《8.2 Billion Dollar Gallows: Who is Hunting MicroStrategy? Dissecting a Bitcoin 'Dismemberment Plan' Across Wall Street and the Middle East and a Retail Survival Guide》2

1. Power Map: Who is Eyeing Those 710,000 Bitcoins?

To understand the market, we must first clarify the 'real and fake' of the chips:

As of February 2026, the 'visible' major holders of cryptocurrency (especially Bitcoin) are mainly concentrated in the following four categories of institutions and individuals:

1. Global Governments (acquired through law enforcement actions)

U.S. Government: Holds approximately 210,000 – 213,297 BTC, mainly sourced from confiscation actions against illegal platforms like 'Silk Road'.

Chinese Government: Holds approximately 194,000 BTC, most of which comes from asset seizures related to the PlusToken Ponzi scheme in 2019.

Other governments also hold a portion, but the scale is not enough to compete with these two countries.

2. Institutional Asset Management Companies and ETFs

BlackRock: Holds approximately 780,410 BTC through its iShares Bitcoin Trust (IBIT) fund, making it the largest single fund holder globally. Fidelity and others have close to 200,000 BTC.

Grayscale: Holds approximately 164,933 BTC.

There are other institutions, but their numbers are more like a supplement.

3. Public Companies (as corporate inventory reserves)

Strategy (formerly MicroStrategy): Led by CEO Michael Saylor, the publicly traded company with the most Bitcoin holdings globally, with approximately 712,647 BTC as of the end of January 2026.

MARA Holdings (formerly Marathon Digital): A top Bitcoin mining company, holding approximately 53,250 BTC.

Tesla: Still holds approximately 11,509 BTC.

Other enterprises: Including Twenty One Capital (XXI) (approximately 43,514 BTC), Japanese listed company Metaplanet (approximately 35,102 BTC), and Hong Kong's Boyaa Interactive (approximately 3,350 BTC).

Of course, there are also many large and small companies.

4. Leading Exchanges and Notable Individuals

Binance: As a leading exchange, cold wallet holdings are approximately 647,246 BTC (mostly user custody).

Satoshi Nakamoto: Believed to hold approximately 968,452 BTC, has never used them since the inception.

Winklevoss Twins: Founders of the Gemini exchange, estimated to hold approximately 70,000 BTC.

Li Xiaolai: An early Bitcoin investor in China, has publicly disclosed holding a large amount of BTC.