Bitcoin Holdings by Category – Which is the Most Popular?

Bitcoin ownership spans multiple sectors, from government reserves to corporate treasuries and decentralized finance (DeFi) protocols. 

The distribution of Bitcoin across these categories offers valuable insights into its adoption, institutional interest, and long-term investment trends.

Below is an overview of the primary Bitcoin-holding categories, their current holdings, market valuations, and share of the total supply.

Categories of Bitcoin Holdings

1. Countries (Government Holdings)

• Total BTC: 529,705

• Value: $44.65 billion

• Percentage of total supply: 2.52%

Governments worldwide have accumulated Bitcoin through seizures, strategic reserves, and official purchases. 

Nations such as the United States, El Salvador, and China hold significant BTC reserves, either for policy experimentation, asset diversification, or auctioning purposes.

Also read: MicroStrategy’s Tactical Moves in Bitcoin (BTC) Investment for the Future

2. Public Companies

• Total BTC: 654,089

• Value: $55.14 billion

• Percentage of total supply: 3.12%

Publicly traded companies, particularly firms with a technology or investment focus, have embraced Bitcoin as a strategic treasury asset.

Key holders include:

• MicroStrategy – The largest corporate Bitcoin holder with over 190,000 BTC.

• Tesla – Holds approximately 9,720 BTC after partial sell-offs.

• Block (formerly Square) – A leader in Bitcoin adoption for payments and treasury holdings.

3. Private Companies

• Total BTC: 368,042

• Value: $31.02 billion

• Percentage of total supply: 1.75%

Privately held companies have also amassed Bitcoin, often as long-term reserves or investment assets.

Notable firms in this category include:

• Block.one – Holds over 140,000 BTC from early acquisitions.

• Stone Ridge Holdings – A financial firm heavily invested in Bitcoin as a reserve asset.

Also read: Bitcoin Enters Bear Market, Will It Bounce Up or Will BTC Crash Further

4. BTC Mining Companies

• Total BTC: 90,249

• Value: $7.56 billion

• Percentage of total supply: 0.43%

Bitcoin mining firms generate and accumulate BTC through block rewards. Many reinvest earnings into hardware, operations, or treasury reserves, while others sell to sustain operations.

Notable mining companies holding BTC include:

• Marathon Digital Holdings

• Riot Platforms

• Hut 8 Mining

5. Exchange-Traded Funds (ETFs)

• Total BTC: 1,297,865

• Value: $108.79 billion

• Percentage of total supply: 6.18%

ETFs have rapidly become the largest category of Bitcoin holders, providing institutional and retail investors with regulated access to BTC exposure.

Leading Bitcoin ETFs include:

• Grayscale Bitcoin Trust (GBTC) – Holds over 620,000 BTC, transitioning into an ETF in early 2024.

• BlackRock’s iShares Bitcoin Trust (IBIT) – One of the fastest-growing BTC ETFs.

• Fidelity’s Wise Origin Bitcoin Trust (FBTC) – Competing for institutional demand.

Also read: The Bitcoin Act: A Strategic Move for U.S. Economic Policy

6. Decentralized Finance (DeFi)

• Total BTC: 166,330

• Value: $13.94 billion

• Percentage of total supply: 0.79%

DeFi protocols integrate Bitcoin into decentralized lending, staking, and synthetic assets. Wrapped Bitcoin (WBTC) and similar tokenized BTC variants allow Bitcoin holders to engage in DeFi while maintaining BTC exposure.

Key platforms utilizing Bitcoin in DeFi include:

• MakerDAO (as collateral for DAI stablecoins)

• Aave & Compound (lending and borrowing)

• Curve & Uniswap (liquidity pools)

BTC Holdings: Key Observations

Bitcoin's ownership landscape reveals fascinating insights into how different entities engage with the cryptocurrency. At the forefront are exchange-traded funds (ETFs), which have emerged as the largest holders of BTC. 

