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Cardano is a third-generation blockchain platform designed to build on the innovations of earlier networks, while addressing some of their potential limitations. It serves as a scalable foundation for smart contracts and decentralized finance (DeFi) applications, enabling developers to build custom tokens, games, and decentralized apps. Its native cryptocurrency, ADA, powers on-chain transactions and can be bought and sold on major cryptocurrency platforms.

Here is a closer look at how Cardano works and what it is used for.

What Is Cardano?

Cardano is a decentralized, energy-efficient proof-of-stake blockchain platform designed for scalable decentralized applications (dApps). It was created by Ethereum co-founder Charles Hoskinson, who began development in 2015, and was officially launched in 2017.

Like Ethereum, Cardano was conceived to build upon the foundations of Bitcoin by addressing challenges related to scalability, interoperability, and sustainability. The network was also built around peer-reviewed research, taking a methodical academic approach. While this research is publicly available across various papers and specifications, the deliberate process has also slowed Cardano’s development relative to faster competitors.

Cardano features a native token, ADA, which powers onchain transactions and can also be used more widely as a decentralized medium of exchange.

Recommended: Understanding the Different Types of Cryptocurrency

How Does Cardano Work?

Cardano uses a proof-of-stake protocol called Ouroboros to facilitate transactions and generate new blocks. Here’s a bit more about what’s under the hood.

Ouroboros and Proof of Stake

The Cardano network uses some unique features and terminology. It all runs on a proof-of-stake protocol that is called “Ouroboros,” which is designed to use less energy than a proof-of-work system as it does not require crypto mining.

Ouroboros organizes network time into specific increments known as epochs and slots to coordinate decentralized block production. Epochs are five-day periods that consist of 432,000 slots, with every slot representing one second of real time. Every second, each stake pool runs a private mathematical check to see if it has been chosen as the “slot leader” to create the next block. The more ADA delegated to a pool, the higher its chances of winning this selection.

The Settlement and Computation Layers

When it comes to settlement and computation, Cardano’s network uses a two-layer system. The blockchain splits its settlement and computation layers to maximize flexibility and support robust security, and to allow for smoother upgrades going forward. The Cardano Settlement Layer (CSL) acts as the network’s balance sheet, managing transactions between users. Meanwhile, the Cardano Computation Layer (CCL) executes smart contracts and dApps.

Cardano uses a unique accounting model called EUTXO, fundamentally based on Bitcoin’s predictable, cash-like UTXO model, and combines it with the smart contract capabilities of Ethereum. One of the most noticeable features of Cardano is that it lets a user’s wallet fully validate a transaction locally before broadcasting it to the network. This makes transaction fees predictable and helps users avoid losing their fees to a transaction that fails on-chain.

Cardano’s Five Development Eras

Cardano’s development strategy, known as the Cardano Roadmap, can be divided into five distinct eras. Each era focuses on a specific core capability of the blockchain and is named after a poet, with the exception of one (Goguen), who was a computer scientist. Here’s how it breaks down:

•   Byron: This was the launch phase, which set the foundation for the network. This period allowed users to buy and sell ADA, use a block explorer tool, and set up the first Cardano ledger.

•   Shelley: The next phase was centered on decentralization, introducing a new, decentralized ledger and new system. It also brought in stake pools, delegation preferences, staking, and incentives.

•   Goguen: The third phase unlocked programmability by integrating smart contract functionality into the network. This upgrade allowed developers to build dApps, issue custom tokens, and support DeFi.

•   Basho: The fourth phase optimized the network for scalability and interoperability and improved its overall performance.

•   Voltaire: The most recent phase focuses on on-chain governance and decision making.

Cardano vs Ethereum vs Bitcoin

How does Cardano stack up to the two biggest blockchains, Ethereum and Bitcoin?

There are significant structural differences. Bitcoin cryptocurrency uses a proof-of-work system and functions primarily as a peer-to-peer digital currency. Ethereum, on the other hand, is a proof-of-stake smart-contract platform that launched quickly and evolved through real-world trial and error. As one of the biggest cryptocurrencies in the world, it has a vast user base.

Cardano takes a different path: while it is also a proof-of-stake smart-contract network, it was built entirely on a peer-reviewed, formally verified design. This meticulous, academic approach focuses on developing a highly reliable and secure system alongside steady growth. It has drawn some criticism, however, for involving a slower development process.

Here’s a quick look at how the three compare:

	Cardano	Ethereum	Bitcoin
Launch year	2017	2015	2009
Consensus mechanism	Proof-of-stake	Proof-of-stake	Proof-of-work
Smart contract support?	Yes	Yes	Limited
Fixed maximum supply	45 billion	None	21 million
Staking lockup period?	No	Varies	N/A
Typical fees	Varies, but generally low and predictable	Varies, can be high during periods of network congestion	Varies, depending on network demands
Size of ecosystem	Small but growing	Large	Large user base, but limited native smart contract ecosystem

Recommended: Crypto Basics for Beginners

How to Stake ADA

Staking ADA gives Cardano the opportunity to earn recurring rewards while actively securing the network and helping validate transactions.

