Centralized Bitcoin Treasuries Hold Nearly One‑Third of Supply

Published: June 12, 2025

Research by Gemini and Glassnode reveals that centralized treasuries—comprising governments, ETFs, exchanges, and public companies—now control 30.9% of Bitcoin’s circulating supply, representing roughly 6.1 million BTC(~ $668 billion) reddit.com+15cointelegraph.com+15tradingview.com+15.

📊 Key Insights

Surge in Institutional Holdings
This is a 924% increase in centralized treasury holdings over the past decade, underscoring institutional adoption of Bitcoin as a strategic store of value ccn.com+5cointelegraph.com+5tradingview.com+5.

Dominance of Centralized Exchanges
Nearly half of those centralized holdings reside in centralized exchanges, potentially held on behalf of retail usersriver.com+12cointelegraph.com+12bitcoinist.com+12facebook.com.

Concentration Among Major Entities
The top 3 institutions in each category (DeFi, public companies, ETFs, etc.) control 65–90% of the supply within their segment, even as private companies show wider BTC distributionambcrypto.com+13cointelegraph.com+13tradingview.com+13.

Power of Sovereign Treasuries
Governments like the US, China, Germany, and the UK hold significant Bitcoin reserves—mainly acquired via enforcement actions. Though these BTC are rarely moved, their activation could sway marketstradingview.com+15cointelegraph.com+15aicoin.com+15.

🔍 Why This Matters

Institutional Maturity
With nearly one-third of supply in centralized hands, Bitcoin is shifting toward traditional finance infrastructure, which could stabilize price dynamics and reduce volatility .

Market Implications
The concentration means large holders could influence market trends—particularly if governments or major custodians choose to liquidate or relocate holdings ccn.com+3cointelegraph.com+3binance.com+3.