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Who controls Bitcoin? Just 216 entities now hold 30% of supply

Over 30% of Bitcoin’s (BTC) circulating supply is now concentrated in the hands of just 216 centralized entities, according to the latest blockchain data from a Gemini and Glassnode report. 

The trend reflects both expanding institutional adoption and growing custodial centralization in the world’s largest cryptocurrency.

The scale of this shift is striking. A decade ago, centralized exchanges collectively held just under 600,000 BTC for their users. Today the total amount of Bitcoin held across major institutional and custodial entities has surged to an estimated 6,145,207 BTC, a 924% increase over the past ten years.

With this centralization comes as Bitcoin’s spot price continues to climb. Since early 2015, Bitcoin has risen from below $1,000 to now trading above $107,000, reinforcing its growing appeal as a strategic asset among large institutional players.

The data spans 216 entities across six key categories: centralized exchanges, ETFs and funds, public companies, private companies, DeFi contracts, and governments. While the dataset is not exhaustive, it captures the most influential actors now collectively controlling nearly one-third of Bitcoin’s supply.

The chart below shows this evolution visually. Exchanges (shown in orange) remain the dominant custodians of Bitcoin holdings, followed by ETFs and funds (yellow), with noticeable growth in holdings by private companies (blue) and governments (green) over the past two years. Public companies and DeFi contracts represent smaller but steadily growing segments of institutional Bitcoin ownership.