Recent research from Gemini and Glassnode reveals that centralized Bitcoin treasuries now hold a significant portion of the total Bitcoin supply. As of mid-June 2025, these treasuries, encompassing governments, exchange-traded funds (ETFs), and public companies, control approximately 30.9% of the circulating Bitcoin, which equates to 6.1 million BTC worth around $668 billion. This concentration signals a notable shift toward institutional-grade infrastructure within the Bitcoin ecosystem.
The substantial increase in Bitcoin holdings by these centralized entities reflects a growing perception of Bitcoin as a strategic store of value. Over the past decade, the amount of Bitcoin held by these entities has surged by an impressive 924%, climbing from roughly 600,000 BTC to over 6.1 million BTC. During the same period, the spot price of Bitcoin has risen from under $1,000 to over $100,000, reinforcing the idea that institutions are increasingly recognizing Bitcoin as a valuable asset.
However, within these centralized treasuries, a significant portion is held by centralized exchanges. While these exchanges contribute to the overall figure, it's important to note that a substantial amount of this Bitcoin may be held on behalf of individual customers and retail investors. The report also highlights that, across most institutional categories, the top three entities control a significant share of the total holdings, ranging from 65% to 90%. This concentration is particularly evident in the DeFi, public company, and ETF/fund sectors, indicating that early adopters continue to play a crucial role in shaping the institutional market structure. In contrast, private company holdings appear more distributed, reflecting broader engagement.
BlackRock, the world's largest asset manager, stands out as a major player, holding over 661,400 BTC through its iShares Bitcoin Trust (IBIT) ETF. This accounts for more than 3% of Bitcoin's total supply and is valued at approximately $73 billion, making BlackRock the largest institutional holder of Bitcoin, even surpassing crypto exchange Binance, which holds around 629,190 BTC. Strategy, founded by Michael Saylor, also ranks among the top holders with approximately 582,000 BTC.
Furthermore, sovereign treasuries, such as those of the United States, China, Germany, and the United Kingdom, hold substantial amounts of Bitcoin acquired through legal enforcement actions. These wallets tend to exhibit infrequent movement and little correlation with market trends. The United States, for example, holds over 200,000 BTC, making it one of the largest sovereign holders.
The increasing adoption of Bitcoin by institutions and governments has led to decreased volatility, with annualized realized volatility across all time frames consistently declining since 2018. While Bitcoin remains a risk-on asset, its integration into traditional finance has contributed to more consistent price action and reduced speculative extremes.
This trend of centralized entities accumulating Bitcoin has implications for the market. A Strategic Bitcoin Reserve (SBR) was established in the U.S. in March, formally recognizing Bitcoin as a sovereign-grade asset. For sovereign allocators like the SBR, every $1 invested has the potential to generate significant short-term market cap expansion and long-term structural value. However, the concentration of Bitcoin in centralized treasuries also introduces systemic risks, as a sharp price drop could trigger forced liquidations.
