On December 7, 2024, Bitcoin (BTC) reached a historic milestone, trading at $100,297 per coin and achieving a market capitalization of $1.98 trillion—making it the seventh-largest global asset. As the clock ticks toward 2025, on-chain analytics platform Timechainindex has released a comprehensive snapshot of the top ten Bitcoin holders by visible blockchain data.
The Top Five: Nearly 10% of Supply
According to Timechainindex data as of block height 873,693, Coinbase leads the pack with 1,123,520.49 BTC (valued at over $112 billion), followed by Binance with 686,997.40 BTC ($68.9 billion). BlackRock’s spot Bitcoin ETF (IBIT) ranks third with 520,861 BTC ($52.2 billion), while publicly traded MicroStrategy holds 402,099.99 BTC ($40.3 billion) in fourth. Bitfinex rounds out the top five with 350,262.05 BTC ($35.04 billion). Together, these five entities control 1,960,220.44 BTC—9.9% of the circulating supply, worth $196.59 billion.
Positions 6-10: Governments, Mystery Holders, and Exchanges
Grayscale claims sixth place with 211,799.39 BTC ($21.19 billion), followed by Fidelity with 201,043.88 BTC ($20.11 billion). The U.S. government, which has amassed 199,172.73 BTC through asset seizures, sits eighth with $19.92 billion. A mysterious figure identified as “Individual X” holds 180,701.87 BTC ($18 billion+) in ninth, and Kraken completes the list with 179,409.90 BTC ($17.94 billion). These five entities collectively own 972,127.77 BTC, worth $97.4 billion.
Implications and Caveats
In total, the top ten holders command 2,932,348.21 BTC—worth $294 billion—representing 14.82% of the circulating supply. It’s crucial to note that these coins are distributed across thousands of addresses tracked by entity clustering tools, not concentrated in single wallets. Moreover, 80% of the listed entities (e.g., Coinbase, Binance, Grayscale) do not “own” these assets; they hold them in custody for investors, customers, and shareholders (in MicroStrategy’s case). Exceptions include the U.S. government, which holds seized assets outright, and Individual X, whose holdings remain personal or unknown. As Bitcoin crosses the six-figure threshold, the growing concentration of holdings among institutional and government players raises important questions about decentralization and market influence heading into 2025.