River: Individuals Dominate Bitcoin Holdings, but Institutions Are Expanding
Bitcoin remains primarily in the hands of individual investors, though institutions are gradually building a larger share, according to research released Aug. 25 by U.S.-based bitcoin services firm River.
River’s estimates place 65.9% of circulating supply — around 13.83 million BTC — under individual control, including self-custodied wallets and exchange accounts. Institutions, meanwhile, are carving out a growing footprint:
- Funds and ETFs hold 7.8% (≈1.63 million BTC).
- Businesses account for 6.2% (≈1.30 million BTC).
- Governments collectively hold 1.5% (≈306,000 BTC).
The study also highlights categories outside active circulation. Roughly 7.6% (≈1.58 million BTC) is judged lost, while early “Patoshi” mining attributed to Satoshi Nakamoto accounts for 4.6% (≈968,000 BTC). Another 5.2% (≈1.09 million BTC) has yet to be mined until bitcoin’s 21 million supply cap is reached.
River cautioned that the figures are approximate, relying on public filings, blockchain tagging, and historical analysis. Custodial wallets, in particular, can blur the line between individual and institutional ownership.
Even so, the picture is clear: individuals still control the majority of BTC, but institutional participation is steadily expanding — led by ETFs and corporate treasuries — signaling a shift in the makeup of bitcoin’s investor base.
