Institutional Bitcoin Holdings Surge 924% in a Decade

Institutional Bitcoin holdings have surged by 924% over the past decade, according to a joint report by Gemini and Glassnode. This dramatic increase underscores the growing maturity and institutional adoption of Bitcoin as a strategic asset. Centralized entities, including governments, ETFs, public companies, and centralized exchanges, now control over 6.1 million BTC, valued at approximately $668 billion, which constitutes nearly 31% of all circulating Bitcoin.

Governments around the world collectively hold 529,705 BTC, valued at over $57 billion. The United States leads with 207,189 BTC, followed by China with 194,000 BTC and the United Kingdom with 61,000 BTC. These holdings are primarily the result of seizures and enforcement actions rather than open market purchases.

Bitcoin ETFs have emerged as dominant holders, controlling 1,390,267 BTC worth about $150 billion. BlackRock’s iShares Bitcoin Trust is the largest holder with 665,638.1 BTC, followed by Fidelity’s Wise Origin Bitcoin Fund with 198,685.8 BTC and Grayscale Bitcoin Trust with 185,203.6 BTC. This reflects rising institutional confidence in Bitcoin as a long-term financial asset.

Public companies have also become aggressive buyers, collectively holding 763,479 BTC valued at $82.38 billion. MicroStrategy leads this category with 582,000 BTC in reserves, followed by Marathon Digital Holdings with 49,179 BTC and Riot Platforms with 19,225 BTC. This trend signals Bitcoin’s growing role as a strategic asset for corporations seeking to protect against inflation and economic uncertainty.

Centralized exchanges still hold a significant portion of the 6.1 million BTC controlled by centralized entities, with current BTC exchange reserves standing at 2.5 million BTC. However, much of this Bitcoin is believed to belong to retail users rather than the exchanges themselves. This highlights the role of custodial platforms in Bitcoin’s ecosystem.

In contrast, private companies collectively hold 457,870 BTC, valued at around $49.4 billion. The distribution is more spread out in this segment, with Block.one holding 140,000 BTC, Tether Holdings owning 100,521 BTC, Xapo Bank with 38,931 BTC, and Twenty One Capital with 37,229.7 BTC.

The report also notes that Bitcoin’s price has mirrored its institutional growth. Over the past decade, Bitcoin’s price has jumped from under $1,000 to over $100,000, with a 60.2% increase in just the past year. This price performance is closely tied to growing institutional interest, which has created a stronger foundation for Bitcoin as an asset class.

The data reflects a structural transformation in Bitcoin’s ownership landscape. With governments, ETFs, public companies, and exchanges holding a large share of circulating BTC, Bitcoin is now entering a phase of institutional maturity. However, despite this evolution, Bitcoin still remains a risk-on asset, subject to macroeconomic forces and market sentiment. Its volatility may have reduced, but it has not disappeared.