While ADA can be staked across various platforms, doing so directly on the Cardano blockchain generally involves delegating holdings to a community-run stake pool. Unlike other networks, Cardano has no minimum holding requirements to participate in a stake pool. However, the network does require a small, one-time refundable deposit. It’s important to note that staked ADA never leaves your wallet, remains unlocked, and can be withdrawn or spent at any time.

To begin staking, you simply need to connect a native Cardano wallet to a stake pool. Due to the network’s five-day epoch schedule, there is an initial 15-to-20-day “warm-up” period before you receive your first reward payout. Once this cycle is established, rewards are distributed automatically at the start of every epoch, lagging exactly two epochs behind when they were actually earned.

It’s important to keep in mind that staking rewards are not guaranteed. While Cardano is designed to consistently reward validators, rates can fluctuate based on network participation and total ADA staked.

Benefits and Risks of Cardano

Caradano offers both pros and cons. Here’s a look at how they stack up.

Benefits

Some potential advantages of Cardano include:

•   Energy-efficient consensus: The Ouroboros proof-of-stake consensus mechanism consumes a fraction of the energy required by proof-of-work blockchains.

•   Low and predictable fees: Compared to some competitors, Cardano’s tends to have relatively low transaction fees, and they may be more predictable and less volatile.

•   Staking without lockup: ADA holders can secure the network and earn passive yield directly from noncustodial wallets without locking up their funds or risking slashing penalties.

•   Academic peer review: Every major network protocol undergoes a rigorous, formal peer-review process by cryptographers and academic researchers before being implemented.

Risks

Among Cardano’s potential risks or disadvantages:

•   High loss potential: Cryptocurrencies are highly volatile assets; purchasing ADA carries a significant risk of total capital loss if market trends shift or adoption fails.

•   Steep learning curve for developers: Even with easier programming languages now available, Cardano’s underlying architecture can be a major hurdle for developers transitioning from other blockchain ecosystems.

•   Slow upgrades: The network’s cautious, multi-phase developmental approach can lead to lengthy wait times for new features and application rollouts.

•   Low market activity: A relatively small amount of money flows through its financial apps compared to giants like Ethereum or Solana.

How to Buy ADA

If you’re interested in buying ADA, the process generally involves these five steps:

•   Choose a platform: Select a cryptocurrency platform — such as a crypto exchange or a financial institution that offers cryptocurrency services — that supports ADA, and open an account.

•   Deposit funds: You can typically fund your account by depositing fiat currency (such as USD) via bank transfer, wire, or debit card.

•   Place an order: Enter the amount of ADA you want to buy and submit your order. Keep in mind that you can typically buy whole tokens or fractions of a single token.

•   Confirm receipt: Execute the trade and check your exchange wallet to ensure the ADA tokens have arrived safely.

The Takeaway

Cardano is a third-generation blockchain network with a particular focus on scalability and sustainability. It has a native token, ADA, which can be bought and sold on major cryptocurrency platforms and is also used to facilitate on-network transactions. Further, it uses a unique proof-of-stake protocol, Ouroboros, which separates it from similar networks.

SoFi Crypto is back. SoFi members can now buy, sell, and hold cryptocurrencies on a platform with the safeguards of a bank. Access 40+ cryptocurrencies, such as Bitcoin, Ethereum, and Solana, with the first national chartered bank to offer crypto trading. Now you can manage your banking, investing, borrowing, and crypto all in one place, giving you more control over your money.

Learn more about crypto trading with SoFi.

FAQ

Is it a good idea to buy Cardano?

Cardano (ADA) is a high-risk, volatile cryptocurrency. Whether it’s a good idea to buy Cardano depends heavily on your timeline, risk tolerance, and whether you believe its peer-reviewed, methodical approach will ultimately capture real-world market share over rivals like Ethereum and Solana. You generally don’t want to purchase Cardano — or any other type of cryptocurrency — with funds you cannot afford to lose.

How many ADA coins are there?

There is a hard maximum supply cap of 45 billion ADA coins. This structural limit means that no new Cardano coins can ever be minted once this number is reached, helping to prevent long-term inflation.

Currently, there are approximately 36.7 billion ADA coins in active circulation, which accounts for roughly 82% of the absolute maximum supply. The remaining unissued coins are held in reserve and are released gradually over time to incentivize the network through staking rewards and to fund project development.

Does staking lock up your ADA?

