Key Insights:

• River’s research reports that as of August 25, 2025, individuals hold approximately 65.9% of Bitcoin (about 13.83 million coins).
• Funds and ETFs collectively account for around 7.8% of Bitcoin supply, businesses for 6.2%, and governments for 1.5%.
• This distribution is derived from public filings, tagging of custodial addresses, and earlier studies, signifying that these metrics are estimates rather than a census.

River, a U.S.-based financial services firm focused on Bitcoin, has unveiled these findings illustrating ownership distribution within the market. Their latest research classifies Bitcoin ownership and delineates market shares based on various categories, confirmed through analysis involving public data and previous blockchain research.

Institutional Analysis:

• The specific categories for institutions reveal that:
  • Businesses—which include conventional firms and corporate treasuries—hold about 6.2% of the total supply, equivalent to 1.30 million BTC.
  • ETFs and funds hold around 7.8%, equating to 1.63 million BTC.

Moreover, government holdings are shown to be approximately 1.5%, translating to 306,000 BTC. There is also mention of approximately 7.6% of Bitcoin being classified as lost, which equates to around 1.58 million BTC, primarily inferred from the inactivity of specific coins over many years. Additionally, about 4.6% relates to Satoshi/Patoshi’s holdings and around 5.2% of the total supply is not yet mined, as the hard cap of 21 million BTC approaches its limit.

Thus, although individuals still lead in Bitcoin ownership, institutions are steadily rising in this space, bolstered by new financial products like ETFs and increased institutional interest.