The majority of Bitcoin supply is still controlled by individuals, yet institutional adoption is climbing fast.

River Study: Individuals Hold Two-Thirds of Bitcoin, but Institutional Share Rises

Individuals still control the bulk of bitcoin in circulation, but institutions are steadily expanding their presence, according to research published Aug. 25 by U.S.-based bitcoin services firm River.

River’s analysis estimates that about 65.9% of supply (≈13.83 million BTC) is held by individuals, either in self-custody wallets or through exchange accounts. Institutional categories, however, now account for a growing slice: funds and ETFs hold roughly 7.8% (≈1.63 million BTC), while businesses maintain 6.2% (≈1.30 million BTC) on their balance sheets. Governments represent another 1.5% (≈306,000 BTC).

The study also includes coins that are effectively outside of circulation. About 7.6% (≈1.58 million BTC) is considered permanently lost, while early mining attributed to Satoshi Nakamoto — the so-called “Patoshi coins” — represents 4.6% (≈968,000 BTC). Roughly 5.2% (≈1.09 million BTC) has yet to be mined before reaching bitcoin’s 21 million cap.

River emphasized that the figures are estimates, built from public disclosures, custodial wallet tagging, and historical blockchain heuristics. Custodian holdings in particular may blur the distinction between individual and institutional ownership.

Still, the conclusion is clear: individuals remain the dominant owners of bitcoin, but institutions — led by ETFs and corporate treasuries — are gaining ground.