A new report from Gemini and Glassnode finds that more than 30% of Bitcoin’s circulating supply is now held by just 216 centralized entities.

Since 2015, the amount of Bitcoin (BTC) held by these entities has grown by 924%, rising from about 600,000 BTC to over 6.1 million BTC (worth around $670 billion). The entities include exchanges, exchange-traded funds (ETFs), companies, decentralized finance (DeFi) contracts, and governments.

Over the same period, BTC has surged from under $1,000 to more than $100,000. Currently, BTC is trading at over $109,000, according to The Defiant’s price page.

The report also shows that across nearly all categories — except for private companies — the top three entities control between 65% and 90% of total holdings. “This pattern is particularly stark in the DeFi, public company, and ETF/fund categories, where pioneers have shaped the early trajectory of adoption,” the report explains.

The world’s largest asset manager, BlackRock, currently holds more than 661,400 BTC through its iShares Bitcoin Trust (IBIT) ETF – accounting for over 3% of Bitcoin’s total supply and valued at approximately $73 billion. This makes BlackRock the largest institutional holder of Bitcoin, surpassing even crypto exchange Binance, which holds around 629,190 BTC. Strategy, founded by Michael Saylor, also ranks among the top holders with approximately 582,000 BTC.

The report highlights a major shift in how institutions view Bitcoin — not just as a speculative asset, but as a part of modern reserve strategy. The U.S. established a Strategic Bitcoin Reserve (SBR) in March, a move the report says “formally recognizes Bitcoin as a sovereign-grade asset.”

Other key findings highlight the role of sovereign treasuries, which hold large amounts of Bitcoin but rarely trade. These government-controlled wallets don’t follow market trends and tend to remain inactive; however, when coins are moved or sold, it can have a significant impact on the market.

“This pattern is particularly evident in Government Treasuries of the U.S., China, Germany and the United Kingdom, where most coins are acquired through legal enforcement actions rather than market participation,” the report reads. The U.S. holds more than 200,000 BTC, making it one of the largest sovereign holders.