A holder for a bit is disclosed. The bit may include a first locking element. The holder may include a housing a base assembly including a first hole a second locking element partially disposed within the first hole and configured to move between a locking position in which the second locking element engages the first locking element to prevent removal of the bit, and an unlocking position in which the second locking element is spaced from the first locking element allowing the bit to be removed and a follower assembly contained within the housing and configured to move relative to the housing and base assembly between a first position in which the follower assembly supports the second locking element in the locking position, and a second position in which the follower assembly allows the second locking element to move from the locking position to the unlocking position.
