Unmasking ‘Mr. 100’: The Enigma Behind Bitcoin’s 14th-Largest Holder

Last updated: March 16, 2024 12:00 EDT | 2 min read

A Bitcoin (BTC) whale known as “Mr. 100” has captured the attention of the crypto community in recent days. 

The enigmatic individual has amassed a staggering 52,996 Bitcoin, worth over $3.5 billion, making them the 14th-largest holder of the digital currency.

On March 15, the whale purchased at least 1,000 Bitcoin, which accounted for 52% of the total 1,907 BTC bought by the top 10 Bitcoin exchange-traded funds (ETFs), sparking speculation about the true identity of Mr. 100.

Mr. 100 Consistently Receives Bitcoin

Interestingly, the wallet associated with Mr. 100 has been consistently receiving Bitcoin since November 2022, around the time of the FTX exchange collapse. 

What’s more, the wallet has been adding approximately 100 BTC on a daily basis since February 14. 

Larger Bitcoin transfers from a secondary wallet address have also been observed, with this secondary address accumulating tranches of 100 BTC since 2019. 

This suggests that Mr. 100 has been accumulating Bitcoin for quite some time.

While the exact identity of Mr. 100 remains unknown, several theories have emerged. 

Some speculate that the whale could be a Hong Kong financial institution pre-seeding for ETFs, the Qatar Investment Authority, other Middle Eastern sovereign wealth funds, a cold wallet associated with the South Korean Upbit exchange, or even an unidentified address belonging to a tech billionaire.

What sets Mr. 100 apart is their relentless accumulation of Bitcoin, regardless of its price fluctuations. 

Notably, on March 12, when Bitcoin was trading above the $72,000 mark, Mr. 100 added a staggering 400 BTC to their holdings. 

This unwavering accumulation spree has propelled them to become the 14th-largest BTC holder, according to data from Bitinfocharts.

Does Mr. 100 Wallet Belong to Upbit Exchange?

Interestingly, blockchain intelligence firm Arkham Intelligence has tagged the Mr. 100 wallet as a cold wallet belonging to the Upbit cryptocurrency exchange. 

The firm’s analysis suggests that the wallet is associated with a VASP-type service, and the incoming transactions are traced back to Upbit.

Crystal Intelligence, another analytics team, confirms that the wallet’s outflows have been directed to an Upbit hot wallet. 

Most of these transactions involve significant amounts, with some transfers reaching as high as 3,000 BTC.

This evidence has led to the hypothesis that Mr. 100 could indeed be linked to Upbit. 

The movement of 100 BTC at regular intervals may be Upbit’s unique method of managing their cold and hot wallet assets, as suggested by pseudonymous on-chain analyst Defioasis.

Furthermore, it has been noted that a South Korean entity has been accumulating large amounts of Bitcoin, adding weight to the theory that Mr. 100’s activities are connected to Upbit.

It is worth noting that the US government is the largest holder of Bitcoin (BTC), acquiring approximately 200,000 coins (worth around $5 billion) through seizures related to criminal activities. 

The digital assets were seized from cybercriminals and darknet markets and are securely stored offline in encrypted hardware wallets controlled by various federal agencies, including the Justice Department and the Internal Revenue Service (IRS).