Big Players Hold 30.9% of All Bitcoin, Says Gemini Report

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Written by Aaron S.,

Editor-In-Chief

Last Updated: June 12, 2025

Key Takeaways

Centralized treasuries hold 30.9% of all BTC, around 6.1 million coins worth $668 billion;
Institutions are treating Bitcoin more like digital gold than a high-risk asset;
A few top holders dominate most categories, particularly in ETFs and DeFi.

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A report by Gemini $261.46M and Glassnode published on June 11 revealed that 30.9% of all Bitcoin in circulation is held by centralized treasuries, including governments, public companies, and large investment funds.

These groups collectively control around 6.1 million BTC BTC $105,274.30 , currently worth about $668 billion. Over the last ten years, this number has increased by over 900%.

As institutions build up their reserves, the data suggested that they see Bitcoin as more than just a high-risk asset. Its role is starting to resemble that of a long-term store of value, similar to gold.

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During the same period, the price of Bitcoin rose from under $1,000 to over $100,000, which supports the idea that institutional interest plays a role in its growth.

That said, nearly half of the 6.1 million BTC is stored by centralized crypto exchanges. The Bitcoins are mostly held on behalf of individual customers, not the exchanges themselves. While it contributes to the total, it does not reflect direct institutional ownership.

Within each group, such as exchange-traded funds (ETFs), public firms, and decentralized finance (DeFi) platforms, the top three holders control a very large portion of the total, ranging from 65% to 90%. In comparison, Bitcoin held by private companies is more evenly spread.

The report also highlighted government-owned Bitcoin wallets. These tend to stay inactive for long periods and do not usually follow market price changes. Most of this Bitcoin comes from law enforcement seizures in countries such as the US, UK, Germany, and China, rather than from direct market purchases.

Recently, David Sacks, a senior adviser on artificial intelligence (AI) and crypto policy at the White House, shared his thoughts on the US government's Bitcoin reserve. What did he say? Read the full story.