Top Bitcoin-Holding Institutions

The largest known holders of Bitcoin include a mix of public companies, crypto businesses, and governments. These entities hold direct Bitcoin (not via ETFs or futures) on their balance sheets or reserves. As of mid-2025, the five biggest such holders are:

• MicroStrategy (NASDAQ: MSTR) – a publicly traded analytics software firm.
  
• Binance – the world’s largest cryptocurrency exchange.
  
• United States Government – federal agencies holding seized crypto.
  
• People’s Republic of China (government) – mostly assets from a major Ponzi scheme.
  
• Marathon Digital Holdings (NASDAQ: MARA) – a large Bitcoin mining company.
  

Each of these institutions holds tens of thousands (or more) of Bitcoin, worth billions of dollars at current prices. The sections below detail their holdings, the context of acquisition, public stance on crypto, and market impact.

MicroStrategy (Corporate Bitcoin Treasury)

• Bitcoin held: ~580,250 BTC.
  
• Value (2025): on the order of $30–40+ billion (depending on price; CCN estimates ~$41.4 B in mid-2025).
  
• Background: Beginning in August 2020, MicroStrategy’s CEO Michael Saylor announced that the company would invest a large portion of its cash on hand into Bitcoin. Since then, MicroStrategy has repeatedly bought more BTC (often using convertible debt or equity raises) to hold on its balance sheet. This was driven by Saylor’s view of Bitcoin as a long-term store of value and hedge against inflation – he publicly called bitcoin “a superior store of value” to fiat.
  
• Position on Crypto: MicroStrategy (now rebranded as Strategy) and Saylor are well-known Bitcoin maximalists. The company’s official disclosures and Saylor’s statements emphasize confidence in Bitcoin’s future, framing it as a non-correlated asset that can preserve shareholder value. MicroStrategy’s CEO tweets and presentations often promote Bitcoin’s merits.
  
• Market Impact: As the largest corporate Bitcoin holder, MicroStrategy has been a high-profile “bellwether” for institutional adoption. Its big purchases tend to grab media attention, reinforcing narratives of corporate treasury conversion. In 2024–25 its stock soared over 400% alongside Bitcoin. Investors and other companies closely watch MicroStrategy’s moves; for example, when MicroStrategy added 22,048 BTC in March 2025, it reinforced institutional demand even amid volatile markets.
  

MicroStrategy’s holdings and purchase history are tracked by on-chain data (e.g. BitcoinTreasuries, Bitbo) and reported in financial media. As of May 2025, MicroStrategy held about 580,250 BTC (worth tens of billions USD). Public filings and press releases confirm its acquisitions, and CEO Saylor’s interviews and tweets spell out the company’s bullish stance.

Binance (Crypto Exchange)

• Bitcoin held: ~382,000 BTC total across cold wallets (e.g. one wallet with 248,598 BTC and another with 134,281 BTC).
  
• Value (2025): roughly $35–45 billion (at prevailing prices; e.g. ~$26.2 B + $14.2 B = ~$40.4 B on recent price levels).
  
• Background: Binance is a leading global cryptocurrency exchange. It holds large amounts of Bitcoin in “cold wallets” as reserve liquidity and collateral for customer deposits, staking, and exchange operations. The exact accumulation has come organically from users trading and depositing BTC, as well as from Binance’s own treasury activities. These holdings are direct Bitcoin assets on Binance’s books (not in an ETF or trust). The major wallets were identified via on-chain data as belonging to Binance.
  
• Position on Crypto: Changpeng Zhao (“CZ”), Binance’s co-founder and then-CEO, has long been a vocal crypto supporter. He often tweets encouragement to “HODL” (hold Bitcoin) and speaks of crypto’s importance for financial freedom. Binance as a company publicly supports cryptocurrency innovation (it operates multiple blockchain ventures and lobbies for crypto-friendly regulations). However, Binance has also faced regulatory scrutiny and has occasionally adjusted its services by jurisdiction. Its official stance is pro-crypto but stress compliance with local rules.
  
• Market Impact: As the dominant exchange, Binance’s Bitcoin reserves are among the largest in the market. Its holdings provide market liquidity and can smooth trading for users. Conversely, any trouble or sales by Binance could notably affect supply. For example, regulators often track major exchange wallets for signs of large movements. In late 2023, Binance’s CEO stepped down amid scrutiny, but the company’s massive holdings mean it remains a de facto mega-whale in Bitcoin. CZ’s own statements (like encouraging patience and holding through volatility) carry influence in the crypto community.
  

On-chain analytics identify Binance’s cold wallets: one address contains 248,598 BTC (≈$26.2B) and another 134,281 BTC (≈$14.2B). These numbers come from BitInfoCharts, which tags known exchange addresses. Binance’s public communications (on Twitter and in press releases) emphasize strong support for crypto and acknowledge holding large BTC reserves.

United States Government

• Bitcoin held: ~198,000 BTC.
  
• Value (2025): on the order of $15–20 billion (using a ~$80–$100K/BTC range; CCN reports ~$16.5B).
  
• Background: The U.S. federal government has accumulated Bitcoin almost entirely through law enforcement seizures of illicit assets. Major sources include the 2014 Silk Road darknet marketplace seizure, the 2016 Bitfinex hack recovery, and other criminal forfeitures. As a result, hundreds of thousands of BTC have ended up in government custody. Until recently, the U.S. did not stockpile these assets long-term – it periodically auctioned or restituted them to crime victims. However, in March 2025 the Trump administration announced creation of a “Strategic Bitcoin Reserve” to retain seized BTC.
  
