Nearly one-third of Bitcoin’s circulating supply is now held by centralized treasuries, with early adopters continuing to control a disproportionately large share, according to new research from Gemini and Glassnode.
The report, released Wednesday, revealed that entities such as governments, exchange-traded funds (ETFs), and public companies now hold 30.9% of the total Bitcoin supply—highlighting a significant shift toward institutional-grade infrastructure.
In total, these institutional and custodial players now possess 6.1 million BTC, valued at approximately $668 billion at current prices. This marks a staggering 924% increase in holdings by such entities over the past decade.
The surge in BTC accumulation by treasuries, governments, and institutional funds underscores their growing view of Bitcoin as a strategic store of value, the researchers concluded.
“During the same period, the spot price of Bitcoin has climbed from under $1,000 to over $100,000, reinforcing the thesis that institutions increasingly view Bitcoin as a strategic asset.”
Centralized exchanges hold the lion’s share of Bitcoin supply
However, the chart also includes centralized exchanges, which account for about half of the total holdings. These assets may largely belong to individual customers and retail investors, rather than the institutions themselves.
The report further noted that within every institutional category, the top three entities hold between 65% and 90% of the total Bitcoin in that group—highlighting how early adopters continue to shape the institutional market landscape.
This concentration is especially pronounced among DeFi protocols, public companies, ETFs, and funds. “In contrast, private company holdings appear more distributed, reflecting a broader base of engagement,” the researchers explained.
Earlier this month, Cointelegraph reported that 61 publicly listed companies now collectively hold over 3% of Bitcoin’s total supply.
Sovereign treasuries have the potential to sway markets
The research also revealed that sovereign treasury wallets tend to show infrequent activity and minimal correlation with Bitcoin’s price cycles. However, their holdings are substantial enough to influence the market when coins are moved or sold.
Governments in the United States, China, Germany, and the United Kingdom were cited as the largest sovereign holders, with most of their Bitcoin acquired through legal enforcement actions rather than direct market involvement.
“These holdings represent a structurally distinct class—dormant, but capable of moving markets when activated.”
Shift Toward Institutional Maturity
The report concluded that with nearly one-third of Bitcoin’s circulating supply now held by centralized treasuries, the market has experienced a fundamental shift toward institutional maturity.
“While Bitcoin still behaves as a risk-on asset, its growing integration into traditional finance has led to more stable price movements and reduced susceptibility to speculative volatility,” the researchers noted.
