Almost a third of the Bitcoin supply is held and controlled by centralized treasuries, and early adopters hold a disproportionate share, according to recent research by Gemini and Glassnode. 

Centralized treasuries, including governments, exchange-traded funds, and public companies, now control 30.9% of the circulating supply of Bitcoin BTCUSD, “signaling a growing shift toward institutional-grade infrastructure,” noted researchers in a report on Wednesday.

The total Bitcoin held across major institutional and custodial entities has surged to 6.1 million BTC, worth around $668 billion at current prices, representing an increase of 924% in supply held by these entities over the past decade, they reported.

The surge in BTC holdings by treasuries, governments and institutional funds indicates that these entities view the asset as a strategic store of value, they stated.

“During the same period, the spot price of Bitcoin has climbed from under $1,000 to over $100,000, reinforcing the thesis that institutions increasingly view Bitcoin as a strategic asset.” 

Centralized exchanges hold lion’s share

However, the chart includes centralized exchanges that hold around half of that figure, and these assets may be held for individual customers and retail investors.

The report also observed that across all institutional categories, the top three entities control between 65% to 90% of total holdings, “signaling that early adopters continue to shape institutional market structure.”

This concentration is most apparent in DeFi, public companies, ETFs and funds, it noted.

“In contrast, private company holdings appear more distributed, reflecting a broader base of engagement,” the researchers stated.

Earlier this month, Cointelegraph reported that 61 publicly listed companies hold over 3% of the total Bitcoin supply. 

Sovereign treasuries can influence markets 

The research also found that sovereign treasury wallets “show infrequent movement and little correlation with Bitcoin’s price cycles.” However, they hold enough of the asset to impact markets when coins are moved or sold.

It cited government treasuries of the United States, China, Germany and the United Kingdom, where most BTC is acquired through legal enforcement actions rather than market participation.

“These holdings represent a structurally distinct class—dormant, but capable of moving markets when activated.”

Transformation to institutional maturity 

The report concluded that with almost a third of Bitcoin’s circulating supply now held in centralized treasuries, “the market has undergone a structural transformation toward institutional maturity.”

“Although Bitcoin remains a risk-on asset, its integration into traditional finance has made price action more reliable and less driven by speculative extremes,” they said.