A new report by Gemini and analytics firm Glassnode has revealed a notable shift in Bitcoin (CRYPTO: BTC) ownership structure, with centralized entities now controlling over 30% of the cryptocurrency's circulating supply.

This institutional consolidation highlights Bitcoin's evolution into a recognized financial asset, increasingly adopted by sovereign treasuries, regulated funds, and large-scale custodians.

Who’s holding all the Bitcoin?

The report identifies 216 centralized holders, including exchanges, ETFs, private and public companies, DeFi contracts, and government entities.

These entities collectively own more than 6.1 million BTC, an increase of 924% from the approximately 600,000 BTC held in 2015.

Exchanges alone are the largest holders, with over 3 million BTC, followed by ETFs and public companies.

"Over 30% of bitcoin's circulating supply is now held by just 216 centralized entities," the report states, emphasizing both increased institutional interest and growing custodial centralization.

Interestingly, the distribution of holdings remains top-heavy. In most categories, including ETFs, DeFi contracts, and public companies, the top three entities control between 65% and 90% of assets.

While private companies show a more even distribution, the trend underscores the continued influence of early adopters.

The report also highlights how centralized exchanges and ETFs have restructured market dynamics.

While exchange-held balances have declined in the past two years, this reduction does not indicate a shrinking supply.

Instead, assets have migrated to ETF structures, particularly U.S.-based spot ETFs, reflecting a broader TradFi integration.

"The total bitcoin held by this spot trading sector has remained relatively stable," the report notes, "ranging between 3.9M–4.2M BTC since June 2021."

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Government holdings

Sovereign governments also play a significant role.

The U.S., China, and the U.K. collectively hold hundreds of thousands of BTC, largely acquired through legal seizures.

Notably, in March 2025, President Trump formalized the U.S. Strategic Bitcoin Reserve, allocating over 200,000 BTC as a permanent sovereign asset.

This move has triggered renewed institutional accumulation, with private and public firms acquiring more than 20,000 BTC per month post-announcement.

With Bitcoin now being held as a long-term strategic asset, market volatility has seen a structural decline.

The report observes that across 1-week to 1-year timeframes, realized volatility has steadily decreased since 2018.

"This consistency strengthens institutional confidence and positions bitcoin as a long-term macro asset," the analysts state.

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