No, staking does not lock up your ADA. When you delegate your ADA to a stake pool, your funds remain fully liquid in your wallet. You can spend, transfer, or swap your ADA at any time without any penalties or unbonding periods. You are simply delegating your voting power, not transferring ownership of your coins.

Does Cardano support smart contracts?

Yes, Cardano fully supports smart contracts, a feature that was introduced in September 2021. Cardano uses a smart contract development platform called Plutus, which is based on the functional programming language Haskell. This allows developers to build decentralized applications (dApps), DeFi protocols, and NFTs on the network.

Who created Cardano?

Cardano was created by Charles Hoskinson, one of the original co-founders of Ethereum. He began developing the platform in 2015 and officially launched it in 2017 through his blockchain engineering company, Input Output Global (IOG), formerly known as IOHK.

How long does it take to earn ADA staking rewards?

It generally takes 15 to 20 days (three to four epochs) to receive your first staking rewards on the Cardano network. An epoch lasts exactly five days. When you first delegate your ADA, a snapshot of your balance is taken at the start of the next epoch. The network then takes three additional epochs to calculate and distribute potential rewards. Once this initial waiting period passes, your active stake is automatically tracked, and you will receive any accumulated staking payouts every five days.

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Photo credit: iStock/Mindful Media

This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

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Blockchains can host digital assets and run decentralized applications, but they operate as isolated, closed-loop systems. By design, they cannot natively access real-world data or communicate with external networks — a limitation known as the “oracle problem.”

Chainlink (LINK) was developed to address this constraint. Operating as a decentralized oracle network, Chainlink acts as middleware that bridges blockchain platforms with off-chain data sources and traditional systems to enable integration. Below, we break down what Chainlink is, how its infrastructure works, and its core use cases across the digital economy.

What Is Chainlink?

Chainlink is a platform that acts as a bridge connecting blockchain networks to off-chain data sources. It’s designed to fetch real-world information (such as weather data, stock prices, and sports scores), validate it through a decentralized network of independent nodes, and deliver it directly to smart contracts. Today, numerous crypto projects, financial institutions, and governments use this technology to interact with blockchains and digital assets.

At its core, Chainlink functions as a decentralized network of oracles, which are specialized data bridges that connect blockchains to the outside world. The ecosystem is powered by its native utility token, LINK. Users pay network fees in LINK, and token holders can also stake their tokens to help secure the network.

The Oracle Problem: Why Blockchains Need Chainlink

The reason Chainlink and oracles exist is that blockchains operate in an isolated bubble — they are insular by design. While this insularity helps make them secure and more resistant to tampering, it also prevents them from natively connecting to external networks or other blockchains.

This is where oracles come into play. These bridges act as connectors. They are designed to help blockchains securely fetch and utilize external data to execute onchain actions. For instance, if a decentralized lending platform needs the real-time price of ETH to determine whether a smart contract should liquidate a loan, it requires access to external data feeds. A decentralized oracle network can solve this by pulling real-time data from multiple sources at once.

Recommended: A Beginner’s Guide to Crypto Basics

How Does Chainlink Work?

Chainlink connects blockchain networks to external, off-chain sources. Here’s how that typically works:

•   Request: A smart contract on a blockchain requests specific external data, such as the current price of Bitcoin (BTC) or real-time location of a shipping container.

•   Fetch: Independent oracle nodes fetch the data from various external, off-chain sources.

•   Consensus: These nodes aggregate the data, filter out any outliers, and agree on a single, verified result.

•   Deliver: The oracle network formats this verified result and delivers it back to the blockchain, updating the requesting smart contract.

The Chainlink network is run by a mix of infrastructure providers, established data and telecom companies, as well as independent community members. Node operators are incentivized to provide accurate data because they must lock up (stake) digital collateral. If they provide bad data or fail to meet performance standards they can face forfeiture of their accumulated rewards and potential exclusion from future revenue. Their track record is also entirely public.

What Chainlink Is Used For

Chainlink has several key use cases, including the following:

Price Feeds for DeFi

DeFi apps often need to know the exact, real-world price of assets to work properly. The problem is, they can’t natively see outside their own blockchain networks. Chainlink is designed to solve this by securely bringing real-time price data directly to these apps so they can run safely and accurately.

Cross-Chain Transfers With CCIP

To help blockchains talk to each other, chainlink uses its Cross-Chain Interoperability Protocol (CCIP). This tool acts as a bridge that lets people move crypto tokens from one blockchain to another, along with any automated instructions about what to do with the tokens once they arrive.

Verifiable Randomness for Gaming and NFTs

Chainlink also has a Verifiable Random Function (VRF) tool that helps create hack-resistant random numbers for blockchain apps. This can be important for crypto games to help ensure outcomes — such as winning a digital lottery or obtaining a rare item — are genuinely random.

