Nearly a third of Bitcoin (BTC) is owned by major players: Glassnode finds

Bitcoin’s ownership profile is changing. Corporate bonds and governments now control a significant portion of the circulating supply.

In 2025, Bitcoin underwent a major transformation as institutional holders steadily seized the world’s largest crypto asset. In fact, new data shows that nearly six million bitcoins are now owned by major entities.

As a result, smaller investors have increasingly less influence on the supply.

ETFs, governments and companies are tightening their grip

According to the latest findings from Glassnode, Bitcoin (BTC) stocks are becoming increasingly concentrated among large institutions and custodians. Publicly traded companies own approximately 1.07 million BTC.

The major public BTC treasury companies are led by Strategy holds 660,624 BTC, much higher than all other listed companies. Next is MARA Holdings with 53,250 BTC. Twenty One Capital is in third place with 43,514 BTC, ahead of Japan’s Metaplanet, which holds 30,823 BTC.

Bitcoin Standard Treasury Company follows with 30,021 BTC, while Bullish owns 24,300 BTC. Riot Platforms is next with 19,324 BTC, followed by Coinbase Global with 14,548 BTC. Hut 8 holds 13,696 BTC and CleanSpark rounds out the top ten with 13,011 BTC. Meanwhile, government portfolios account for approximately 620,000 BTC.

Meanwhile, US-listed Bitcoin Exchange-Traded Funds (ETFs) collectively control approximately 1.31 million Bitcoin. Additionally, cryptocurrency exchanges remain the largest category, as this cohort owns approximately 2.94 million bitcoin. In total, these large groups of holders control an estimated 5.94 million BTC, or almost 30% of the circulating supply.

Market weakness meets institutional conviction

On the price side, Bitcoin briefly fell below the $90,000 mark this week amid broader weakness in the tech sector and macroeconomic concerns, suggesting the cryptocurrency’s market behavior remains tied to traditional risk assets even as institutional investments grow.

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Despite the pullback, Cathie Wood’s Ark Invest bought 13,700 shares of its own Bitcoin ETF “ARKB.” The stock is valued at approximately $417,000, demonstrating continued confidence in the underlying asset. In another confirmation of institutional integration, Strategy has done just that retain it has been in the Nasdaq 100 index for a full year, while many market experts raised questions about the business model of buying and holding BTC, amid growing concerns about the sustainability of crypto-treasury companies.