Bitcoin is experiencing a significant shift in the distribution of its ownership. According to research data from financial magazine Finbold based on data from Glassnode and Gemini, only 216 entities today own more than 30% of all circulating BTC. This trend is a direct result of the sharp increase in institutional interest and centralized cryptocurrency custody methods.

Only 216 Entities Hold One-Third of All BTC

Ten years ago, centralized exchanges held only about 600,000 BTC. In 2025, however, this number jumped to over 6 million BTC, representing an increase of 924%. This development shows that while Bitcoin price rose from less than $1,000 to today’s over $107,000, its holdings have concentrated into the hands of a relatively small number of players.

Of the 216 entities, a large portion falls into six categories: centralized exchanges, ETF funds, public and private companies, DeFi contracts, and governments. Exchanges still play a dominant role, but clear growth is also visible among funds and government institutions.

Bitcoin and Systemic Risks

This trend has both advantages and disadvantages. On one hand, the growing participation of regulated players adds legitimacy and liquidity to Bitcoin. Institutional investors, supported by the emergence of ETF products, can easily invest without needing to secure private keys themselves. Similarly, companies like MicroStrategy and Tesla view Bitcoin as a long-term strategic tool against fiat currency devaluation.

On the other hand, the concentration of BTC in the hands of a few entities represents significant systemic risk. If regulatory intervention or a security incident occurred at any of these entities, it could have a serious impact on the entire market.

Governments, which once ignored BTC, today acknowledge ownership, often as confiscated assets. Although their holdings are still relatively small, the trend is clear – states are entering the crypto space.