Proof of Reserve and Tokenized Assets

Some crypto tokens or coins are backed by real-world assets, like real estate or dollars in a bank. Chainlink can automatically check these real-world reserves and provide proof that the assets/funds actually exist. It can also stop a crypto project from printing new tokens if they don’t have the real assets to back them up.

What Is the LINK Token Used For?

LINK is Chainlink’s native token, and it has a few key uses within the network.

•   Compensating node operators: The primary utility of LINK is to pay independent node operators for retrieving, formatting, and delivering real-time data to smart contracts.

•   Network staking: LINK tokens serve as a collateral (or digital security deposit) that node operators must stake to help ensure they provide accurate and reliable data to smart contracts.

•   Earning rewards: Stakers and node operators can earn rewards in LINK for consistently delivering reliable services and helping to uphold the integrity of the network.

Chainlink vs Other Oracle Networks

Chainlink is the most widely used oracle network, but not the only one. Two key competitors include the Pyth Network, which focuses on high-speed financial prices, and API3, which connects data sources directly without middleman nodes.

One key differentiator between oracle networks is how they deliver data to the blockchain. A push-based oracle automatically uploads data at set time or price intervals, which comes with higher network costs. A pull-based oracle keeps data off-chain and only delivers it on-demand when a user requests it, making updates generally faster and cheaper for the network.

Here’s a look at Chainlink vs. Pyth Network vs. API3:

	Chainlink	Pyth Network	API3
How data is sourced	Third-party nodes collect data from premium web sources	Sourced directly from first-party institutional providers (e.g., exchanges, trading firms)	Sourced by data providers running their own lightweight oracle nodes
Primary model	Push- or pull-based	Pull-based	Push-based
Key strength	Wide adoption	Speed	Unique oracle model
Main tradeoff	Higher operational costs due to multi-layered fees	Reliance on institutional data sources	Relatively low adoption

Benefits and Risks of Chainlink

Chainlink offers a number of benefits but also comes with some drawbacks. Here are some pros and cons to consider.

Benefits

Potential advantages of Chainlink include:

•   Industry-standard: Chainlink is the most widely adopted decentralized oracle network in crypto. It helps secure large sums across major DeFi protocols.

•   Numerous data sources: Chainlink connects to numerous external data sources, reducing exposure to single points of failure in terms of data delivery to networks.

•   Offers a link to real-world finance: Large global banks and financial institutions use Chainlink to bring traditional assets — like real estate, gold, or bank balances — onto the blockchain with automatic proof of reserves.

•   A big head start: Because Chainlink was the first to address the smart contract connectivity problem, it has built a large network of developers, operators, and partners. This makes it difficult for newer competitors to catch up or take over.

Risks

Chainlink also comes with potential downsides. Here are some risks to consider:

•   Security risks: Like any software code, a risk remains that a hacker could discover and exploit a hidden vulnerability or bug within Chainlink’s network.

•   Centralization choke points: While designed to be fully decentralized, some critical data feeds currently rely on a relatively small group of node operators.

•   Rising competition: Newer rivals are emerging, competing directly by offering cheaper or faster data feeds tailored to specific crypto niches.

•   Price-to-utility disconnect: While Chainlink has achieved widespread success, its token price remains highly volatile and unpredictable.

How to Buy LINK

If you’re interested in buying LINK, the process typically involves the following steps:

•   Choose a platform: Select a crypto platform, such as a crypto exchange or a financial institution that offers cryptocurrency services, that supports LINK and open an account.

•   Verify your identity: Complete the platform’s verification process, which usually requires uploading a photo of a valid government-issued ID.

•   Fund your account. You can typically deposit fiat currency (such as USD) to your account using a bank transfer, debit card, or other supported payment method.

•   Place an order: Search for “LINK” or “Chainlink” on the platform and enter the amount you want to spend or buy. Choose a market order to buy immediately at the current price, or a limit order to execute the trade only when the asset hits a specific price you set.

•   Confirm your purchase: Review the total cost and transaction fees, then confirm the order to complete your purchase.

The Takeaway

Chainlink is a decentralized oracle platform that connects blockchains to real-world data feeds and traditional payment systems. Because blockchains are isolated networks that cannot natively fetch external information, Chainlink uses a wide network of independent node operators to act as data bridges. The ecosystem is powered by its native token, LINK, which is used to pay for network services, incentivize accurate data reporting, and trade on cryptocurrency exchanges and platforms.

SoFi Crypto is back. SoFi members can now buy, sell, and hold cryptocurrencies on a platform with the safeguards of a bank. Access 40+ cryptocurrencies, such as Bitcoin, Ethereum, and Solana, with the first national chartered bank to offer crypto trading. Now you can manage your banking, investing, borrowing, and crypto all in one place, giving you more control over your money.