• Position on Crypto: Historically, U.S. authorities have viewed cryptocurrency with skepticism, focusing on its use in crime. But the new policy shift frames Bitcoin as a legitimate reserve asset. For example, President Trump’s executive order directed Treasury to treat “Bitcoin” akin to gold in the strategic reserve. Federal agencies now acknowledge crypto’s growing role. That said, U.S. regulatory agencies also continue enforcement actions against illicit crypto uses. The net stance is mixed: the government holds a massive BTC portfolio and is signaling acceptance as a national reserve, but still warns about risks.
  
• Market Impact: The U.S. government’s hoard of Bitcoin is among the largest single holdings. Its actions can influence the market; for instance, large sales of U.S.-held BTC (as with seized Mt. Gox coins in past years) have historically put downward pressure on price. Conversely, the announcement of a crypto reserve sent a bullish signal to investors that the U.S. is embracing Bitcoin’s legitimacy. Chainalysis estimated the U.S. held about $20.4 billion in Bitcoin (out of $20.9B total crypto reserves) as of May 28, 2025. Future U.S. management of these assets (whether they hold or sell) will remain a closely watched factor in Bitcoin markets.
  

CCN and BitcoinTreasuries data report the U.S. government holding roughly 198,109 BTC (~$16.5B). The Washington Post (citing Chainalysis) explains that the Trump administration’s 2025 order “boosted the spirits of crypto investors” by directing seized crypto into a national reserve. These sources confirm both the quantity (≈198k BTC) and the shift in U.S. policy toward treating Bitcoin as a reserve asset.

People’s Republic of China (Government)

• Bitcoin held: ~194,000 BTC.
  
• Value (2025): on the order of $15–20 billion (reported ~$19B on that quantity).
  
• Background: Most of China’s government-owned Bitcoin comes from a massive seizure of crypto in 2019, when police broke up the PlusToken Ponzi scheme. That scam had fraudulently gathered vast amounts of BTC. China confiscated roughly 194,000 BTC from the scheme. Despite China’s outright ban on crypto trading and mining, the state has kept this hoard in its possession (China has not publicly liquidated it). According to CoinGecko research, China remains the second-largest government Bitcoin holder.
  
• Position on Crypto: Officially, China is hostile to cryptocurrency: domestic trading and mining are banned and labeled criminal activities. However, the government’s decision to retain the PlusToken funds suggests a more pragmatic approach behind the scenes. There are reports (and speculation) that China may eventually convert this hoard to some use (e.g. as a reserve or to buffer currency moves). For now, China’s stance is: “no consumer crypto,” but it has not sold its Bitcoin.
  
• Market Impact: With ~194,000 BTC, China’s potential moves loom large. If China suddenly released even a fraction of its holdings, it could flood the market and depress prices. Conversely, the mere existence of this large undeclared stash creates uncertainty. Analysts note that on-chain transfers into mixers suggest China may be moving coins (possibly selling). The world watches China’s crypto policy closely; any sign of liquidation or use of these bitcoins would be a major market event.
  

CoinGecko’s 2025 report on government holdings lists China at 194,000 BTC (~$17.6B). CCN also reports about 194,000 BTC seized from PlusToken. Together these sources confirm the scale of China’s stash and its origin (PlusToken). Commentary from Chainalysis and news outlets underscores China’s contradictory position: banning crypto domestically while sitting on a huge Bitcoin reserve.

Marathon Digital Holdings (Bitcoin Miner)

• Bitcoin held: ~49,300 BTC (≈ $5.2 billion).
  
• Value (2025): roughly $3–6 billion, depending on BTC price (BitcoinTreasuries shows about $5.2 B at ~$105K price).
  
• Background: Marathon Digital is one of the largest publicly traded Bitcoin mining companies (founded 2010). It operates large mining facilities in the U.S. Marathon retains most of the Bitcoin it mines, rather than selling immediately. The company also periodically raises capital (via stock or bonds) to buy additional Bitcoin on the open market. As of early 2025, Marathon held about 49,311 BTC, making it the second-biggest public company holder after MicroStrategy.
  
• Position on Crypto: Marathon’s leadership is strongly bullish on Bitcoin. The firm explicitly treats BTC as a strategic reserve asset. Marathon’s public filings and website note that it “holds a significant portion of mined Bitcoin as a treasury asset” and has adopted a “long-term holding approach” to Bitcoin. Marathon’s executives have said they view Bitcoin as a hedge and are committing company funds to accumulate it. This mirrors MicroStrategy’s model: Marathon even launched a $2 billion stock sale in 2024 to buy more Bitcoin.
  
• Market Impact: As a major miner, Marathon’s behavior affects miner sell pressure and investor sentiment. During recent crypto downturns, Marathon (like other miners) chose to HODL rather than flood the market. For example, in late 2024 it added thousands of BTC even as prices fell. These actions reduce the supply of Bitcoin for sale, indirectly supporting prices. Marathon’s large balance sheet also signals to Wall Street that mining companies see value in holding Bitcoin. The company’s moves (and the share price performance) are often cited as evidence that “miners are turning into treasuries,” influencing how other mining firms and investors view Bitcoin.
  

In summary: MicroStrategy, Binance, the U.S. and Chinese governments, and Marathon Digital stand out as the five entities with the largest direct Bitcoin holdings. Together they hold well over 1 million BTC (several percent of the total supply), worth on the order of hundreds of billions of dollars at current prices. Their actions – whether buying more, holding fast, or shifting policy – have significant influence on the cryptocurrency markets. Citations above provide the latest figures and context for each.