TL;DR
- A new report by Gemini reveals that governments, ETFs, and public companies now control nearly one-third of Bitcoin’s total circulating supply.
- The accumulation of 6.1 million BTC marks a major shift toward large-scale institutional adoption.
- While volatility has decreased, concerns grow about the erosion of Bitcoin’s founding principle of decentralization.
Gemini’s latest report, released on June 11, 2025, shows that centralized entities such as governments, exchange-traded funds, and public corporations currently hold 30.9% of the circulating Bitcoin supply. This equates to 6.1 million BTC, with a total value of approximately $668 billion. Institutional involvement, driven by both economic motives and long-term strategic positioning, is reshaping Bitcoin’s identity as a financial asset with growing geopolitical relevance and mainstream recognition.
Governments And Corporations Accelerate Institutional Bitcoin Adoption
One of the most significant factors in this growth is the active participation of governments like the United States, which created the Bitcoin Strategic Reserve in early 2025. According to an official document dated March 6, it plans to acquire 200,000 BTC per year for five years. This decision aims to position Bitcoin as a key national asset in the face of a possible depreciation of the dollar.
On the corporate side, accumulation continues at an aggressive pace. Data from Hashdex shows that 144 companies—114 of which are publicly traded—collectively hold nearly 24% of the Bitcoin owned by institutions and ETFs. Across all categories, the top three entities control between 65% and 90% of holdings in their respective sectors, a sign that early movers still define much of the market’s structure and influence strategic decisions across regions.
Institutional Stability Is Changing Crypto Market Dynamics
Gemini researchers note that the rise in institutional holdings has helped reduce Bitcoin’s price volatility. With the digital asset trading above $100,000 since early June, the current market reflects greater maturity and less speculative behavior than in past years.
While institutional participation has brought benefits such as liquidity, global recognition, and less speculation, it is not without risks. Large government holdings could affect the price in the event of a sell-off, and eventual centralization could threaten Bitcoin’s original spirit as an open and distributed network.
From a pro-crypto perspective, however, many analysts argue this phase is a sign of Bitcoin’s success. What began as a fringe innovation has become a global store of value too important to ignore, even for national governments. The challenge ahead lies in maintaining Bitcoin’s decentralized structure while navigating its integration into the broader financial ecosystem.
