October 4, 2024

Bitcoin Whale Breakdown: Individuals, Companies, & Countries

When it comes to investing, the term “whale” is often used to refer to a market participant who holds enough buying or selling power to cause a temporary increase or decrease in a given asset’s price. This same phenomenon is used to describe holders of a large amount of bitcoin – referred to as bitcoin whales.

What is a Bitcoin Whale?

Because the Bitcoin network operates on a publicly distributed ledger, it’s possible to determine which wallets own the most bitcoin. While there is no set in stone number of holdings that make someone a bitcoin “whale,” the most common distinctions are generally holders of 100+ or 1,000+ bitcoin.

Wallets that hold these amounts are watched closely by traders, as their buying and selling activity can affect prices in the short term. Without further ado, let’s take a look at who’s holding the most bitcoins through an individual, company, and country-wide lens.

Individual Whales

Satoshi Nakamoto

The anonymous creator of Bitcoin, Satoshi Nakamoto, is rumored to possess approximately 1.1 million bitcoin (stored in multiple wallets).

The Winklevoss Twins

Tyler and Cameron Winklevoss are two of the biggest names in the digital asset world. In 2004 they accused Mark Zuckerberg of stealing their social networking idea (Facebook), and after four years of litigation, they took home $65 million in a settlement.

In 2013, the twins were the first prominent figures to publicly disclose that they had invested $11 million into bitcoin. The Winklevoss twins became some of the first bitcoin billionaires in 2017, and they are currently believed to own around 70,000 bitcoin.

Michael Saylor

Michael Saylor founded MicroStrategy, a business analytics software company. Having accumulated $500 million cash within the business and looking for a better store of value than U.S. Treasuries, Saylor began the process of investing Microstrategy’s cash into bitcoin in 2020. Saylor has been one of Bitcoin’s largest and most outspoken proponents. He is thought to personally own around 18,000 bitcoin. As of June of 2024, MicroStrategy holds 226,311 bitcoin, in excess of 1% of the total supply.

To learn more about Michael Saylor’s big bet on bitcoin, please check out our recent article, “Is Michael Saylor Pulling a George Soros?

Tim Draper

Tim Draper is a Silicon Valley entrepreneur and founding partner of VC firm Draper Fisher. Draper reportedly first purchased bitcoin in 2012, and in 2014 he purchased 29,656 Bitcoins from the U.S. Marshals for $18.7 million ($632 per coin). His purchase consisted of bitcoin that had been confiscated by the U.S. government from the Silk Road black market.

Public Companies

MicroStrategy

As we previously mentioned, MicroStrategy holds 226,311 bitcoin. This makes MicroStrategy the largest bitcoin owner of any public company in the world.

Marathon Digital Holdings

Marathon Digital is one of the largest bitcoin mining operations in the world. In July of 2024, Marathon shared that it had purchased another $100 million in bitcoin on the open market, while stating that they plan to continue to pursue similar future purchases. This purchase comes in addition to the Bitcoin that the company continually mines, and brings their current holdings to over 20,000 bitcoin.

Galaxy Digital Holdings

Galaxy Digital is a financial services firm that operates in the digital asset space. According to CoinGecko, Galaxy currently holds 15,449 bitcoin, which lands them at third on the list of largest holdings by a public company.

Tesla

Elon Musk’s Tesla checks in at number four on the list of public companies holding the most bitcoin. Tesla is reported to currently hold 11,509 bitcoin.

According to CoinGecko, other public companies cracking the top ten include Coinbase, Hut 8 Mining Corp, and Riot Platforms.

Institutional Whales in the Sea of Bitcoin ETFs

Institutional bitcoin adoption continues to ramp up, as 60% of the largest U.S. hedge funds hold bitcoin ETFs.

bitcoin etf exposure top 25 hedge funds

The same can be said for RIAs, as 13 of the top 25 now have bitcoin exposure, and their allocations are slowly increasing.

bitcoin etf exposure top 25 RIAsvia @macromule / River on X

Countries That Hold Bitcoin

Bitcoin adoption by nation-states also continues to grow. Take a look below to see which countries are leading the charge.

bitcoin held by governmentsVia @Defi_Warhol on X (h/t CoinGecko)

Interested in Learning More About Digital Assets?

At Crossover Capital, our number one goal is to provide people with the support, knowledge, and access to make informed decisions about their financial futures. Building a foundation for success starts with steady support and a customized approach. Crossover Capital is here to provide the necessary tools we believe are required for growth and to be a champion for our clients’ success.

If you want to receive tools, knowledge, and digital asset insights delivered directly to your inbox twice a month, subscribe here.

Investment advisory services offered through Crossover Capital Brands, LLC (dba Crossover Capital), a Registered Investment Advisor with the U.S. Securities and Exchange Commission.

This material is intended for informational purposes only. It should not be construed as legal or tax advice, and is not intended to replace the advice of a qualified attorney or tax advisor. This information is not an offer or a solicitation to buy or sell securities. The information contained may have been compiled from third party sources, and is believed to be reliable.

Alternative investments – such as hedge funds and private equity/venture capital funds – are speculative and involve a high degree of risk. Likewise, the emergence of digital assets comes with its own speculative characteristics and involves a high degree of risk. Various digital assets have unique features, and the regulatory risk environment continues to change as governance requirements, rules, and lawsuits emerge. There may be material differences in the type of marketplaces available for digital assets, and there could be significant restrictions or limitations on withdrawing from or transferring these types of investments. Digital assets may incur higher fees when compared to traditional assets, and these expenses may offset returns.

Crossover Capital may not be able to independently verify digital asset valuations provided by institutions that hold or offer digital asset services. As a result, Crossover Capital will generally rely on information reported to it by third parties. As such, the information contained herein is for informational purposes. Clients should recognize that they may bear digital asset-based fees and expenses at the manager-level, as well as indirect fees, expenses, and performance-based compensation for digital assets. Spot bitcoin exchange-traded products were recently approved for listing and trading by the SEC. However, such approvals do not indicate SEC approval to use or invest in bitcoin. Clients should remain cautious and aware of the various risks associated with digital assets that have a value tied to bitcoin or other crypto related products.

Contact Us