Nearly 31% of the circulating Bitcoin supply is now held by centralized treasuries, including governments, ETFs, and public companies, according to a new report by Gemini and Glassnode released Wednesday. The researchers say this marks a major shift toward institutional-grade infrastructure and strategic asset adoption.

The report reveals that institutional and custodial entities collectively hold approximately 6.1 million BTC—valued at around $668 billion at current prices. This figure represents a staggering 924% increase over the past decade. The researchers argue that this accumulation underscores growing confidence among institutions in Bitcoin’s role as a long-term store of value.

“During the same period, the spot price of Bitcoin has surged from under $1,000 to over $100,000,” the report stated, emphasizing that institutional interest appears to have matured alongside price appreciation.

However, the data includes assets held on centralized exchanges, which may belong to retail investors, not just institutions. Even so, the study notes that in nearly every institutional category—DeFi platforms, ETFs, funds, and public companies—the top three holders control between 65% and 90% of all Bitcoin under custody. This reflects the ongoing dominance of early adopters and suggests a concentration of influence within the institutional market structure.

Private company holdings, by contrast, appear more evenly distributed, according to the research.

Government-held Bitcoin represents a unique class within this ecosystem. Sovereign treasury wallets show limited movement and little correlation with market trends, but their dormant status makes them capable of significantly influencing markets when activated. Major holdings come from legal enforcement actions in countries like the U.S., China, Germany, and the U.K.

The report concludes that the increasing institutional footprint marks a structural transformation in the crypto market. While Bitcoin still behaves as a risk-on asset, its integration into traditional finance is stabilizing price behavior and reducing volatility driven by speculative extremes.

This evolution suggests Bitcoin is no longer a fringe investment but a maturing asset class within global financial systems.