With over 1.29 million Bitcoin under management, these investment vehicles surpass all other categories, underscoring the growing institutional appetite for regulated Bitcoin exposure.

Governments also play a significant role in Bitcoin ownership, holding more than half a million BTC. 

Many of these holdings originate from seizures related to illicit activities, while some governments have taken a more direct approach, purchasing Bitcoin as part of their financial strategy.

Meanwhile, public companies such as MicroStrategy and Tesla continue accumulating Bitcoin, viewing it as both a strategic asset and a hedge against traditional financial uncertainties. 

Also read: Bitcoin Price Volatility Triggered by Trump’s Tariffs and Inflation Warning from BlackRock’s CEO

Their ongoing investments highlight Bitcoin’s appeal as a store of value amid economic fluctuations.

Despite their central role in Bitcoin's creation, mining firms surprisingly retain only a small portion of their mined BTC. 

The high costs of mining operations force them to sell a significant percentage of their production, limiting their ability to hold onto Bitcoin for the long term.

Lastly, while decentralized finance (DeFi) has found ways to integrate Bitcoin into its ecosystem—through staking, lending, and synthetic assets—its presence in the DeFi space remains limited. 

With BTC’s share in DeFi applications still under 1% of the total supply, adoption in this sector is more of a niche than a mainstream movement.

Together, these patterns paint a dynamic picture of Bitcoin’s distribution, shaped by institutional interest, governmental control, corporate strategy, operational constraints, and the evolving DeFi landscape.

Read more about Bitcoin (BTC):

Bitcoin Price (BTC), Market Cap, Price Today & Chart History

Bitcoin (BTC) Price Today

How to buy Bitcoin (BTC)

BTC to USD: Convert Bitcoin to US Dollar

Conclusion

Bitcoin’s distribution across governments, corporations, ETFs, and DeFi underscores its evolving role as a store of value, investment asset, and financial instrument. 

Exchange-Traded Funds (ETFs) now hold the largest share, signaling institutional confidence and mainstream investment interest in Bitcoin.

As Bitcoin’s adoption expands, these categories will shift in dominance, with ETFs likely increasing holdings, more governments accumulating reserves, and corporate treasuries continuing to integrate Bitcoin as a financial hedge.

FAQs

1. Which category holds the most Bitcoin?

Exchange-Traded Funds (ETFs) currently hold the largest share of Bitcoin, with approximately 1.29 million BTC valued at over $108 billion. ETFs have surpassed all other categories, reflecting increasing institutional demand for regulated Bitcoin exposure.

2. How do governments acquire Bitcoin, and why do they hold it?

Governments accumulate Bitcoin through direct purchases, strategic reserves, and seizures from illicit activities. Some nations, like El Salvador, have actively invested in Bitcoin as part of their financial strategy, while others, like the U.S., primarily acquire BTC through law enforcement operations and auctions.

3. Why do Bitcoin mining companies hold a relatively small share of BTC?

Despite being central to Bitcoin’s creation, mining firms hold only about 90,249 BTC (0.43% of total supply). High operational costs force most miners to sell a significant portion of their mined Bitcoin to cover expenses such as electricity, hardware, and expansion efforts.

4. What role does Bitcoin play in decentralized finance (DeFi)?

Bitcoin is integrated into DeFi through tokenized versions like Wrapped Bitcoin (WBTC), which allows BTC to be used in lending, staking, and liquidity pools. However, Bitcoin’s presence in DeFi remains relatively small, accounting for just 0.79% of the total supply.

5. How have public and private companies contributed to Bitcoin’s adoption?

Public and private companies view Bitcoin as a strategic treasury asset, with firms like MicroStrategy, Tesla, and Block leading the way. Public companies collectively hold over 654,000 BTC, while private firms control around 368,000 BTC, demonstrating corporate confidence in Bitcoin’s long-term value and potential as a financial hedge.