I just looked at a piece of on-chain data analysis about who will hold the most Bitcoin in 2026. The results are quite interesting—the concentration of Bitcoin ownership is even higher than expected.

Satoshi Nakamoto, the mysterious founder, is still far ahead, reportedly holding about 1.096 million BTC, worth $77 billion. This is estimated based on early mining patterns, and over the years these addresses have seen almost no fund movement. Besides Satoshi, the cold wallet of a major exchange alone holds nearly 250,000 BTC—currently the largest single address.

Exchanges and ETF institutions together control an astronomical amount of holdings. Major exchanges control about 980,000 BTC, with a certain large mining exchange close behind. Traditional financial giants like Blackstone hold 775,000 BTC through spot ETFs, and several well-known asset management institutions have also established positions on-chain. All of these were only clearly tracked after the launch of the 2024 U.S. spot ETF.

Interestingly, governments are also stockpiling coins. The U.S. government holds 328,000 BTC, mainly from seized criminal assets. El Salvador and Bhutan—these two countries—have adopted completely different strategies: the former makes Bitcoin legal tender, while the latter leverages hydropower advantages for mining, and both are steadily accumulating.

Public companies are also competing. A well-known company holds 738,000 BTC, the most among listed companies. Several mining firms and Japanese tech companies are also following suit by stockpiling coins. Among private companies, a certain stablecoin issuer has verified 96,000 BTC, and some companies’ holdings have not yet been confirmed by on-chain data.

Overall, Bitcoin distribution remains quite concentrated. Big institutions, governments, enterprises, and that mysterious founder hold most of the “chips.”