$BTC Holder Demographics

👉Q2 saw the proliferation of Bitcoin treasury companies, including Strategy (formerly Microstrategy), Metaplanet, and MARA holdings. Together, these now control over 840,000 BTC, equivalent to ~4.2% of the circulating supply.

👉Nation-states hold roughly 2% of the supply: the US government (~198K BTC) and China (~190K BTC) lead, followed by the UK (~61K) and Bhutan (~13K). Kazakhstan is set to join the fray after announcing plans to establish a national crypto reserve.