Research finds nearly one-third of Bitcoin supply held by centralized institutions

Nearly one-third (30.9%) of Bitcoin’s (BTC) circulating supply, approximately 6.1 million BTC valued at $668 billion, is now held by centralized treasuries, including governments, ETFs and public companies, Cointelegraph reported, citing recent research by Gemini and Glassnode. This represents a 924% increase over the past decade and reflects a significant structural shift toward institutional adoption. While a substantial portion of these holdings, especially those on exchanges, may still belong to retail investors, the report notes that institutions are increasingly treating BTC as a strategic store of value. Overall, the findings suggest BTC is entering a new phase of institutional maturity, marked by more stable and less speculative market behavior.