Learn more about crypto trading with SoFi.

FAQ

Is it smart to buy Chainlink (LINK)?

Buying Chainlink (LINK) carries a potential for total capital loss, as digital assets are highly volatile. Determining if it is a smart choice depends on your goals and strategy. LINK is primarily used to fuel the Chainlink network, a system that connects blockchains to real-world data. It also serves as a digital asset that can be bought, sold, or swapped on cryptocurrency exchanges.

Is Chainlink its own blockchain?

No, Chainlink is not its own blockchain. It is a decentralized oracle network that operates across dozens of independent blockchains. Instead of maintaining a standalone transaction ledger, Chainlink functions as an infrastructure bridge. It aggregates off-chain data and transmits it to smart contracts running on external blockchains.

How many LINK tokens are there?

There is a total supply of 1,000,000,000 (or 1 billion) LINK tokens that will be produced. Roughly 7% of that supply is released each year, and as of September 2026, there are roughly 750 million in circulation..

Can you stake LINK?

Yes, you can stake LINK. Community members and node operators can lock their tokens to secure the network. Stakers participate in a decentralized alerting system, flagging if an oracle feed deviates or goes offline, and can earn variable rewards. The program operates in capped pools, so this option isn’t always available.

Which blockchains does Chainlink support?

Chainlink operates as a widely present data layer, providing decentralized oracle services across many of the industry’s most widely adopted blockchains. This includes Ethereum, Arbitrum, Avalanche, Base, Polygon, Optimism, BNB Chain, Solana, and more.

Who created Chainlink?

Chainlink was co-founded by Sergey Nazarov and Steve Ellis. They co-authored the original Chainlink whitepaper in 2017 alongside Cornell University professor Ari Juels.

Before launching Chainlink, Nazarov and Ellis founded SmartContract, a company aimed at bridging corporate data sources with public blockchains. Their development team eventually evolved into Chainlink Labs, which continues to build and expand the oracle network’s primary architecture.

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Photo credit: iStock/insta_photos

This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

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Bitcoin continues to be the most widely held cryptocurrency. An estimated 371 million people worldwide held Bitcoin as of August 2026, according to Henley & Partners’ Crypto Wealth Report 2026. The report estimates that 742 million people hold digital assets overall. As of August 31, 2026, Bitcoin represented approximately $1.6 trillion of the $2.6 trillion global crypto market.

But who has the most Bitcoin? The answer depends on how “holder” is defined. Bitcoin is held by individuals, companies, governments, funds, and cryptocurrency exchanges. Some wallets hold Bitcoin on behalf of thousands or millions of customers, so the Bitcoin associated with an exchange or fund isn’t necessarily owned by that entity.

Satoshi Nakamoto, Bitcoin’s pseudonymous creator, remains the largest known individual holder, with an estimated 1.1 million BTC. Among public companies, Strategy (formerly MicroStrategy) is by far the largest corporate holder, with 846,000 BTC as of September 20, 2026.

Who Owns the Most Bitcoin Right Now?

There is no single authoritative ranking of every Bitcoin holder because blockchain addresses don’t identify their owners. Still, researchers can attribute many large holdings to known individuals, companies, governments, funds, and exchanges.

Satoshi Nakamoto is believed to be the largest owner of Bitcoin, having mined about 1.1 million BTC during Bitcoin’s early years. Those coins are spread across thousands of addresses and have remained untouched for more than 15 years.

Among companies, Strategy is the largest publicly disclosed corporate holder. The company officially reached 846,000 BTC following its latest acquisition disclosed in a September 21, 2026 Securities and Exchange Commission (SEC) filing.

Governments are also significant holders. The U.S. government is estimated to hold 328,372 BTC. In March 2025, the U.S. established a Strategic Bitcoin Reserve to hold forfeited government Bitcoin rather than sell it.

It’s important to distinguish these holdings from exchange and exchange-traded fund (ETF) balances. A cryptocurrency exchange may control wallets containing hundreds of thousands of Bitcoin, but much of that Bitcoin is held on behalf of customers. In addition, a spot Bitcoin ETF holds Bitcoin on behalf of its fund shareholders.

The following table summarizes some of the largest identifiable Bitcoin holdings as of September 2026. Keep in mind that this list may not reflect all of the current largest Bitcoin holders, given the pseudonymous nature of cryptocurrencies like Bitcoin.

Holder	Category	BTC Held	% of 21M Supply
Satoshi Nakamoto	Individual	~1.1 million	~5.46%
Strategy	Public company	846,000	4.03%
U.S. government	Government	328,372 BTC	1.56%
China government	Government	190,000 BTC	0.90%
Metaplanet	Public company	43,000	0.20%
MARA Holdings	Public company/miner	35,577	0.17%

Note: Data for companies and governments was accessed from BitcoinTreasuries.net on September 24, 2026.

