BlackRock controls more than 890,000 BTC worth about $69 billion, making it the largest entity in Arkham's ranking by Bitcoin holdings. The figure includes assets that a company or individual can directly access and manage, including customer funds held by exchanges and ETF issuers.
A large share of BlackRock's Bitcoin is held on behalf of investors through the iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF. Arkham estimates that the fund's Bitcoin holdings are worth around $60 billion.
Strategy, led by Michael Saylor, ranks second with about $37 billion in Bitcoin under its control. The company reports holding 845,050 BTC worth roughly $66 billion. Arkham analysts note that around 184,000 of those coins are actually held with Fidelity Custody. Fidelity itself ranks third overall, with about $34 billion in Bitcoin under custody — part of which belongs to Strategy.
Kraken ranks next, with around $20 billion in Bitcoin. The list then includes a wallet holding about $6.1 billion in BTC linked to the hacker who stole funds from Mt. Gox in 2014, followed by the UK government with roughly $4.7 billion.
The US government holds even more than the UK — around $25 billion in BTC. Much of that balance is connected to legal proceedings, however, and the assets can't be freely used without court decisions.
Arkham also maintains a separate ranking of government Bitcoin holdings. The addresses it has linked to the Russian government contain 1,032 BTC worth about $80.3 million, placing Russia sixth among governments tracked by the platform. The top five are the US, UK, El Salvador, the UAE and Iran.
Arkham has cautioned that the ownership of these addresses hasn't been officially confirmed. The company made the same qualification in its August report covering major crypto holders during the first half of 2026. Arkham has also provided limited detail on the methodology it uses to attribute wallets to specific entities.
The ranking highlights a basic complication in measuring Bitcoin ownership: the largest balances don't always represent the assets economically owned by the entity controlling the wallets. Custody arrangements, ETF structures and seized assets can all put large amounts of Bitcoin under the control of one organization while belonging to someone else.
