Bitcoin, once a grassroots experiment for tech enthusiasts and retail investors, is increasingly being accumulated by institutions. New data shows that companies, funds, governments and other organizations now hold almost a fifth of all bitcoin in existence.
According to BitcoinTreasuries, institutions hold 3.75 million BTC. That’s around 18% of the circulating supply. These are spread across 332 entities:
192 public companies: 1,032,523 BTC
44 funds or ETFs: 1,496,366 BTC
68 private companies: 299,213 BTC
13 governments: 519,105 BTC
11 DeFi projects: 249,852 BTC
4 custodians or exchanges: 153,107 BTC
The biggest holders are ETFs and publicly listed companies, which ramped up their buying after the U.S. approved spot bitcoin ETFs in 2024.
The percentage goes even higher when you factor in coins that will never move. Experts estimate 1.1 million BTC was mined by Satoshi Nakamoto and will never be spent. On top of that, 3.7 million BTC are believed to be lost forever due to misplaced keys or inaccessible wallets.
That means effective institutional ownership is around 23–25% of the available supply.
When you factor out coins that will never circulate again, institutional holdings are around 23–25% of the actual supply.
The U.S. is by far the leader in institutional bitcoin holdings. 118 U.S.-based entities report bitcoin reserves. Canada is second with 43, then comes the UK with 21, Japan with 12, and Hong Kong with 12.
This geographical concentration shows how adoption is being driven by developed markets with strong financial infrastructure.
Several reasons are driving this institutional demand. Reports say institutions view Bitcoin as a hedge against inflation and fiat currency debasement.
It’s also viewed as a tool for portfolio diversification because of its low correlation with traditional assets. Bitcoin is also considered safer than most digital assets because it has clearer rules in major markets.
ETFs are having a big impact. U.S.-listed spot bitcoin ETFs hold over 1.3 million BTC and have taken in more than 9 times the new daily supply. It’s not just funds and ETFs that are moving. Corporations are adding bitcoin to their balance sheets as well.
Strategy, for example, has become the largest corporate holder with reports saying they now hold over 638,000 BTC – more than 3% of total bitcoin supply. Other companies are following this model and treating bitcoin as a treasury reserve asset.
Governments are also getting in on the action. El Salvador made bitcoin legal tender in 2021 and now the U.S. has established a Strategic Bitcoin Reserve – a big shift in official thinking.
Bitcoin has a hard cap of 21 million coins and around 19.5 million have been mined. Over 72% of circulating Bitcoin is illiquid – meaning it sits in wallets with no recent history of selling.
That leaves only a small fraction available for trading. Adding in institutional demand results in a supply-demand imbalance that many believe will support long-term price growth.