Largest Individual Bitcoin Holders

Bitcoin “whales” are generally defined as individuals or entities known to have large amounts of Bitcoin, although there is no universal threshold for the term. Because Bitcoin addresses are pseudonymous, the identities of many large holders aren’t publicly known. A few individuals, however, have publicly disclosed or become associated with substantial Bitcoin holdings.

Satoshi Nakamoto

Bitcoin held: About 1.1 million BTC

Satoshi Nakamoto, Bitcoin’s pseudonymous creator, is believed to be the largest individual Bitcoin holder. Blockchain analytics firm Arkham Intelligence estimates that Nakamoto’s holdings total more than 1.1 million BTC spread across roughly 22,000 addresses. The coins are associated with Bitcoin mined during the network’s early years and have remained untouched for more than 15 years.

Because Nakamoto’s identity remains unknown, the holdings cannot be definitively attributed to a named person. The estimate is based on blockchain analysis, including the mining pattern known as the Patoshi Pattern.

The Winklevoss Twins

Bitcoin held: Potentially around 70,000 BTC

Cameron and Tyler Winklevoss, famous for their lawsuit against Mark Zuckerberg over the creation of Facebook, are reportedly among the most prominent individual holders of Bitcoin in the world.

The twins are estimated to hold approximately 70,000 BTC. However, because cryptocurrency wallets are pseudonymous and the brothers do not publicly publish their exact private portfolio balance, this number has not been confirmed.

The twins are also the founders of the cryptocurrency exchange Gemini.

Tim Draper

Bitcoin held: At least 29,656 BTC from the 2014 U.S. Marshals auction

Venture capitalist Tim Draper became one of the most prominent early Bitcoin holders after winning a 2014 U.S. Marshals Service auction of 29,656 BTC seized from the Silk Road marketplace.

Draper has said he continues to hold the Bitcoin from that purchase. Draper also won another 2,000 BTC in a later 2014 government auction, although the total amount of his current personal holdings has not been independently verified.

Michael Saylor

Bitcoin held: 17,732 BTC publicly disclosed personally

Michael Saylor, executive chairman of Strategy, disclosed in 2020 that he personally owned 17,732 BTC purchased for about $175 million. In August 2026, Saylor said he had never sold his personal Bitcoin. However, his current total has not been independently verified and may not reflect his actual current balance.

Note that Saylor’s personal holdings are separate from Strategy’s corporate Bitcoin. Strategy is a separate legal entity.

Large Companies Holding Bitcoin

Public companies have become some of the largest identifiable Bitcoin holders. Some use Bitcoin as a treasury asset, while Bitcoin mining companies accumulate coins through their mining operations and may also purchase or sell Bitcoin.

Because companies report their holdings on different schedules, the figures below reflect the latest publicly available disclosures and aren’t necessarily measured on the same date.

Strategy

Bitcoin held: 846,000 BTC

Strategy, formerly known as MicroStrategy, began buying Bitcoin in August 2020 and built its corporate treasury around the cryptocurrency. The company has continued to acquire Bitcoin through various capital-raising and financing activities.

As of September 2026, Strategy held approximately 846,000 BTC, making it by far the largest publicly traded corporate Bitcoin holder.

Twenty One Capital (XXI)

Bitcoin held: 43,514 BTC

Twenty One Capital launched in 2025 as a Bitcoin-focused company. Its initial Bitcoin holdings included about 31,500 BTC contributed by Tether and Bitfinex as part of the company’s formation, with the company launching with approximately 43,500 BTC.

As of September 2026, Twenty One Capital held approximately 43,514 BTC. Its business model is centered on accumulating and managing Bitcoin rather than generating a large Bitcoin balance through mining.

Metaplanet

Bitcoin held: 43,000 BTC

Japanese company Metaplanet adopted its Bitcoin treasury strategy in April 2024 and made its first Bitcoin purchase on April 23, 2024.

The company continued accumulating Bitcoin and held about 43,000 BTC as of September 2026. Metaplanet’s holdings primarily come from purchases made as part of its corporate treasury strategy rather than Bitcoin mining.

MARA Holdings

Bitcoin held: 35,577 BTC

MARA is one of the world’s largest Bitcoin mining companies. Unlike companies that acquire Bitcoin primarily by purchasing it, MARA has accumulated much of its Bitcoin through mining, while also managing its holdings through sales, lending, and other transactions.

MARA began selling some of its mined Bitcoin to fund operations in 2025 after historically keeping the Bitcoin it produced. As of September 2026, MARA held approximately 35,577 BTC.

Strive

Bitcoin held: 26,355 BTC

Strive became a publicly traded Bitcoin treasury company in September 2025. It started with about 69 BTC acquired from its founding investors and then made additional purchases using capital raised through financing.

