Arkham Intelligence's latest inventory of physical holding data indicates that Belet was placed before Strategy in the ranking of his Bitcoin address. This result raises concern, as Strategy remains the most publicly listed company in the world with Bitcoin on the basis of its total exposure.

Trust calibre change entity ranking

The key to the difference in ranking is the difference in the calibre of the chain. Arkham states that Strategy held a total of approximately 847,000 bitcoins, estimated at about $56 billion in textual prices, of which only about 83 per cent had been identified and validated to Strategy ' s chained entities, and the remaining 184,000 BTCs were hosted by Fidelity Custody.

In Arkham's physical view, only wallets that are directly attributable to the subject are ranked. As a result, Belet approximately 76.44 million BTC addresses are larger than Strategy's currently directly identifiable chain.

This does not mean that Belet has exceeded Strategy in total. Much of the former is related to the United States' current bitcoin ETF, which serves mainly fund investors, while the latter is part of the treasury currency strategy. In other words, it is also a bitcoin balance, which, if divided between wallets, custodians, asset managers or end-beneficiaries, would have significantly different results.

Middleheart and Coinbase top

According to Arkham's entity data, Chung is still the most known currency holder, holding approximately 109.66 million BTCs. Arkham linked these addresses to the Patoshi model of early mining, stating that the relevant bitcoin came from a mining incentive of approximately 22,000 blocks.

Coinbase ranked second with about 970,000 BTCs, about 5% of the total supply of bitcoin. This component includes customer hosting funds, institutional balances, operating liquidity and encrypted assets that companies may hold for their own purposes.

Robinhood and Bitfinex also manage large-scale cold wallets. Tether's Bitcoin reserve wallets hold approximately 97,000 BTCs. However, such large wallets do not necessarily represent the direct ownership of all assets by the platform or the company, a significant part of which may belong to customers or fund investors.

The government, ETF and business continue to expand.

The Government remains an important holder of Bitcoin, mainly from law enforcement seizures. Arkham lists United States Government addresses with approximately 32.88 million BTCs involving the Bitfinex hacker case, the Silk Road seizure and other enforcement actions.

  • The British government holds approximately 61,000 BTCs.
  • El Salvador has approximately 7100 BTCs
  • United Arab Emirates Royal Group Associated Entities approximately 6800 BTC

At the enterprise level, Tether has certified chain reserves of about 97,000 BTCs. Bitcoin Treasures statistics indicate that Block.One holds approximately 164,000 BTCs, but Arkham states that this part of the asset has not yet been fully certified on the chain.

This 2026 hold-up data also reflects the fact that bitcoin is more concentrated in ETFs, exchanges, business banks and government hosting systems. Another chain analyst stated that there were currently more than 16.8 million BTC wallets in possession of more than 1 BTC, while the retail holder held approximately 1.7 million BTCs.