Institutions Now Hold 31% of All Bitcoin

A joint report by Gemini and Glassnode shows centralized entities control over 6.1M BTC worth $668B. By the numbers:

A new joint report by Gemini and Glassnode has shed light on the dramatic shift in Bitcoin ownership, highlighting the cryptocurrency's growing maturity and institutional adoption.

According to the report, centralized treasuries, including those of governments, ETFs, public firms, and centralized exchanges, now control nearly 31% of all circulating Bitcoin, amounting to over 6.1 million BTC, which is valued at approximately $668 billion.

Breaking Down Bitcoin Treasuries

Governments around the world collectively hold 529,705 BTC, valued at over $57 billion. The United States leads with 207,189 BTC, followed by China with 194,000 BTC and the United Kingdom with 61,000 BTC.

However, it's worth noting that these holdings have not come from open market purchases. Instead, they've mostly been acquired through seizures and enforcement actions.

On the other hand, Bitcoin ETFs are rapidly growing as dominant holders, now controlling 1,390,267 BTC, which equates to about $150 billion. The largest holder is BlackRock's iShares Bitcoin Trust, which owns 665,638.1 BTC. Fidelity's Wise Origin Bitcoin Fund and Grayscale Bitcoin Trust follow with 198,685.8 BTC and 185,203.6 BTC, respectively.

These numbers highlight the increasing institutional confidence in Bitcoin as a long-term financial asset.

Public companies have also become aggressive buyers, amassing a collective holding of 763,479 BTC, valued at $82.38 billion. Among them, MicroStrategy continues to lead with a staggering 582,000 BTC in reserves. Other key players include Marathon Digital Holdings with 49,179 BTC and Riot Platforms with 19,225 BTC.

This signals Bitcoin's growing role as a strategic asset for corporations seeking to protect against inflation and economic uncertainty.

The report also confirms that centralized exchanges make up a significant portion of the 6.1 million BTC controlled by centralized entities. Currently, BTC exchange reserves stand at 2.5 million BTC.

While analysts believe that much of this Bitcoin belongs to retail users and not the exchanges themselves, the inclusion of exchanges highlights the role of custodial platforms in Bitcoin's ecosystem.

In contrast to public firms, private companies collectively hold 457,870 BTC, valued at around $49.4 billion, with a more distributed ownership.

Block.one holds 140,000 BTC, and Tether Holdings owns 100,521 BTC. Other notable holders include Xapo Bank with 38,931 BTC and Twenty One Capital with 37,229.7 BTC.

Bitcoin Price Surges Alongside Institutional Holdings

The report reveals that institutional Bitcoin holdings have surged 924% over the past decade. During the same period, Bitcoin's price jumped from under $1,000 to over $100,000. In just the past year, the price has climbed 60.2%, showing increased stability and mainstream acceptance.

This price performance is closely tied to growing institutional interest, which has created a stronger foundation for Bitcoin as an asset class.

suggest that despite evolving legal and regulatory frameworks, institutions are actively participating in the crypto ecosystem, presenting both opportunities and challenges for the industry's further development.