A new report from Gemini and blockchain analytics firm Glassnode has revealed that centralized Bitcoin treasuries now control 30.9% of the circulating BTC supply.
This shift, representing more than 6.1 million BTC or roughly $668 billion at current prices, marks a notable development in the evolution of the asset’s market structure. The researchers argue that such a concentration of holdings highlights a broader institutional embrace of Bitcoin over the last decade.
Institutional Control and Concentration Trends
The analysis suggests a 924% increase in BTC held by centralized treasuries, including exchange-traded funds (ETFs), public companies, government entities, and centralized custodians, since 2014.
During this same period, Bitcoin’s spot price has risen from below $1,000 to over $100,000, reinforcing its adoption as a strategic asset among institutional players.
Although this transition is seen as a signal of market maturity, it also raises concerns about centralization and the influence of a small group of entities on the broader BTC ecosystem. The report details that half of the Bitcoin counted under centralized control resides on centralized exchanges.
These coins are likely held on behalf of individual users, making them custodial rather than proprietary holdings. However, when combining exchange balances with those of ETFs, public funds, and sovereign treasuries, the institutional footprint in the Bitcoin market becomes clear.
One of the report’s key findings is the high concentration of BTC within institutional categories. In several sectors, particularly ETFs, DeFi platforms, and publicly traded firms, the top three entities control between 65% and 90% of the supply allocated to their segment.
This centralization suggests that early institutional adopters maintain significant influence over Bitcoin’s market behavior. On the other hand, private companies exhibit a more distributed holding pattern, indicating broader and more decentralized engagement from the business sector.
Sovereign Holdings and Structural Implications
Government treasuries have also emerged as unexpected holders of large Bitcoin reserves, primarily through legal enforcement and asset seizures. Countries like the United States, China, Germany, and the United Kingdom have accumulated BTC through criminal investigations and forfeitures, not market purchases.
While these sovereign wallets are typically dormant and infrequently active, their holdings are sizable enough to impact market sentiment if ever moved or sold.
The study concludes that Bitcoin’s transition into centralized custody signals a long-term structural transformation. As the asset integrates further into the traditional financial system, its volatility may become more constrained, and its price movements less speculative.
Despite this shift, researchers caution that Bitcoin remains a risk-sensitive asset class, though it increasingly behaves in ways consistent with more mature financial instruments.
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