Once a grassroots experiment for tech enthusiasts and retail investors, Bitcoin is increasingly accumulating by institutions. New data shows that businesses, funds, governments and other organizations currently own almost a fifth of all Bitcoin.
According to Bitcointreasuries, the agency holds 3.75 million BTC. That’s about 18% of the circulation supply. These are spread across 332 entities.
- Public companies of 192: 1,032,523 BTC
- 44 Funds or ETFs: 1,496,366 BTC
- 68 private companies: 299,213 BTC
- 13 Government: 519,105 BTC
- 11 defi projects: 249,852 BTC
- Four Custodians or Exchange: 153,107 BTC
The largest owners are ETFs and public companies, increasing purchases after the US-approved Spot Bitcoin ETF in 2024.
Considering coins that never move, the percentage is even higher. Experts estimate that 1.1 million BTC has been mined by Nakamoto at, and will never be spent. In addition to that, 3.7 million BTC is thought to be lost forever due to misplaced or inaccessible wallets of keys.
In other words, effective institutional ownership is around 23-25% of the available supply.
Considering coins that will never circulate again, institutional holdings are around 23-25% of the actual supply.
The United States is the leader in institutional Bitcoin Holdings. 118 US-based entities report Bitcoin reserves. Canada will be second with 43, followed by the UK, 12 Japan and 12 Hong Kong in 12.
This geographical concentration shows how adoption is driven by developed markets with strong financial infrastructure.
There are several reasons to promote this institutional demand. The institutions view Bitcoin as a hedge against inflation and the collapse of Fiat currency, according to the report.
It is also considered a tool for portfolio diversification due to its low correlation with traditional assets. Bitcoin is considered safer than most digital assets because it has clearer rules in major markets.
ETFs have had a huge impact. Spot Bitcoin ETFs registered in the US hold over 1.3 million BTCs, earning more than nine times the new daily supply. It’s not just funds and ETFs that are moving. Companies are also adding bitcoin to their balance sheets.
For example, the strategy has become the largest company holder, and the report says it currently has over 638,000 BTC. This is more than 3% of total Bitcoin supply. Other companies follow this model and treat Bitcoin as a Ministry of Finance reserve asset.
The government is also taking part in the action. El Salvador made Bitcoin the fiat currency in 2021, but the US has now established a strategic Bitcoin reserve. This is a major change in official thinking.
Bitcoin has a hard cap of 21 million coins, with approximately 19.5 million people mining. Over 72% of circulating Bitcoin are illiquid. In other words, there is no history of recent sales and sits in your wallet.
This leaves only a small portion available for transactions. Adding demand for facilities creates a supply and demand imbalance that many believe will support long-term price growth.