Gemini Reports 30.9% of Bitcoin Supply Held by Centralized Treasuries
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A recent research by Gemini and Glassnode revealed that centralized treasuries, including governments, exchange-traded funds (ETFs), and public companies, now control 30.9% of the circulating supply of Bitcoin. This growing share marks a clear shift in how Bitcoin is used and stored.
Centralized Control of Bitcoin Skyrockets, Up 924% Since 2015
According to the data-driven report published on June 11, centralized exchanges have steadily taken over Bitcoin custody since early 2015.
Back then, they held just under 600,000 BTC on behalf of users. Fast-forward to today, and major institutional and custodial entities now control over 6.1 million BTC. This is a 924% increase in centralized holdings in just a decade.
This shift is no longer subtle. It is a transformation. What was once a peer-to-peer digital currency is now deeply tied to institutional strategies.
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Bitcoin’s rising market price, which climbed from under $1,000 in 2015 to over $100,000 today, reinforces this trend. To many institutional players, Bitcoin is no longer just an experiment. It is a strategic, long-term asset.
Gemini and Glassnode’s findings show that across nearly every institutional category, excluding private companies, the top three entities control between 65% and 90% of total holdings.
This includes sectors like decentralized finance, public companies, and ETFs. In these spaces, early adopters carved the path and now dominate.
In contrast, private companies hold Bitcoin more evenly. Their wallets suggest broader participation, hinting at more diverse and decentralized interests.
Still, the central players have set the tone, fueling adoption, legitimizing Bitcoin, and positioning it as a macro asset on the global stage.
Sovereign treasuries have stayed relatively quiet. The research notes that government-controlled wallets show infrequent activity and little correlation with market cycles.
However, their holdings are not insignificant. When governments like the U.S., China, Germany, or the U.K. decide to move coins, most acquired through enforcement, not investment, the markets pay attention.
And with more sovereign and regulated players entering the space, Bitcoin’s volatility has steadily declined since 2018.
It is still a risk-on asset. But its behavior is maturing. Prices now move more consistently, shaped by structured investment rather than speculation.
Do Centralized Treasuries Disrupt Bitcoin’s Core Foundation?
In 2008, Satoshi Nakamoto published the Bitcoin whitepaper with a bold vision: to build a digital currency that would be independent of banks and governments.
The idea was clear. Decentralization. Let people, not institutions, run the system. That vision burned brightly in Bitcoin’s early days.
There are no gatekeepers, no central authority, just a network of equal participants safeguarding value and verifying truth.
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But 17 years later, the industry is changing fast. Centralized treasuries like governments, ETFs, and public firms are tightening their grip on Bitcoin.
Today, they hold 30.9% of all coins in circulation. It is a level of concentration that mirrors the very financial system Bitcoin set out to challenge.
Some would say this is natural. As Bitcoin gains credibility, large players want in. Others see irony, even betrayal.
A once-decentralized revolution is shifting into the hands of a powerful few. New accumulation strategies make the trend even clearer.
A recent example is Metaplanet, a Japan-based investment firm. After raising ¥93 billion (about $650 million) in just 60 trading days, the company has set its sights on becoming one of Bitcoin’s largest corporate holders.
Its new equity raise aims to fund the purchase of 100,000 BTC by the end of 2026, and 210,000 BTC by the end of 2027.
That would place Metaplanet among Bitcoin’s top holders—a centralized one.
Supporters argue that institutional involvement brings stability, credibility, and capital and encourages regulation and infrastructure.
However, critics warn that Bitcoin’s growing centralization could threaten its original purpose. This entails financial freedom and independence from the traditional system.
