Understanding Bitcoin Ownership Distribution in 2025
The financial landscape is rapidly evolving, and Bitcoin’s place in it is a subject of intense scrutiny. A recent report by the financial services firm River, dated July 14, 2025, sheds light on the distribution of Bitcoin ownership. This analysis provides a snapshot of how the 21 million Bitcoin supply is divided among various holder categories.
Bitcoin Ownership: A Detailed Breakdown
River’s report reveals that individual investors are still the largest holders of Bitcoin, possessing 14.06 million BTC, which represents 67% of the total supply. This indicates a significant individual control over Bitcoin despite increasing interest from institutional players. In comparison, institutional and government-linked entities hold a smaller portion collectively.
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Institutional and Government Holdings
Businesses have a stake of 1.15 million BTC (5.5%), while funds and exchange-traded funds manage around 1.43 million BTC (6.8%). Additionally, governments own approximately 314,000 BTC, accounting for 1.5% of the total, combining to form 13.8% of the supply controlled by Wall Street, governments, and corporations.
Special Categories of Bitcoin Ownership
Beyond the main categories, the chart highlights several other significant portions. The “Satoshi/Patoshi” group, linked to early mining activities, holds about 968,000 BTC or 4.6%. Meanwhile, other entities, including bankrupt estates and DeFi/smart contracts, account for 379,000 BTC (1.8%). Furthermore, 1.57 million BTC (7.5%) is estimated as lost Bitcoin, and 1.11 million BTC (5.3%) remains unmined, marking the portion of Bitcoin yet to be issued.
This distribution underscores the scarcity of Bitcoin available for institutional acquisition, reinforcing the notion that significant business interests will need to invest heavily to gain substantial exposure.
Current Market Dynamics
The year 2025 has seen a surge in corporate and fund participation, with the emergence of new Bitcoin treasury vehicles and US-based spot exchange-traded products. Specialist firms are also playing a pivotal role in facilitating balance-sheet allocations, hinting at a growing institutional interest.
Government Participation in Bitcoin
Although government holdings are comparatively small, they play a strategic role. The United States, China, the United Kingdom, Ukraine, and Bhutan are among the countries with notable reserves. However, variations in reporting methods lead to discrepancies in government holding figures, as some datasets include seized balances not accounted for in River’s narrower classification.
As of the latest updates, Bitcoin is trading at $116,451, reflecting ongoing market developments.
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