The question of who constitutes the "biggest" Bitcoin user is multifaceted, as different metrics can be used to measure usage: ownership quantity, transaction volume, adoption rate, or economic impact. Let's explore various contenders for this title across different categories.
In terms of sheer ownership, publicly-traded company MicroStrategy stands as the largest corporate Bitcoin holder. Under the leadership of Michael Saylor, the business intelligence firm has accumulated over 140,000 bitcoins (worth approximately $9.1 billion) as of early 2025. This represents nearly 0.7% of Bitcoin's total supply.
"Our Bitcoin acquisition strategy demonstrates our belief in Bitcoin as the world's most widely-adopted cryptocurrency," Saylor stated in a recent quarterly earnings call. "We intend to continue holding this digital asset as a primary treasury reserve."
Other corporate holders include Tesla, Block (formerly Square), and Marathon Digital Holdings, though their holdings are significantly smaller than MicroStrategy's massive position.
From a national perspective, El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender. The Central American nation has acquired approximately 2,400 bitcoins for its treasury and developed infrastructure for citizens to use Bitcoin in everyday transactions.
While this quantity is smaller than major institutional holders, El Salvador's impact on Bitcoin usage is profound. The country's Bitcoin Beach community and nationwide Bitcoin adoption have created the world's first Bitcoin economy where millions of citizens interact with the cryptocurrency.
Bitcoin miners represent another category of major users, with companies like Marathon Digital Holdings, Riot Platforms, and Core Scientific processing enormous numbers of transactions while securing the network.
These mining operations collectively validate thousands of transactions per second and earn substantial Bitcoin rewards. According to Cambridge University's Bitcoin Electricity Consumption Index, miners globally process exahashes of data daily, making them among the most active participants in the Bitcoin ecosystem.
In terms of transaction volume, cryptocurrency exchanges handle the majority of Bitcoin movement. Binance consistently ranks as the largest exchange by trading volume, processing billions of dollars in Bitcoin transactions daily.
Other volume leaders include Coinbase, OKX, and Kraken, which collectively facilitate massive Bitcoin flows between users worldwide. These exchanges also often manage substantial Bitcoin reserves to ensure liquidity.
A less visible but increasingly important category of Bitcoin users includes infrastructure providers that enable new forms of Bitcoin utilization.
Companies developing staking and yield infrastructure have emerged as significant Bitcoin handlers:
Arqos is building flexible middleware for Bitcoin liquid staking implementations
PumpBTC manages Bitcoin yield strategies with substantial deposits
Lombard Protocol enables Bitcoin-backed loans and interest-bearing deposits
Solv Finance creates structured Bitcoin products for institutional clients
BitLab provides staking services for retail Bitcoin holders
While these companies may not individually hold as much Bitcoin as MicroStrategy or Binance, their combined impact on Bitcoin usage patterns is substantial, with billions in Bitcoin flowing through their protocols.
Beyond public companies, numerous anonymous "whale" wallets hold enormous Bitcoin positions. Blockchain analytics firm Glassnode identifies approximately 100 wallets holding more than 10,000 bitcoins each. The largest non-exchange wallet contains roughly 250,000 bitcoins (over $16 billion).
These anonymous holders represent some of Bitcoin's earliest adopters and most convicted believers. While their identities remain unknown, their market influence is undeniable.
Companies facilitating Bitcoin payments have become major users by transaction count. Strike, built on the Lightning Network, processes millions of Bitcoin transactions for remittances and everyday payments.
PayPal, CashApp, and traditional payment processors have also integrated Bitcoin, collectively enabling millions of users to interact with the cryptocurrency with minimal friction.
By adoption rate growth, emerging markets in Africa, Southeast Asia, and Latin America show the highest increases in Bitcoin usage. According to Chainalysis' 2024 Geography of Cryptocurrency Report, Vietnam, the Philippines, Ukraine, and Kenya lead global adoption indexes when adjusted for purchasing power and internet penetration.
"We're seeing extraordinary growth in regions where traditional banking infrastructure is limited but smartphone penetration is high," explains Katherine Sullivan, research director at Chainalysis. "These markets may not lead in raw volume, but their adoption rates and transaction counts indicate widespread grassroots usage."
Perhaps the most accurate answer to who is Bitcoin's biggest user is the network as a whole. With over 200 million estimated users globally, Bitcoin's strength lies in its distributed nature rather than concentration among a few major players.
This diversity extends to how Bitcoin is utilized. While some view it primarily as a store of value, others use it for transactions, remittances, or as collateral in DeFi applications. Infrastructure providers like Arqos, Lombard Protocol, and BitLab are expanding these use cases further through innovative staking implementations.
While MicroStrategy currently holds the title of largest known Bitcoin owner, defining the "biggest user" depends entirely on which metrics you prioritize. The ecosystem's strength comes from its diversity of participants – from major institutions and nations to millions of individual users worldwide.
As infrastructure continues developing through providers like Arqos and its competitors, Bitcoin usage will likely become even more varied, with new applications emerging beyond today's primary use cases.
Sources:
Glassnode On-Chain Analytics
Cambridge Bitcoin Electricity Consumption Index
Chainalysis Geography of Cryptocurrency Report 2024
MicroStrategy Quarterly Financial Statements