01 · Executive summary
Broad participation. Highly concentrated value.
Most observed coldkeys hold relatively small balances, while a very small number of large coldkeys account for most of the TAO-equivalent exposure.
TAO-equivalent includes alpha stake valued in TAO. It is an exposure measure and should not be read as a second issued-supply total.
02 · Distribution
Where wallets and value sit.
The baseline uses fixed, non-overlapping balance bands. Lower bounds are included; upper bounds belong to the next band.
| Balance band | Coldkeys | Wallet share | TAO-equivalent | Value share |
|---|---|---|---|---|
| 0.1–1 | 28,087 | 31.75% | 11,125 | 0.10% |
| 1–10 | 32,868 | 37.16% | 123,291 | 1.05% |
| 10–100 | 20,717 | 23.42% | 644,847 | 5.51% |
| 100–1,000 | 5,670 | 6.41% | 1,566,056 | 13.39% |
| 1,000–10,000 | 950 | 1.07% | 2,531,142 | 21.64% |
| 10,000–100,000 | 143 | 0.16% | 3,866,787 | 33.07% |
| 100,000+ | 16 | 0.02% | 2,950,851 | 25.23% |
03 · Concentration
53.56% sits in the Top 100 coldkeys.
Concentration shares use the on-chain issued supply at block 8,685,840: 11,154,798.40 TAO.
One coldkey does not necessarily equal one person. Exchanges, custodians, foundations and treasuries may represent many users or institutional functions. Publicly attributed CEX wallets account for 9.30 percentage points of the Top 10 share.
04 · Public attribution
Known CEX wallets hold 11.57% of issued TAO.
Public labels provide an attribution layer without changing the underlying address-level concentration measures. Within the original Top 10, three CEX-labelled coldkeys hold about 1.04 million TAO: 9.30% of issued supply and 45.13% of all TAO held by those ten addresses.
| Rank | Public label | Wallet type | Total TAO | Issued share |
|---|---|---|---|---|
| 1 | Binance | Centralized exchange | 737,822 | 6.61% |
| 6 | Kraken | Centralized exchange | 182,666 | 1.64% |
| 10 | MEXC | Centralized exchange | 117,199 | 1.05% |
| 12 | wTAO / TAO Bridge | Bridge custody | 115,432 | 1.03% |
wTAO is a bridge address, not a centralized exchange, and is excluded from the 11.57% CEX total. Labels come from the TaoMarketCap exchange dataset, may be incomplete and are not proof of ownership.
05 · Staking
Staking behaviour changes with wallet size.
Across measured free and staked components, 68.48% is staked. The highest staking intensity appears in the 1,000–10,000 band.
06 · Wallet positions
Current rank thresholds.
These fixed thresholds make future month-on-month movement straightforward to compare.
| Position | Minimum reported balance |
|---|---|
| Top 100 | 20,000.09 TAO-equivalent |
| Top 1,000 | 1,092.09 TAO-equivalent |
| Top 5,000 | 143.57 TAO-equivalent |
| Top 10,000 | 53.68 TAO-equivalent |
| Top 25,000 | 11.67 TAO-equivalent |
| Top 50,000 | 2.00 TAO-equivalent |
07 · Scope
A complete baseline with explicit limits.
The baseline covers
- 88,451 unique Finney coldkeys from 0.1 TAO-equivalent.
- Full broad balance bands, concentration and staking.
- Recalculated ranks and fixed position thresholds.
Important limitations
- The export spans 93.6 minutes, not one frozen block.
- Coldkeys are not verified individual holders.
- Public labels are contextual and never treated as proof of ownership.