Nearly one-third of all Bitcoin is now held by centralized treasuries, and a significant portion remains concentrated among early adopters, according to a new report from Gemini and Glassnode. These treasuries—comprising governments, ETFs, and public companies—currently control 30.9% of Bitcoin’s circulating supply, a trend researchers see as a sign of increasing institutional adoption.

The total Bitcoin held by institutional and custodial entities has risen to 6.1 million BTC, worth around $668 billion at current market prices. This marks a 924% increase over the past ten years, reinforcing the idea that institutions are embracing Bitcoin as a strategic store of value

Over that same period, Bitcoin’s spot price has surged from below $1,000 to over $100,000.

Centralized exchanges account for about half of these holdings, though much of it may be custodied on behalf of individual users. Despite broader institutional involvement, the report found that within each category, a small number of players dominate: the top three holders control between 65% and 90% of assets.

This concentration is particularly visible in DeFi, public firms, ETFs, and funds, while private company holdings are more dispersed.

Research also revealed that sovereign treasuries such as those in the U.S., China, Germany, and the U.K. rarely move their holdings, which are mostly obtained through enforcement rather than purchases. Still, these dormant assets hold the potential to move markets when sold.

The findings suggest a broader shift in Bitcoin’s market structure, with centralized treasuries now holding close to one-third of all BTC.

Researchers conclude that Bitcoin is transitioning into a more institutionally mature asset class—less driven by extreme speculation and increasingly integrated into traditional finance.

Sources:

https://cointelegraph.com/news/bitcoin-treasuries-now-hold-nearly-31-bitcoin-supply-gemini

https://www.gemini.com/blog/introducing-gemini-and-glassnodes-report-on-the-impact-of-a-strategic