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Institutional Bitcoin (BTC) holdings have climbed to an estimated 4.16479 million BTC, underscoring how quickly 'long-term holders'—from listed companies to ETF issuers and governments—are absorbing a meaningful share of circulating supply.
According to data compiled by BitcoinTreasuries as of May 18 (UTC), 345 institutions collectively hold 4,164,790 BTC. The holdings are distributed across several categories: publicly listed companies (196 entities) hold 1,216,854 BTC, ETFs and other funds (44 entities) hold 1,515,075 BTC, governments (13 entities) hold 649,903 BTC, private companies (72 entities) hold 289,395 BTC, DeFi and smart-contract systems (16 entities) hold 379,341 BTC, and exchanges and custodians (4 entities) hold 114,222 BTC.
Market watchers typically interpret the trend as a structural shift in Bitcoin ownership. As more BTC sits in corporate treasuries, regulated fund vehicles, and state wallets, the 'liquid float' available to trade may tighten—an effect that can influence volatility and price formation over time, especially during demand spikes.
Public companies: Strategy remains the dominant corporate holder
Among listed companies, total holdings stand at 1,216,854 BTC—valued at roughly $93.75 billion—equivalent to about 5.795% of Bitcoin’s total supply. Strategy ($MSTR) continues to rank as the single largest institutional holder, with 818,334 BTC, representing about 3.899% of supply.
Strategy added 535 BTC on May 11 (UTC), extending its ongoing accumulation pattern. In contrast, MARA Holdings ($MARA) sold 3,386 BTC the same day, returning to a disposal posture last seen on March 26 (when it reduced holdings by 15,133 BTC). Coinbase Global ($COIN) also stood out, purchasing 1,103 BTC on May 7 (UTC), resuming net buying after about three months. Strive ($ASST) added 443 BTC on May 1 (UTC) and another 9 BTC on May 24 (UTC), continuing incremental accumulation.
Based on the dataset, the leading listed-company holders include: Strategy ($MSTR) with 818,869 BTC; Twenty One Capital ($XXI) with 43,514 BTC; Metaplanet (MPJPY) with 40,177 BTC; MARA Holdings ($MARA) with 35,303 BTC; and Bitcoin Standard Treasury Company (BSTR) with 30,021 BTC. They are followed by Bullish (BLSH) with 24,300 BTC, Coinbase Global ($COIN) with 16,492 BTC, Riot Platforms ($RIOT) with 15,680 BTC, Strive ($ASST) with 15,009 BTC, and Hut 8 Mining ($HUT) with 13,696 BTC.