More Than Half of Bitcoin Still Has No Known Owner—and Wall Street Hasn’t Changed That

By Isaac • October 26, 2026 7:16 am •

Bitcoin’s ownership map still looks nothing like a Wall Street registry.

About 11.1 million BTC—roughly 55% of the bitcoin mined so far—sits in addresses that Galaxy Research could not connect to an exchange, fund, government or other known entity in its October snapshot, according to CoinDesk.

That is a striking result after years of spot ETFs, public-company treasury purchases and institutional custody deals. The largest share of the supply is still the share researchers cannot confidently name.

Galaxy’s attributed bucket covers recognizable exchanges, spot ETFs, government holdings and the Satoshi-era miner pattern. The research therefore compares a large known institutional layer with an even larger group whose owners cannot be established from current address labeling.

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