In 2025, Bitcoin underwent a major transformation as institutional holders steadily absorbed the world’s largest crypto asset. In fact, new data revealed that nearly six million bitcoins are now held by large entities.
This has left smaller investors with shrinking influence over supply.
ETFs, Governments, and Corporations Tighten Their Grip
Bitcoin (BTC) holdings are becoming increasingly concentrated among large institutions and custodians, according to the latest findings by Glassnode. Publicly listed companies hold about 1.07 million BTC.
The top public BTC treasury companies are led by Strategy, which holds 660,624 BTC, far exceeding all other listed firms. Next up is MARA Holdings with 53,250 BTC. Twenty One Capital ranks third with 43,514 BTC, ahead of Japan’s Metaplanet, which holds 30,823 BTC.
Bitcoin Standard Treasury Company follows with 30,021 BTC, while Bullish holds 24,300 BTC. Riot Platforms ranks next with 19,324 BTC, followed by Coinbase Global with 14,548 BTC. Hut 8 holds 13,696 BTC, and CleanSpark rounds out the top ten with 13,011 BTC. Meanwhile, government wallets account for roughly 620,000 BTC.
Meanwhile, US-listed Bitcoin exchange-traded funds (ETFs) collectively control around 1.31 million Bitcoin. Additionally, cryptocurrency exchanges remain the largest single category, as this cohort holds approximately 2.94 million bitcoin. In total, these major holder groups control an estimated 5.94 million BTC, or nearly 30% of the circulating supply.
Market Weakness Meets Institutional Conviction
On the price side of things, Bitcoin briefly slipped below the $90,000 mark this week amid broader tech sector weakness and macro concerns, which indicates that the cryptocurrency’s market behavior remains tethered to traditional risk assets even as institutional holdings grow.
Despite the pullback, Cathie Wood’s Ark Invest bought 13,700 shares of its own Bitcoin ETF “ARKB.” The stash is worth around $417,000, showing continued confidence in the underlying asset. In another affirmation of institutional integration, Strategy has retained its place in the Nasdaq 100 index for a full year even as many market experts raised questions over its business model of buying and holding BTC amidst mounting concerns over the sustainability of crypto treasury companies.
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