3 Minutes
Who Owns Bitcoin Today?
River Financial’s August 25, 2025, ownership breakdown shows that individual holders still control the lion’s share of Bitcoin, while institutions are steadily increasing their presence through ETFs, corporate treasuries and funds. The firm’s on-chain analysis and public filings provide an estimated distribution of the 21 million BTC cap and reveal how different classes of holders stack up.
Key figures from River’s analysis
River estimates that individuals own about 65.9% of circulating Bitcoin, equal to roughly 13.83 million BTC. Institutional ownership is rising but remains a minority share: funds and spot ETFs account for approximately 7.8% (1.63 million BTC), and businesses — including corporate treasuries that publicly report holdings — make up about 6.2% (1.30 million BTC). Governments control an estimated 1.5% (306,000 BTC).
Two important special categories are also highlighted: River attributes roughly 7.6% of supply (about 1.58 million BTC) to coins likely lost based on long dormancy heuristics, and early-era mining patterns place Satoshi/Patoshi holdings at around 4.6% (968,000 BTC). An additional 5.2% of supply (1.09 million BTC) remains unmined until the 21 million BTC cap is reached.
How River arrived at these estimates
The distribution is inferred from multiple sources rather than a definitive on-chain census. River combines public regulatory filings, custodial address tagging, and prior blockchain research to map likely ownership categories. Because custodians may aggregate client funds and wallet classifications can be ambiguous, these figures should be treated as an informed estimate rather than absolute ownership proof.
Institutional trends and market implications
While individuals continue to dominate Bitcoin supply, River’s data underscores expanding institutional adoption driven largely by the growth of spot Bitcoin ETFs and firms that now treat BTC as a balance-sheet asset. Increased institutional custody, reporting and ETF inflows are gradually boosting the share of market-held BTC held by funds and businesses, which can affect liquidity dynamics, price discovery and long-term capital allocation in the crypto market.
Limitations and what to watch next
Estimates can shift as new filings, custodial tagging improvements and on-chain analytics refine classifications. Key drivers to monitor include ETF inflows, corporate treasury disclosures, and any major wallet movements that could reclassify large blocks of supply. For traders, investors and policymakers, River’s breakdown offers useful context on where supply sits today and how institutional participation is evolving within the broader Bitcoin ecosystem.
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