Strive has since expanded its holdings through the acquisition of Semler Scientific and additional Bitcoin purchases. As of September 2026, the company held approximately 26,355 BTC.

Bullish

Bitcoin held: 22,000 BTC

Bullish is a digital-asset infrastructure company that also holds Bitcoin on its corporate balance sheet. The company’s Bitcoin holdings are corporate assets rather than Bitcoin mined by the company. As of September 2026, Bullish held approximately 22,000 BTC.

Notable Private Companies With Large Bitcoin Holdings

SpaceX’s large Bitcoin holdings caught the financial world’s attention. The company disclosed 18,712 BTC in its 2026 IPO filings, with a reported cost basis of about $661 million.

Another notable private company is Tether. Tether has reported more than 100,000 BTC held by the company, with Bitcoin forming part of its broader reserve and corporate asset strategy. Its Bitcoin holdings should not be confused with Bitcoin held by customers using Tether products.

Bitcoin Standard Treasury Company (BSTR) holds an estimated 25,000 BTC. It was on track to hold 30,021 BTC by merging with Cantro Equity Partners but that deal was terminated in August 2026.

Governments and Countries Holding Bitcoin

Governments can acquire Bitcoin through asset forfeitures, direct purchases, mining, or other means. Estimates vary because governments do not always provide continuously updated public disclosures.

Current tracking data identifies the United States, China, the United Kingdom, El Salvador, the United Arab Emirates, Bhutan, and other governments as Bitcoin holders.

United States

Bitcoin held: About 328,372 BTC

The U.S. government’s Bitcoin holdings are primarily the result of standard legal asset forfeitures. These assets were obtained by federal law enforcement during investigations into major cybercrimes and financial fraud, including the shutdowns of the Silk Road marketplace and the recovery of stolen funds from the Bitfinex hack.

In March 2025, the federal government established a Strategic Bitcoin Reserve. The executive order directed the Treasury to maintain seized and forfeited Bitcoin in a digital asset stockpile rather than liquidating it, subject to specified legal requirements.

Current tracking data puts U.S. government holdings at about 328,372 BTC.

China

Bitcoin held: About 190,000 BTC

China is estimated to hold about 190,000 BTC, according to current Bitcoin treasury tracking data. These holdings are generally associated with law enforcement actions rather than a publicly announced Bitcoin purchasing program.

United Kingdom

Bitcoin held: About 61,245 BTC

The UK is estimated to hold about 61,245 BTC. Much of the Bitcoin is associated with law enforcement actions, including a major seizure connected to a Chinese investment fraud case.

The exact legal ownership and management of seized Bitcoin can differ from the way blockchain-tracking services classify government-controlled wallets, so these figures should be viewed as estimates rather than an official government balance sheet.

El Salvador

Bitcoin held: About 7,783 BTC

El Salvador is unusual among governments because its Bitcoin holdings have primarily come from a deliberate government Bitcoin program rather than criminal seizures.

The country adopted Bitcoin as legal tender in September 2021 and began purchasing Bitcoin that year. Its government continues to hold thousands of BTC; current tracking data puts the balance at about 7,783 BTC.

United Arab Emirates (UAE)

Bitcoin held: About 6,420 BTC

The UAE is estimated to hold about 6,420 BTC. The government has largely built its sovereign Bitcoin reserve through state-backed, large-scale mining operations, rather than law enforcement asset seizures.

Bhutan

Bitcoin held: About 518 BTC

Bhutan has accumulated Bitcoin through government-backed mining operations powered in part by the country’s abundant hydroelectric resources. Current tracking data estimates Bhutan’s government holdings at approximately 518 BTC.

This is significantly lower than its peak of about 13,000 BTC in 2024 due to a sustained selling program begun in late 2024.

Why Bitcoin Ownership Is Hard to Measure

It’s difficult to determine exactly who owns the most Bitcoin because the Bitcoin blockchain records balances by address, not by individual or legal entity. One person can control multiple addresses, while a single address can hold Bitcoin for thousands or millions of customers. This makes it impossible to equate the number of addresses with the number of owners.

Lost Bitcoin creates another complication. Coins can remain visible on the blockchain even when their owners can no longer access them. And because transactions can move among multiple addresses, blockchain data alone doesn’t always reveal whether several addresses belong to the same person or organization.

As a result, rankings of the largest Bitcoin holders should generally be viewed as estimates based on blockchain analysis, company disclosures, government records, and other public information.

Recommended: How Many Bitcoins Are There?

Lost, Dormant, and Unattributed Bitcoin

Some Bitcoin remains on the blockchain but may be permanently inaccessible. Analysts estimate that somewhere between 2.3 million and 3.7 million Bitcoins are permanently lost, potentially representing as much as 18% of Bitcoin’s fixed maximum supply of 21 million coins.

