Bitcoin market concentration
How much of institutional Bitcoin depends on a single entity on each front: the dominant spot ETF, the largest corporate treasury and the custodian backing most of the funds. Three numbers that measure the market's concentration risk — and its maturity.
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IBIT (BlackRock) concentrates $49.0bn of the $79.1bn managed across the 12 US spot ETFs. The three largest add up to 89.0% of AUM.
See IBIT and all spot ETFs →Listed treasuriesStrategy (MicroStrategy) holds ₿ 847,363 of the ₿ 1,279,674 held by the 175 companies with Bitcoin on their balance sheet. The five largest concentrate 77.9%.
See the Strategy profile →Spot-ETF custodyCoinbase Custody custodies 9 of the 12 spot ETFs on the market, including the largest (IBIT). It's the most closely watched point of concentration risk in the entire segment.
See custody concentration →What these numbers mean
The institutional Bitcoin market has grown fast, but its weight is very unevenly distributed. Among spot ETFs, a single fund — BlackRock's IBIT — concentrates more AUM than all its competitors combined. Among corporate treasuries, Strategy (MicroStrategy) alone holds most of the Bitcoin companies keep on their balance sheets. And beneath both, a single custodian backs the majority of the market's ETFs.
That concentration cuts both ways. On one hand it reflects real network effects and economies of scale: the leader offers more liquidity, lower costs and greater institutional trust. On the other, it multiplies systemic risk: an operational, regulatory or liquidity problem at the dominant entity spreads across the whole segment. Custody concentration is the most delicate case, because it affects funds from different issuers that share a single point of failure. You can explore each front in the treasury directory, the spot-ETF explorer and the institutional custodian comparator.
Methodology
ETF share is calculated over the aggregate AUM of the 12 US spot ETFs ($79.1bn). The percentage of corporate Bitcoin is measured over the aggregate of 175 entities reporting BTC on their balance sheet (₿ 1,279,674). Custody concentration is computed over the Bitcoin custodied by each provider according to the declared custodian of each spot ETF. The data updates continuously with SatsIntel's pipelines. This is information and education, not financial advice.
Frequently asked questions
What market share does IBIT have among spot Bitcoin ETFs?
IBIT (iShares Bitcoin Trust, by BlackRock) concentrates around 61.9% of the AUM of US spot Bitcoin ETFs — more than all the other funds combined — with $49.0bn of the $79.1bn total. It's the fastest-gathering ETF in history and the main reference for regulated exposure to the asset.
What percentage of corporate Bitcoin does Strategy (MicroStrategy) hold?
Strategy (formerly MicroStrategy) holds ₿ 847,363, roughly 66.2% of all the Bitcoin held by the 175 listed and private companies with BTC on their balance sheet. It's by far the largest corporate Bitcoin treasury in the world: the five largest together concentrate 77.9%.
How much of the ETFs' Bitcoin sits with a single custodian?
Coinbase Custody custodies around 84.0% of the Bitcoin held by US spot ETFs (9 of 12 funds, including IBIT). This concentration in a single custodian is one of the structural risks the market watches most closely; you can see the full breakdown in the custodian comparator.
Why does Bitcoin market concentration matter?
Concentration measures how much of institutional Bitcoin depends on a single entity on each front: an ETF issuer, a treasury or a custodian. High concentration amplifies systemic risk — if the dominant entity suffers an operational, regulatory or liquidity problem, the impact spreads across the whole segment — but it also reflects real network effects and economies of scale. Tracking how it evolves is key to understanding the market's maturity and resilience.
Where does this data come from?
ETF AUM and holdings come from issuers and flow-data providers; corporate Bitcoin from the aggregate of entities reporting BTC on their balance sheet (official filings and CoinGecko); and custody concentration is computed from the declared custodian of each spot ETF. SatsIntel updates these aggregates continuously. This is information and education, not financial advice.
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