Institutional Bitcoin Holdings Surpass 852,467 BTC (Excluding ETFs)
Phoenix Group Represents MENA in Global Bitcoin Holdings
Public companies and institutional investors now hold over 852,467 bitcoin as of early July 2025, according to the latest report by HODL15Capital. These figures represent direct corporate and institutional holdings, excluding ETFs, trusts, and similar fund products, and include Phoenix Group, the only representative from MENA.
Strategy remains the largest corporate holder with 597,325 BTC, while Marathon Digital has surpassed the 50,000 BTC milestone, now holding 50,131 BTC. These two companies alone account for nearly 76% of all publicly reported bitcoin holdings outside of ETFs, underlining their strategic commitment to Bitcoin as a treasury reserve asset and mining profit backbone, respectively.
Top Institutional Holders
Other notable holders include:
- TwentyOne (CEP/XXI): 37,230 BTC
- Riot Platforms (RIOT): 19,225 BTC
- Metaplanet (3350.T): 15,555 BTC
- Galaxy Digital (GLXY): 12,830 BTC
- Tesla (TSLA): 11,509 BTC
The top ten institutions collectively hold over 760,000 BTC, highlighting a continued trend of institutional accumulation despite market volatility and macroeconomic uncertainties.
Spotlight: Phoenix Group – MENA’s Representative
Among the 100 listed companies, Phoenix Group (PHX) stands out as the only representative from the Middle East and North Africa (MENA) region. While third-party trackers currently estimate their holdings at 131 BTC, Phoenix Group clarified to Unlock Blockchain that these figures are purely speculative.
“We’ve seen various third-party sites list estimates like 131 BTC for our holdings, but these are purely speculative and not based on any official disclosure from Phoenix Group. What I can say is that we have been actively building a strategic Bitcoin treasury position that’s more substantial than what is publicly disclosed. As a listed entity, we’re committed to transparency, and we plan to share our formal treasury approach later this year when the timing aligns with our broader strategy,” Phoenix Group commented.
This suggests that Phoenix Group’s actual bitcoin holdings are significantly larger than current market estimates, highlighting:
- The growing appetite for bitcoin treasury strategies among MENA corporates
- Abu Dhabi’s positioning as a regional mining and blockchain hub
- The strategic discretion exercised by listed entities when revealing treasury allocations
What This Means for the Market
Institutional holdings now account for roughly 4% of Bitcoin’s circulating supply (excluding ETFs), creating a growing floor of long-term holdings unlikely to re-enter the market in the near term. This trend:
- Reinforces Bitcoin’s narrative as a digital store of value
- Highlights strategic treasury diversification, particularly by Strategy
- Signals mining companies’ reliance on direct BTC balance sheet growth to secure investor confidence and future capital
U.S. Government Bitcoin Reserve
In March 2025, President Trump signed an executive order to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, consolidating approximately 198,000 – 200,000 BTC previously seized by federal agencies into a government-held reserve. The U.S. Marshals Service, DOJ, FBI, IRS, and Secret Service together hold this BTC — mainly from high-profile seizures like Silk Road and Bitfinex. Commercial trackers estimate U.S. government-owned BTC at 199,172.9 BTC, worth approximately $17.9 billion.
El Salvador remains the first and only country to adopt Bitcoin as legal tender, holding 6,230 BTC as part of its national reserves. This highlights the emerging trend of sovereign bitcoin adoption, which, although small relative to total supply, carries significant geopolitical and monetary symbolism for the global crypto market.
Beyond the Top 10
The updated list also shows growing holdings among smaller tech and mining companies, such as:
- ProCap BTC: 4,932 BTC
- GameStop: 4,710 BTC
- Semler Scientific: 4,636 BTC
- Bitcoin Group SE: 3,650 BTC
Note on Tether Holdings
While this report focuses on public companies, it is worth noting that Tether, the issuer of USDT, currently holds 100,521 BTC as part of its reserve management strategy. This figure, sourced from their latest attestation, would place Tether among the largest institutional bitcoin holders globally if private companies were included, highlighting Bitcoin’s expanding role as a strategic reserve asset not just for corporate treasuries but also for stablecoin issuers.
Future Outlook
With the market eyeing potential spot ETF inflows, institutional treasury growth, and increasing miner holdings post-halving, the role of companies like Phoenix Group in MENA and giants like Strategy globally will continue to shape Bitcoin’s institutional narrative in the years ahead.
