BITCOIN CUSTODIAL SUPPLY
How Much Bitcoin Do Businesses Hold for Other People?
Some coins sit with the person who owns them. Others sit with a company that holds them on that person's behalf. This is what we can see of the second kind.
Coins held for other people
How many coins businesses were holding, every day since 2009. The scale is stretched so the early years are readable.
Where it stands today
733,753 coins sit with a business holding them on somebody else’s behalf, and over the past month that pile changed by 1,277 coins. Their pile is getting bigger.
872,362 coins arrived and 931,177 left over the same month. The change in a pile is not the same as the coins that moved: this ledger also picks up wallets it had not linked to a business before, and those arrive without a movement behind them.
Which kind of business?
100.0% of it is held by exchanges, 733,753 of 733,753 coins.
62 wallet groups hold any of it and 17 of them moved coins that day. A wallet group is a set of addresses the chain shows under one wallet’s control. It is not a company: one business runs many, and most of the groups we have labelled hold nothing at all.
What did their coins cost?
Exchanges paid $57,676 a coin on average, and today’s price is 1.48 times that. Other businesses paid $86,017 a coin on average, and today’s price is 0.99 times that.
93.5% of exchanges’ priced coins are worth more than they cost, and we have an arrival price for 88.3% of that pile. 0.0% of other businesses’ priced coins are worth more than they cost, and we have an arrival price for 100.0% of that pile.
How long have the coins sat still?
The average coin held by a business last moved 2.6 years ago. That is longer than most people expect, and it is what a customer balance looks like when nobody is trading it: the coins sit where they were left, and only a small share of the pile turns over in any month.
$1.08 billion of profit was taken in the past month, against $270 million of losses. Profit taken here is the profit on coins that left these wallets. It is not the business’s own profit: the coins belong to its customers.
What is missing from this page?
The Bitcoin funds report holding 1,285,392 coins as of 14 Oct 2026, and not one of them is counted above. A fund’s coins sit in deep cold storage: they arrive and never move, and our method learns who owns what only from coins people spend. That is the same reason 88.8% of all Bitcoin has no owner on this page at all. Two addresses spent in one transaction prove one owner. Two addresses that only ever received coins prove nothing, because anyone can pay any address.
We can put an owner against 11.2% of all Bitcoin, and 17.84 million coins sit with an owner we cannot name. The funds’ figure is what the funds themselves publish, on their own clock, and it is not measured on the chain the way everything else here is. The two are never added together.
The numbers
behind the chart
What does the current reading show?
Coins held for other people: the latest reading is 733,753 BTC, on . The highest reading since is 1,151,798 BTC on ; the lowest is 0 BTC on .
Every coin sitting with a business that holds it on somebody else's behalf, counted on the chain, as of 6 Oct 2026. The funds are not in it: their coins arrive and never move, so this method cannot see them.
What are the latest, highest and lowest readings?
| Measure | Latest | Highest | Lowest |
|---|---|---|---|
| Coins held for other people | 733,753 BTC | 1,151,798 BTC | 0 BTC |
How do the readings compare with earlier dates?
| Reference date | Coins held for other people |
|---|---|
| 1 month ago | 732,476 BTC |
| 3 months ago | 694,547 BTC |
| 6 months ago | 678,031 BTC |
| 1 year ago | 658,203 BTC |
| 2 years ago | 795,300 BTC |
What was the reading at each month’s end?
| Reading date | Coins held for other people |
|---|---|
| 735,449 BTC | |
| 733,842 BTC | |
| 698,880 BTC | |
| 693,443 BTC | |
| 684,464 BTC | |
| 662,180 BTC | |
| 676,026 BTC | |
| 689,915 BTC | |
| 681,830 BTC | |
| 667,879 BTC | |
| 664,068 BTC | |
| 681,580 BTC | |
| 647,720 BTC | |
| 651,185 BTC | |
| 632,560 BTC | |
| 611,166 BTC | |
| 645,455 BTC | |
| 691,315 BTC | |
| 738,899 BTC | |
| 724,621 BTC | |
| 756,097 BTC | |
| 762,841 BTC | |
| 762,185 BTC | |
| 779,712 BTC |
Every kind of business, and what each one holds
| Kind of business | Coins held | Share | 30-day change | Average buy price | Wallet groups |
|---|---|---|---|---|---|
| Exchanges | 733,753 | 100.0% | +1,277 | $57,676 | 61 |
| Other businesses | 0 | 0.0% | -0 | $86,017 | 1 |
Average buy price is what a group’s coins cost on the day they arrived, over the coins whose arrival we watched. Today’s price is $85,550.
Understanding
Bitcoin Custodial Supply
Where it stands today
Businesses hold 733,753 bitcoin for other people, which is 3.65% of all Bitcoin as of .
Exchanges hold 100.0% of that, 733,753 coins as of .
Their coins arrived at an average of $57,676 a coin as of .
What is the difference between holding your own coins and leaving them with a business?
Two ways to hold a coin. If you keep Bitcoin in your own wallet, nobody else can move it. If you leave it with an exchange or a custodian, a business holds it for you and that business controls the keys. Both are ownership, and they behave differently: coins a business holds are already sitting where they can be sold in seconds.
How do we pick the businesses out?
How we pick the businesses out. Every group on this page is a set of addresses the chain itself shows under one wallet's control, because at some point they were all spent from in a single transaction. A group counts as a business when published records tie it to one. Where two businesses both appear to claim the same group it goes to neither, because putting one company's coins in another's pile is the one mistake this page cannot recover from.
Why do the wallet group counts look so small?
Why the wallet group counts look small. A wallet group is not a company and not an address. One business runs many groups, and most of the groups we have labelled hold nothing at all, because the address a customer is given to deposit into is swept empty as soon as the money lands. So the number of groups holding anything on a given day is far smaller than the number of businesses behind them.
What can this method not see?
The part we cannot see, which is most of it. We learn who owns what from the coins people spend. Two addresses spent together prove one owner. Two addresses that only ever received coins prove nothing, because anyone can pay any address. So a wallet that takes coins in and then sits still is invisible to this method, by design rather than by accident. That is most of Bitcoin, and it is why the funds that hold coins for investors do not appear in the figures here at all: their coins arrive in deep storage and never move again. The page states what the funds themselves report, on their own clock, and never adds it to anything measured on the chain.
What do the averages mean?
What the averages mean. The average buy price is what a group's coins cost on the day they arrived in that group's wallets, and it covers only the coins whose arrival we watched. A coin that has not moved since before our record starts has no arrival price, so it is left out rather than counted at zero. Profit taken is the profit on coins that left these wallets, and it is not the business's own profit: the coins belong to its customers.
Source: Wallet groups the chain shows under one owner’s control, tied to a business by published records, as of 6 Oct 2026. Reading for .