Centralized Treasuries Hold 31% of Bitcoin Supply

Centralized Bitcoin treasuries have been revealed to hold a significant portion of the total Bitcoin supply, with 31% of all BTC in circulation being managed by these entities. This information, provided by the cryptocurrency exchange Gemini, highlights the growing influence of centralized institutions in the Bitcoin ecosystem. The concentration of such a large percentage of the Bitcoin supply in the hands of a few entities raises several important considerations for the market.

The fact that centralized treasuries control a substantial amount of Bitcoin indicates a shift in the dynamics of the cryptocurrency market. Traditionally, Bitcoin has been associated with decentralization and individual control over assets. However, the increasing involvement of centralized entities suggests that institutional players are becoming more prominent in the space. This trend could have implications for the overall stability and security of the Bitcoin network, as well as for the decentralized ethos that underpins the cryptocurrency.

One of the key implications of this development is the potential for increased market manipulation. Centralized treasuries, with their significant holdings, could influence the price of Bitcoin through coordinated buying or selling activities. This concentration of power could lead to market volatility and undermine the trust that many investors place in Bitcoin as a decentralized and secure asset. It is crucial for regulators and market participants to monitor these activities closely to ensure that the market remains fair and transparent.

Another consideration is the impact on the decentralization of the Bitcoin network. The original vision of Bitcoin was to create a decentralized currency that is not controlled by any single entity. The growing influence of centralized treasuries could erode this vision, as these entities have the power to shape the direction of the market. It is important for the community to remain vigilant and advocate for measures that promote decentralization and prevent the concentration of power in the hands of a few.

Centralized treasuries, including governments, exchange-traded funds, and public companies, now control 30.9% of the circulating supply of Bitcoin (BTC), signaling a growing shift toward institutional-grade infrastructure. The total Bitcoin held across major institutional and custodial entities has surged to 6.1 million BTC, worth around $668 billion at current prices, representing an increase of 924% in supply held by these entities over the past decade. The surge in BTC holdings by treasuries, governments, and institutional funds indicates that these entities view the asset as a strategic store of value. During the same period, the spot price of Bitcoin has climbed from under $1,000 to over $100,000, reinforcing the thesis that institutions increasingly view Bitcoin as a strategic asset.

Centralized exchanges hold around half of that figure, and these assets may be held for individual customers and retail investors. The report also observed that across all institutional categories, the top three entities control between 65% to 90% of total holdings, signaling that early adopters continue to shape institutional market structure. This concentration is most apparent in DeFi, public companies, ETFs, and funds. In contrast, private company holdings appear more distributed, reflecting a broader base of engagement.

Sovereign treasury wallets show infrequent movement and little correlation with Bitcoin’s price cycles. However, they hold enough of the asset to impact markets when coins are moved or sold. It cited government treasuries of the United States, China, Germany, and the United Kingdom, where most BTC is acquired through legal enforcement actions rather than market participation. These holdings represent a structurally distinct class—dormant, but capable of moving markets when activated.

The report concluded that with almost a third of Bitcoin’s circulating supply now held in centralized treasuries, the market has undergone a structural transformation toward institutional maturity. Although Bitcoin remains a risk-on asset, its integration into traditional finance has made price action more reliable and less driven by speculative extremes.