Top 10 “Whale” Institutions and Entities Holding BTC Worldwide
When analyzing institutional Bitcoin holdings worldwide, the distinction between traditional finance (TradFi) and crypto-native giants is becoming increasingly clear. The market is primarily divided into two core camps: centralized custodians of spot ETFs and publicly listed companies with corporate treasuries.
I. Traditional Asset Management Giants: Three-Way Race in Spot ETFs
Since the approval and listing of U.S. spot ETFs, asset management giants have become the world’s largest BTC custodians through ETFs:
* BlackRock (IBIT): Holds approximately 811,000 BTC. As the world’s largest spot Bitcoin ETF, IBIT has a significant capital-siphoning effect and leads by a wide margin.
* Fidelity (FBTC): Holds approximately 260,000 BTC. Its independent custody system (Fidelity Digital Assets) has secured its position in the second tier of asset managers.
* Grayscale (GBTC/BTC): Holds approximately 220,000 BTC. Though the long-established trust has seen outflows, it still has substantial reserves.
II. Publicly Listed Company Treasuries: Strategy Leads the “Corporate Dollar-Cost Averaging” Race
Ranked by BTC held directly on companies’ own balance sheets:
* Strategy (formerly MicroStrategy): Holds 849,000 BTC (average cost approximately $66,384). It continues to make frequent large purchases through “stock issuance + debt issuance,” accounting for approximately 4.04% of the total BTC supply.
* MARA Holdings: Holds approximately 43,000 BTC. A North American mining leader that adheres to a full-retention “HODL” strategy.
* Metaplanet: Holds approximately 43,000 BTC. Dubbed “Asia’s MicroStrategy,” it actively uses low-interest yen financing to build treasury reserves.
* Twenty One Capital: Holds approximately 43,000 BTC. An emerging player allocating assets to corporate treasuries.
* Bullish: Holds approximately 24,000 BTC. An institutional-grade crypto trading and liquidity services provider.
* Riot Platforms: Holds approximately 15,000 BTC. A traditional mining infrastructure giant.
* CleanSpark: Holds approximately 13,000 BTC. A mining company focused on green energy.
* Tesla: Holds approximately 10,000 BTC. A core long-term holding of Elon Musk’s company, with most of it remaining untouched.
* Coinbase Global: Holds approximately 9,000–16,000 BTC (proprietary assets only; excludes customer funds held in custody).
* Block, Inc.: Holds approximately 8,000 BTC. The payments giant led by Jack Dorsey makes regular purchases based on a fixed percentage of its profits.
$BTC
$BNB
When analyzing institutional Bitcoin holdings worldwide, the distinction between traditional finance (TradFi) and crypto-native giants is becoming increasingly clear. The market is primarily divided into two core camps: centralized custodians of spot ETFs and publicly listed companies with corporate treasuries.
I. Traditional Asset Management Giants: Three-Way Race in Spot ETFs
Since the approval and listing of U.S. spot ETFs, asset management giants have become the world’s largest BTC custodians through ETFs:
* BlackRock (IBIT): Holds approximately 811,000 BTC. As the world’s largest spot Bitcoin ETF, IBIT has a significant capital-siphoning effect and leads by a wide margin.
* Fidelity (FBTC): Holds approximately 260,000 BTC. Its independent custody system (Fidelity Digital Assets) has secured its position in the second tier of asset managers.
* Grayscale (GBTC/BTC): Holds approximately 220,000 BTC. Though the long-established trust has seen outflows, it still has substantial reserves.
II. Publicly Listed Company Treasuries: Strategy Leads the “Corporate Dollar-Cost Averaging” Race
Ranked by BTC held directly on companies’ own balance sheets:
* Strategy (formerly MicroStrategy): Holds 849,000 BTC (average cost approximately $66,384). It continues to make frequent large purchases through “stock issuance + debt issuance,” accounting for approximately 4.04% of the total BTC supply.
* MARA Holdings: Holds approximately 43,000 BTC. A North American mining leader that adheres to a full-retention “HODL” strategy.
* Metaplanet: Holds approximately 43,000 BTC. Dubbed “Asia’s MicroStrategy,” it actively uses low-interest yen financing to build treasury reserves.
* Twenty One Capital: Holds approximately 43,000 BTC. An emerging player allocating assets to corporate treasuries.
* Bullish: Holds approximately 24,000 BTC. An institutional-grade crypto trading and liquidity services provider.
* Riot Platforms: Holds approximately 15,000 BTC. A traditional mining infrastructure giant.
* CleanSpark: Holds approximately 13,000 BTC. A mining company focused on green energy.
* Tesla: Holds approximately 10,000 BTC. A core long-term holding of Elon Musk’s company, with most of it remaining untouched.
* Coinbase Global: Holds approximately 9,000–16,000 BTC (proprietary assets only; excludes customer funds held in custody).
* Block, Inc.: Holds approximately 8,000 BTC. The payments giant led by Jack Dorsey makes regular purchases based on a fixed percentage of its profits.
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$BNB
