Bitcoin in institutional hands
How much of the Bitcoin that exists is held by listed treasuries, spot ETFs and sovereign states, and what share of supply that represents. A proprietary SatsIntel metric: it crosses our categorized editorial directory with Bitcoin's supply.
Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.
₿ 2,562,397 in institutional hands · $161.3 bn · equal to 12.20% of the 21 million max.
Breakdown by category
Percentages of the institutional total. Treasuries: 175 entities · ETFs: 12 spot funds.
Trend (institutional % of circulating supply)
Weekly, derived from the treasuries and ETF pipelines.
What this figure means
That more than 12.9% of circulating Bitcoin is in institutional hands marks a structural shift from the asset's early years, when almost all of the supply was retail-held. Every Bitcoin that moves to a listed treasury's balance sheet, an ETF's custody or a state's reserve tends to leave the float available for daily trading: these are hands that buy to hold, not to trade short term. That makes this metric a thermometer of the asset's maturation as an institutional store of value.
The category split shows where that adoption concentrates. Explore each block in detail in the treasuries directory, the spot ETF explorer and the rest of the institutional Bitcoin indicators.
Methodology
The institutional total adds the Bitcoin held by treasuries reporting holdings (₿ 1,279,127) and the Bitcoin custodied by US spot ETFs (₿ 1,283,270). The percentage is computed over two references: circulating supply (≈ 19.88 million BTC already issued) and the 21-million max supply. The category breakdown is computed over SatsIntel's editorial directory; aggregated treasuries not profiled individually are grouped under "other entities". This is information and education, not financial advice.
Frequently asked questions
What percentage of Bitcoin's supply is in institutional hands?
Listed treasuries and spot ETFs together hold around ₿ 2,562,397, roughly 12.9% of circulating Bitcoin and 12.2% of the 21 million that will ever exist. The figure has grown sharply since the ETFs were approved in 2024 and the corporate treasury model expanded.
How is institutional Bitcoin split by category?
Most of it sits in US spot ETFs and pure corporate treasuries (led by Strategy). The rest is split between miners holding Bitcoin on their balance sheets, funds and exchanges, sovereign states (El Salvador and Bhutan) and other entities. SatsIntel breaks down each category from its editorial directory.
Why measure it against circulating supply, not just 21 million?
Bitcoin's max supply is 21 million, but not all of it has been issued yet: around 19.9 million is in circulation. Measuring against circulating supply shows what share of the Bitcoin that exists TODAY is in institutional hands — a higher, more representative figure of the real available float. We show both references.
Where does this data come from?
The treasuries total comes from the aggregate of entities reporting Bitcoin on their balance sheet (official filings and data providers); the ETF figure, from issuers. The category breakdown is computed over SatsIntel's editorial directory, with an 'other entities' bucket for aggregated treasuries not profiled individually. Circulating supply is an approximate reference updated periodically.
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