Bitcoin can become inaccessible when an owner loses a private key or recovery information, destroys or loses a device containing wallet credentials, or dies without leaving a way for heirs to access the assets.

Satoshi Nakamoto’s estimated 1.1 million BTC is one of the largest examples of long-dormant Bitcoin. Those coins have remained untouched since the early days of the network, although dormant does not necessarily mean permanently lost.

James Howells

Bitcoin potentially inaccessible: About 8,000 BTC

James Howells is a Welsh computer engineer who says he accidentally discarded a hard drive containing the private keys to approximately 8,000 BTC in 2013. His efforts to recover the drive from a landfill in Newport, Wales, were unsuccessful, and a UK court rejected his legal action seeking access to the site.

The Bitcoin remains visible on the blockchain, but Howells cannot currently access it.

Stefan Thomas

Bitcoin potentially inaccessible: 7,002 BTC

Programmer Stefan Thomas has long been associated with a wallet containing 7,002 BTC. The private keys are stored on an encrypted USB flash drive, and Thomas lost the password needed to access it. As of July 2026, reports indicated that he had two password attempts remaining before the device would permanently lock its contents.

Like other dormant holdings, these coins shouldn’t automatically be classified as permanently lost. They remain associated with an existing wallet, and access could theoretically be restored if the correct credentials are recovered.

The Takeaway

Satoshi Nakamoto is believed to own the most Bitcoin of any individual, with an estimated 1.1 million BTC. Strategy is the largest publicly disclosed corporate holder, while governments such as the U.S and China also hold substantial amounts. Exchanges and funds may have even larger Bitcoin balances associated with their wallets, but those assets can be held on behalf of customers or shareholders rather than owned by the companies themselves. Because Bitcoin holdings can change as coins are acquired, sold, transferred, or reclassified, the ranking can change over time.

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FAQ

Does Satoshi Nakamoto still own bitcoin?

There is no way to confirm whether Satoshi Nakamoto still controls the estimated 1.1 million BTC associated with the pseudonymous Bitcoin creator. The coins have remained untouched since the early days of Bitcoin, and no one has publicly demonstrated control over the associated private keys. Because Nakamoto’s identity is unknown, it’s also impossible to verify whether the person or people behind the name are still alive or have access to the coins. The holdings are therefore generally described as dormant rather than definitively lost.

How much Bitcoin does the U.S. government own?

The U.S. government is estimated to control about 328,372 BTC. Most of these holdings came from Bitcoin forfeited in criminal and civil cases. In March 2025, the federal government established a Strategic Bitcoin Reserve to hold forfeited government Bitcoin rather than sell it, subject to applicable legal requirements. The government’s exact balance can change as assets are acquired, transferred, or otherwise gotten rid of.

Do exchanges own the Bitcoin they hold?

Not necessarily. When an exchange holds Bitcoin in wallets for customers, the exchange may control the wallets while customers retain beneficial ownership of their assets. This is different from Bitcoin the exchange holds for its own corporate account. That’s why blockchain estimates showing hundreds of thousands of BTC in exchange-controlled wallets shouldn’t automatically be interpreted as the exchange owning all of that Bitcoin. The same distinction applies to custodians that hold Bitcoin on behalf of institutions or other customers.

How many bitcoins are lost forever?

There is no precise number because the Bitcoin blockchain can’t identify coins that are permanently inaccessible. Estimates vary, but research suggests that roughly 2.3 million to 3.7 million BTC have been lost. Coins may become inaccessible when owners lose private keys or recovery information, or when someone dies without leaving a way for heirs to access the wallet. Dormant Bitcoin isn’t necessarily lost, since the owner may still have access to the private keys.

Can one person or company own most of the Bitcoin supply?

A person or company could theoretically control a large share of Bitcoin, but Bitcoin’s supply is capped at 21 million BTC. Satoshi Nakamoto is estimated to control about 1.1 million BTC, or roughly 5.5% of the maximum supply. Strategy is the largest publicly disclosed corporate holder, with 846,000 BTC as of September 2026. However, no individual or company is known to control anything close to a majority of the Bitcoin supply.

How can I check the largest Bitcoin wallets myself?

You can use public blockchain explorers and blockchain analytics platforms to examine Bitcoin addresses and transactions. Sites such as Arkham Intelligence and BitInfoCharts provide lists of large Bitcoin addresses and information about their balances. Keep in mind that a wallet address doesn’t necessarily represent one person or company. Exchanges, custodians, and funds can control addresses containing Bitcoin belonging to many customers. Address labels are also based on attribution and may change as researchers identify new information.

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Photo credit: iStock/da-kuk

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