In the evolving world of cryptocurrency, who holds the keys to the Bitcoin kingdom? According to a recent study released by River, a U.S.-based bitcoin financial services firm, individuals continue to dominate Bitcoin ownership. As of August 25, 2025, the research reveals that these individuals hold a commanding 65.9% of the circulating 21 million BTC, equating to approximately 13.83 million coins. This includes both self-custodied wallets and exchange accounts.
Institutions on the Rise
While individuals maintain a significant grip on Bitcoin, institutions are steadily catching up. River breaks down institutional holdings into businesses, ETFs, and funds. Businesses—covering corporate treasuries and conventional firms reporting Bitcoin holdings—hold about 6.2% of the supply, or 1.30 million BTC. ETFs and funds, which include spot ETFs and investment vehicles that maintain custody of coins for clients, account for 7.8%, or 1.63 million BTC. This follows a pattern of institutional adoption, which we detailed in Bitcoin Headed to $190K on Institutional Wave, Research Firm Says.
The growing presence of ETFs and corporate balance-sheet assets hints at a broader acceptance of Bitcoin within traditional financial sectors. “It’s a fascinating shift,” noted crypto analyst Jamie Lin. “We’re seeing Bitcoin transition from a niche asset to something more akin to gold—a store of value that institutions are increasingly comfortable with.” As explored in our recent coverage of US ETFs now a major source of Bitcoin spot trading volume: CryptoQuant, this trend is reshaping the market dynamics.
The Role of Governments and Lost Bitcoins
Interestingly, governments hold a modest slice of the Bitcoin pie, with about 1.5% of the supply, or 306,000 BTC. These figures are drawn from sovereign addresses tracked through public sources. However, the Bitcoin landscape is also marked by the phenomenon of lost coins. River estimates that about 7.6% of Bitcoin, or 1.58 million BTC, is lost—presumably forgotten in digital wallets or simply unreachable.
Then there’s the enigmatic Satoshi/Patoshi holdings, estimated to command about 4.6% of the supply, or 968,000 BTC. These are believed to belong to Bitcoin’s mysterious creator, Satoshi Nakamoto, and have remained untouched, a silent testament to the early days of mining.
The Unmined Future
With approximately 5.2% of Bitcoin supply—1.09 million BTC—yet to be mined, the future of Bitcoin distribution holds both potential and mystery. This unmined portion represents the untapped frontier of Bitcoin’s 21 million hard cap.
River’s research, while illuminating, underscores the complexities of mapping Bitcoin ownership. The firm acknowledges that custodians often aggregate many clients, some wallets might be misclassified, and ownership can remain nebulous. “It’s like trying to map a shifting landscape,” remarked blockchain researcher Carla Reyes. “Ownership is fluid and can change with the press of a button.”
Looking Ahead
The growing institutional presence raises intriguing questions about Bitcoin’s future. Will this trend continue, further integrating Bitcoin into mainstream financial systems? And how might regulatory frameworks evolve in response? As the lines between individual and institutional holdings blur, the dynamics of cryptocurrency ownership are set to become even more intricate.
In the end, River’s insights offer a snapshot, not a crystal ball. The landscape of Bitcoin ownership is as dynamic as the technology itself, leaving room for speculation and debate about what lies ahead. As we move into the latter half of 2025, all eyes will be on how these trends develop and what they mean for the future of digital finance.
Source
This article is based on: Most Bitcoin Still Belongs to Individuals, but Institutions Are Catching Up: Research
Further Reading
Deepen your understanding with these related articles:
- Bitcoin to hit $1.3M by 2035 as institutions drive demand: Bitwise
- UAE Government Holds 6,333 Bitcoin Through Mining
- Ethereum Outpaces Bitcoin as ETF Inflows Top $1.2 Billion Amid Market Lull
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
