Institutional Bitcoin (BTC) holdings have climbed to roughly 4.19 million BTC, underscoring how a growing share of supply is being absorbed by corporates, funds, governments, and on-chain wrappers even as trading activity among major holders remains selective. The latest snapshot shows a market where incremental flows—small corporate buys, steady sovereign accumulation, and ETF stability—matter as much as headline-grabbing purchases.
According to data aggregated by BitcoinTreasuries as of Sunday (July 20) UTC, institutions collectively hold 4,189,724 BTC across 343 entities. The breakdown highlights the breadth of demand: publicly listed companies hold 1,263,287 BTC, ETFs and other funds hold 1,508,314 BTC, governments hold 649,965 BTC, private companies hold 284,452 BTC, DeFi and smart contract-related holdings account for 369,487 BTC, and exchanges/custody services hold 114,222 BTC.
Public companies: Strategy trims, while minor buyers add
Publicly listed firms collectively control 1,263,287 BTC—about 6.016% of Bitcoin’s supply—valued at roughly $80.96 billion based on the dataset’s reference pricing.
The largest corporate holder, Strategy ($MSTR), reduced its position after selling 3,588 BTC on July 6 UTC, bringing its reported holdings to 843,775 BTC. While Strategy’s balance sheet remains the bellwether for corporate BTC adoption, the sale stands out in a period where many corporate treasuries have otherwise been largely static.
By contrast, smaller listed allocations continued to inch higher. Strive ($ASST) purchased 18 BTC on July 6 UTC and another 18 BTC on July 13 UTC, lifting its holdings to 19,900 BTC. Mara Holdings ($MARA) showed little recent activity, maintaining 36,303 BTC.
Among the next-largest listed holders tracked in the dataset are Twenty One Capital ($XXI) with 43,514 BTC, Metaplanet ($MPJPY) with 43,000 BTC, and Bitcoin Standard Treasury Company ($BSTR) with 30,021 BTC. Other notable corporate holders include Bullish ($BLSH) with 24,300 BTC, SpaceX ($SPCX) with 18,712 BTC, Coinbase Global ($COIN) with 16,492 BTC, and Riot Platforms ($RIOT) with 15,680 BTC.
In South Korea, the dataset shows five listed companies holding Bitcoin, led by Bitmax ($377030) with 551 BTC, followed by Bitplanet ($049470) with 300 BTC, Wemade ($112040) with 223 BTC, Parataxis Korea ($288330) with 200 BTC, and Neowiz Holdings ($042420) with 104 BTC.
Private companies: legacy stockpiles dominate
Private firms collectively hold 284,452 BTC—about 1.355% of supply—valued around $18.23 billion in the compilation. The category remains highly concentrated, with Block.one reported at 164,000 BTC and Tether Holdings at 97,141 BTC. Stone Ridge Holdings Group holds 10,000 BTC, while the Tezos Foundation holds 2,903 BTC and Cardone Capital holds 2,700 BTC. Additional entities listed in the mid-tier include IONIC Digital (2,662 BTC), Zap Solutions (1,500 BTC), GIGA (1,252 BTC), Meanwhile Incorporated (759 BTC), and River Financial (478 BTC).
Government wallets: El Salvador keeps buying, large holders hold
Governments collectively hold 649,965 BTC—about 3.095% of supply—valued at roughly $41.65 billion. The data shows El Salvador continuing its pattern of small, steady purchases, while other large sovereign holders have broadly maintained balances.
The United States is listed with 328,372 BTC, China with 190,000 BTC, and the United Kingdom with 61,245 BTC. Ukraine is tracked at 46,351 BTC, while El Salvador holds 7,717 BTC. The United Arab Emirates (6,420 BTC) and Bhutan (4,973 BTC) follow.
ETFs and funds: still the center of gravity for passive demand
ETFs and other funds account for 1,622,533 BTC—about 7.726% of supply—valued near $103.98 billion in the dataset. BlackRock’s iShares Bitcoin Trust ($IBIT) remains the largest Bitcoin ETF holder with 811,291 BTC, representing about 3.863% of total supply. The compilation notes limited recent trading activity for IBIT, suggesting a pause in major flow-driven shifts.
Other major ETF positions include Fidelity Wise Origin Bitcoin Fund ($FBTC) with 185,798 BTC, Grayscale Bitcoin Trust ($GBTC) with 150,744 BTC, Grayscale Bitcoin Mini Trust (BTC) with 53,002 BTC, and Bitwise Bitcoin ETF ($BITB) with 38,501 BTC.
DeFi and smart contracts: wrapped BTC remains a structural piece
DeFi and smart contract-linked holdings total 369,487 BTC—about 1.759% of supply—worth roughly $23.68 billion. Wrapped Bitcoin (WBTC) leads with 116,152 BTC, followed by cbBTC with 87,668 BTC and BTCB with 65,301 BTC. The dataset also tracks Casascius coins at 34,808 BTC and Lombard Protocol (LBTC) at 11,780 BTC, reflecting how Bitcoin liquidity is increasingly represented through tokenized or custodial forms across on-chain ecosystems.
Why it matters
The aggregate picture reinforces a core market dynamic: as more BTC is held by institutions, funds, and governments, the ‘circulating float’ available on exchanges can tighten, potentially amplifying price sensitivity to marginal demand. While the latest update includes a notable reduction by Strategy, broader activity appears characterized by ETF stability, steady sovereign accumulation from smaller buyers such as El Salvador, and incremental corporate additions—factors that can shape longer-term supply conditions without necessarily producing immediate volatility.