came from law enforcement seizures, including the Bitfinex hack recovery, the Silk Road takedown, and the LuBian Hacker address. Tether holds 96,369 BTC, worth about $6.5 billion, making it the largest private-company Bitcoin holder mentioned in the report.
Largest individual wallets belong to exchanges
The four biggest individual Bitcoin wallets are all exchange cold wallets. Binance controls the top two, with 249,000 BTC and 157,000 BTC. Robinhood holds 141,000 BTC in one wallet, while Bitfinex holds 130,000 BTC. The article notes that these wallets contain customer funds rather than the exchanges’ own treasury Bitcoin.
Lost coins and dormant reserves reduce the market’s available float
The report estimates that about 3.7 million BTC is permanently lost in wallets that can no longer be accessed. That alone pushes Bitcoin’s effective supply below the 21 million limit. Once dormant Satoshi holdings, government reserves, ETF balances, and corporate treasury allocations are counted, the pool of BTC actually available for trading becomes smaller still.
At the time of publication, Bitcoin was trading near $67,249, down 1% over the previous 24 hours.