A new report from Gemini and Glassnode reveals that centralized entities — including governments, ETFs, and public companies — now hold 30.9% of Bitcoin’s circulating supply, signaling a historic shift toward institutional adoption.
🏦 $668 Billion in Institutional Bitcoin Holdings
The total BTC held by centralized treasuries has soared to 6.1 million BTC, valued at approximately $668 billion at current market prices. This represents a 924% increase in holdings by institutional entities over the past decade.
Gemini’s research concludes this surge reflects Bitcoin’s growing role as a strategic store of value among institutions:
“The spot price of Bitcoin has climbed from under $1,000 to over $100,000 in the same period, reinforcing its view as a strategic asset.”
📊 Centralized Exchanges Still Dominate
While public treasuries, ETFs, and sovereign wallets make up a large portion of holdings, centralized exchanges account for about half of that 6.1 million BTC. Much of this Bitcoin is likely held on behalf of retail users, not the exchanges themselves.
Still, the structure is heavily concentrated: across most institutional categories, the top three entities control 65–90% of holdings. This trend is most pronounced among ETFs, DeFi platforms, and public companies.
🏛️ Sovereign Treasuries: Dormant but Powerful
Sovereign wallets — such as those held by the U.S., China, Germany, and the U.K. — usually contain Bitcoin seized in legal actions, not acquired on the open market. While largely inactive, these wallets:
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Are structurally distinct from private investors
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Can impact prices significantly if their BTC is ever sold or moved
📉 Private Company Holdings More Distributed
In contrast to public entities, private companies show broader, more distributed ownership, hinting at growing interest among startups, hedge funds, and corporate treasuries not yet in the public eye.
🧭 Toward Institutional Maturity
With almost a third of BTC in centralized treasuries, Gemini and Glassnode conclude that Bitcoin has entered a phase of institutional maturity:
“Bitcoin remains a risk-on asset, but its integration into traditional finance has made price action more reliable and less speculative.”
As institutions further embed Bitcoin into financial systems, its role may increasingly resemble that of gold or bonds, though crypto-native risks still remain.
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