Key Takeaways:

Centralized treasuries now control 31% of Bitcoin’s supply, totaling around 6.1 million BTC.
The top three entities in each sector hold a dominant share, with up to 90% in some categories.
Sovereign Bitcoin reserves, though largely inactive, hold market-moving potential due to their size.

A new report from Gemini and Glassnode reveals that centralized treasuries now control around 31% of Bitcoin’s circulating supply – equivalent to 6.1 million BTC, worth approximately $668 billion.

These centralized holders include governments, ETFs, and publicly traded companies.

CENTRALIZED TREASURIES NOW HOLD 31% OF ALL BITCOIN – REPORT

– A new report by Gemini and Glassnode shows that over 6.1 million BTC, worth around $668 billion, is now held by centralized entities.

– That’s 31% of Bitcoin’s circulating supply, concentrated in just 216… pic.twitter.com/GRPWyocv3d
— BSCN (@BSCNews) June 12, 2025

The share held by such institutions has surged by 924% over the past decade, signaling a major shift toward institutional involvement in Bitcoin.

The researchers suggest this trend reflects growing confidence in Bitcoin as a long-term, strategic store of value.

Bitcoin’s price rise – from under $1,000 to over $100,000 during this same period – further supports this institutional thesis.

Notably, centralized exchanges still hold large volumes, likely on behalf of retail users, while top institutional players dominate holdings across ETFs, DeFi, and public firms.

In contrast, private companies show a more evenly distributed ownership pattern.

The report also highlights sovereign treasuries, which often acquire Bitcoin through legal seizures.

Although their wallets are mostly inactive, their sheer volume gives them market-moving potential if activated.

The authors conclude that Bitcoin’s integration into traditional finance has pushed the asset toward institutional maturity, reducing retail-driven volatility and transforming the market’s overall structure.

Bitcoin remains a risk asset, but with increasingly stable and predictable behavior.