Institutions, Exchanges and Governments Now Control 29.8% of Bitcoin Supply
Large corporations, governments, centralized exchanges and investment funds now collectively control nearly one third of all Bitcoin in circulation. According to new data from Glassnode, these entities hold a record 5.94 million BTC - a level that underscores the accelerating institutionalization of the Bitcoin market.
Public Companies Lead Corporate Accumulation
Public and private companies account for approximately 1.07 million BTC. Strategy remains the dominant corporate holder, controlling 660,624 BTC - roughly 3% of Bitcoin’s total supply. MARA Holdings and Twenty One Capital follow, holding 52,850 BTC and 37,229 BTC respectively.Since January 2023, the combined Bitcoin reserves of major companies have surged by 448%, reflecting aggressive balance-sheet accumulation strategies during periods of market volatility.
Centralized Exchanges Hold the Largest Share
Centralized crypto exchanges represent the second-largest concentration of Bitcoin, with total holdings reaching 2.94 million BTC. Coinbase leads exchange custody with approximately 800,000 BTC, while Binance follows with around 550,000 BTC.These reserves primarily reflect user deposits rather than proprietary holdings, but they nonetheless represent a significant portion of liquid Bitcoin supply concentrated under custodial control.
ETFs Rapidly Absorb Available Supply
Bitcoin exchange-traded funds now collectively control about 1.31 million BTC. BlackRock’s iShares Bitcoin Trust dominates the sector with 777,485 BTC under management. Fidelity’s Wise Origin Bitcoin Fund ranks second among ETFs, holding 202,425 BTC.The rapid growth of ETF holdings highlights strong institutional demand for regulated Bitcoin exposure without direct self-custody.
Government Holdings Remain Material
Governments worldwide collectively hold around 600,000 BTC. The United States leads with 198,012 BTC, followed closely by China with approximately 194,000 BTC. The United Kingdom ranks third, holding 61,245 BTC.Most government-held Bitcoin originates from seizures rather than open-market purchases, yet these balances still represent a meaningful supply overhang.
Conclusion
With nearly 30% of Bitcoin now controlled by institutions, custodians and governments, the asset’s ownership structure has shifted dramatically from its early retail-driven years. While this concentration enhances market legitimacy and liquidity, it also raises long-term questions about decentralization, custody risk and systemic influence over Bitcoin’s circulating supply.Editorial Team - CoinBotLab
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