Centralized Treasuries Now Hold 31% of Bitcoin Supply

• Institutional groups control 6.1 million Bitcoin, showing a huge shift in market ownership.
• Governments hold large Bitcoin reserves that rarely move but could affect prices when sold.
• Over 75 percent of Bitcoin trading volume now flows through ETFs and centralized platforms.

In a twist of events, centralized treasuries appear to be crucial in the market, as they now control 30.9% of Bitcoin’s circulating supply, totaling 6.1 million BTC, valued at roughly $668 billion. This includes holdings by governments, exchange-traded funds, public companies, and cryptocurrency exchanges that have adopted Bitcoin as a reserve asset. Gemini and Glassnode revealed this in a joint report published on Wednesday, citing a “growing shift toward institutional-grade infrastructure.”

The report shows how Bitcoin developed from a retail-focused, on-chain currency into a structured financial asset class. Corporate treasuries now treat Bitcoin as a strategic long-term holding, adopting it through direct purchases and ETF exposure. Meanwhile, financial institutions are actively launching new products that track Bitcoin price movements, expanding institutional access.

Furthermore, the report states that institutional Bitcoin ownership has increased by 924% over the past decade. Besides growing ownership, trading activity is increasingly handled on centralized infrastructure rather than peer-to-peer or on-chain platforms. Today, more than 75% of Bitcoin’s adjusted transfer volume is processed by U.S. spot ETFs, exchanges, and regulated derivatives platforms.

On-Chain Data Shows Holding Patterns Among Key Treasury Types

According to Gemini’s latest on-chain chart, titled “Treasury Holdings by Entity Type [BTC],” the current breakdown shows clear trends. Centralized exchanges account for the largest share of Bitcoin holdings, followed by ETF/funds, public firms, government wallets, private companies, and DeFi/Smart Contract.

Government holdings have remained largely dormant, showing little connection to short-term price movements. The report noted that “sovereign treasury wallets show infrequent movement and little correlation with Bitcoin’s price cycles.”

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Still, such reserves, when activated, can influence markets. “These holdings represent a structurally distinct class—dormant, but capable of moving markets when activated,” the report added. Governments like the U.S., China, Germany, and the U.K. primarily obtained their reserves through enforcement, rather than market participation.

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