Institutional Bitcoin Holdings Surpass 852,467 BTC (Excluding ETFs)

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.