Institutional Holdings Reach 4.16 Million BTC as Supply Tightens

Institutional Bitcoin (BTC) holdings have climbed to an estimated 4.16479 million BTC, underscoring how quickly 'long-term holders'—from listed companies to ETF issuers and governments—are absorbing a meaningful share of circulating supply.

According to data compiled by BitcoinTreasuries as of May 18 (UTC), 345 institutions collectively hold 4,164,790 BTC. The holdings are distributed across several categories: publicly listed companies (196 entities) hold 1,216,854 BTC, ETFs and other funds (44 entities) hold 1,515,075 BTC, governments (13 entities) hold 649,903 BTC, private companies (72 entities) hold 289,395 BTC, DeFi and smart-contract systems (16 entities) hold 379,341 BTC, and exchanges and custodians (4 entities) hold 114,222 BTC.

Market watchers typically interpret the trend as a structural shift in Bitcoin ownership. As more BTC sits in corporate treasuries, regulated fund vehicles, and state wallets, the 'liquid float' available to trade may tighten—an effect that can influence volatility and price formation over time, especially during demand spikes.

Public companies: Strategy remains the dominant corporate holder

Among listed companies, total holdings stand at 1,216,854 BTC—valued at roughly $93.75 billion—equivalent to about 5.795% of Bitcoin’s total supply. Strategy ($MSTR) continues to rank as the single largest institutional holder, with 818,334 BTC, representing about 3.899% of supply.

Strategy added 535 BTC on May 11 (UTC), extending its ongoing accumulation pattern. In contrast, MARA Holdings ($MARA) sold 3,386 BTC the same day, returning to a disposal posture last seen on March 26 (when it reduced holdings by 15,133 BTC). Coinbase Global ($COIN) also stood out, purchasing 1,103 BTC on May 7 (UTC), resuming net buying after about three months. Strive ($ASST) added 443 BTC on May 1 (UTC) and another 9 BTC on May 24 (UTC), continuing incremental accumulation.

Based on the dataset, the leading listed-company holders include: Strategy ($MSTR) with 818,869 BTC; Twenty One Capital ($XXI) with 43,514 BTC; Metaplanet (MPJPY) with 40,177 BTC; MARA Holdings ($MARA) with 35,303 BTC; and Bitcoin Standard Treasury Company (BSTR) with 30,021 BTC. They are followed by Bullish (BLSH) with 24,300 BTC, Coinbase Global ($COIN) with 16,492 BTC, Riot Platforms ($RIOT) with 15,680 BTC, Strive ($ASST) with 15,009 BTC, and Hut 8 Mining ($HUT) with 13,696 BTC.

In South Korea, five listed companies are recorded as holding Bitcoin, with Bitmax (377030) at 551 BTC, Bitplanet (049470) at 300 BTC, Wemade (112040) at 223 BTC, Parataxis Korea (288330) at 200 BTC, and Neowiz Holdings (042420) at 104 BTC.

Private companies: Block.one and Tether remain major holders

Private companies collectively hold 289,395 BTC—about $22.315 billion—roughly 1.378% of total supply. Block.one leads with 164,000 BTC, followed by Tether Holdings with 97,141 BTC. Other notable holders include Stone Ridge Holdings Group with 10,000 BTC, SpaceX with 8,285 BTC, and the Tezos Foundation with 2,903 BTC.

Governments: holdings largely steady as El Salvador continues small purchases

Government-held Bitcoin totals 649,887 BTC—about $50.127 billion—roughly 3.095% of supply. The U.S. is listed with 328,372 BTC, China with 190,000 BTC, the U.K. with 61,245 BTC, Ukraine with 46,351 BTC, and El Salvador with 7,655 BTC. The United Arab Emirates (6,420 BTC) and Bhutan (4,973 BTC) follow.

While most major sovereign holders appear to be maintaining existing balances, El Salvador continues a pattern of small, periodic buys—often daily or every other day—supporting the view that some state participants are positioning BTC as a strategic reserve asset over time. Analysts often note that sustained sovereign participation can bolster perceptions of 'institutional legitimacy,' even when the absolute volumes are modest compared with ETF flows.

ETFs and funds: BlackRock’s IBIT leads overall fund custody

ETFs and other funds account for 1,629,279 BTC—about $125.63 billion—roughly 7.758% of supply, highlighting the role of regulated wrappers in channeling demand. BlackRock’s iShares Bitcoin Trust (IBIT) holds 818,147 BTC, or about 3.896% of total supply, making it the largest among ETF and fund vehicles.

IBIT reduced holdings by 1,949 BTC at the end of last month, but later added 7,820 BTC on May 5 (UTC), reflecting the ebb and flow of creations and redemptions tied to investor demand. Other large vehicles include Fidelity’s FBTC with 185,798 BTC, Grayscale’s GBTC with 150,744 BTC, Grayscale Bitcoin Mini Trust with 53,002 BTC, and Xapo with 38,931 BTC.

DeFi and smart contracts: tokenized BTC remains a meaningful pool

DeFi and smart-contract systems hold 379,341 BTC—about $29.235 billion—roughly 1.806% of supply. Wrapped Bitcoin (WBTC) leads with 125,330 BTC, followed by cbBTC with 87,668 BTC, BTCB with 65,301 BTC, Casascius coin holdings at 34,808 BTC, and Lombard Protocol (LBTC) with 11,780 BTC.

Market participants generally view these categories as reflecting different motivations for accumulation: corporate, private, and government buyers often frame BTC as an 'inflation hedge' or long-term store of value, while ETFs, custodians, exchanges, and tokenized BTC structures respond more directly to investor access, liquidity, and settlement needs.

Overall, the steady rise in institutional and government holdings reinforces a narrative of tightening supply dynamics—one that could shape medium- to long-term market structure as more Bitcoin moves into balance sheets and regulated vehicles, reducing the portion readily available for trading in spot markets.