David Edwards
According to new study by Gemini and Glassnode, centralized treasuries presently hold nearly one-third of the circulating supply of Bitcoin, indicating a significant move toward institutional adoption and financial system integration.
According to the research, which was made public on Wednesday, centralized treasuries, which include exchange-traded funds (ETFs), publicly traded corporations, and sovereign governments, currently own about 30.9% of the Bitcoin quantity in circulation. All together, these custodial and institutional organizations own almost 6.1 million Bitcoin, which is worth about $668 billion at today’s exchange rates.
These centralized players’ holdings have grown by 924% over the last ten years, demonstrating Bitcoin’s increasing allure as an institutional portfolio’s long-term store of wealth. “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,” the report noted.
Holdings Are Dominated by Centralized Exchanges
consolidated exchanges, which make up almost half of the institutional number, control a sizable amount of consolidated holdings. The line between custodial storage and actual institutional ownership is blurred because many of these assets are kept on behalf of individual clients and retail investors.
The information showed a highly consolidated market structure across all institutional types. Early adopters continue to influence the institutional landscape of Bitcoin, as evidenced by the fact that the top three organizations in each group control between 65% and 90% of total holdings. This concentration is especially noticeable in publicly traded corporations, investment funds, ETFs, and decentralized finance (DeFi). Private businesses, on the other hand, have a more dispersed ownership structure, which suggests greater corporate market engagement.
Separate data released earlier this month revealed that 61 publicly traded corporations currently own more than 3% of all Bitcoin in circulation, which further solidifies the asset’s growing popularity among businesses.
Treasury Sovereign States Maintain Market Sway Silently
The study also looked at sovereign governments’ Bitcoin holdings, which are still substantial but mostly dormant. Large Bitcoin reserves are held by the governments of the US, China, Germany, and the UK together; these reserves were mostly amassed through legal enforcement operations rather than direct market purchases.
Although there is minimal association between the price cycles of Bitcoin and these state-controlled wallets, the paper cautioned that if these holdings are liquidated or transferred, they may have an impact on market dynamics. “These holdings represent a structurally distinct class—dormant, but capable of moving markets when activated,” the authors noted.
