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Bitcoin is approaching its 21 million coin limit, and the question of who actually holds it is more fascinating than ever. Retail investors still dominate, but institutions, ETFs, and even governments are quietly increasing their stakes.
A recent study from U.S.-based Bitcoin financial firm River sheds light on the current distribution.
Individuals Still in Control
It is estimated that individuals hold about 65.9% of circulating Bitcoin, around 13.83 million coins. This includes private wallets and accounts on exchanges that are classified as individual. Businesses control 6.2%, while ETFs and funds – the growing institutional presence – hold 7.8%. Governments make up a smaller slice at 1.5%, mostly from seized or strategically held coins.
The report points out that these figures are “inferred from filings, address tagging and prior research.” They are estimates, not a perfect snapshot of the blockchain.
But the trend is clear: individuals are still the main holders, though institutions are steadily building their positions.
Exchanges and Corporates Hold Big Stakes
Some of the largest Bitcoin wallets belong not to people, but to exchanges.
Binance’s primary cold wallet alone holds around 248,600 BTC, worth over $26 billion. Robinhood and Bitfinex follow with 140,600 and 130,010 BTC, respectively. These wallets are mostly for managing liquidity and protecting customer funds, not for active trading.
On the corporate side, Strategy (formerly MicroStrategy) leads, owning 640,031 BTC.
Other public companies, including Tesla, Block, and GameStop, hold a combined total of about 693,000+ BTC, showing that corporate adoption is becoming a serious trend.
Governments Are Joining In
Sovereign Bitcoin holdings are small but significant.
The United States approved a Strategic Bitcoin Reserve in 2025 from seized coins. China holds an estimated 194,000 BTC, mostly from the 2019 PlusToken scam. The UK, Ukraine, Bhutan, and El Salvador also maintain reserves, showing Bitcoin is increasingly recognized as a strategic digital asset.
Mid-Tier Holders Are Growing
Wallets holding between 100 and 1,000 BTC have grown from 3.9 million BTC to 4.76 million BTC over the past year.
Small institutions, funds and even wealthy individuals are stacking sats more aggressively.
Bitcoin ownership is slowly spreading beyond the largest players.
What This Means
Bitcoin remains a community-driven asset at heart, but it is clearly maturing. Individuals still dominate, but institutional investors, corporate treasuries, ETFs, and governments are steadily reshaping the landscape.
Dormant wallets, Satoshi’s untouched coins, and the rise of mid-tier holders all point to a market that is growing up and getting more complex by the day.