Institutions & Governments Swallowing Bitcoin Supply

• Governments, corporations, and ETF issuers currently hold an estimated 2.1 million Bitcoin, more than at any other time.
• Strategy (formerly MicroStrategy), Metaplanet, and Trump Media Group are leading a new wave of institutional Bitcoin accumulation. In previous crypto bull markets, this source of demand was of little to no relevance.
• Other companies are establishing similar treasury strategies for alternative cryptocurrencies such as Ethereum (ETH) and Solana (SOL).
• The proposed U.S. BITCOIN Act signals a potential sovereign accumulation strategy, aiming for 1 million BTC without taxpayer cost.

Bitcoin’s Disappearing Act

Bitcoin is becoming increasingly difficult to buy, especially in large quantities. That’s because corporations, governments, and ETF issuers are accumulating a growing amount of BTC. These entities are generally seen as less short-term oriented and more likely to hold over the long term.

At the top of the pile is Strategy, holding 580,955 BTC, or nearly 3% of Bitcoin’s total capped supply of 21 million. The U.S. and China follow closely, each with approximately 200,000 BTC. And then there are the U.S. spot ETF issuers (e.g. BlackRock), which hold over 1.1 million BTC on behalf of their ETF holders.

The effect of these various accumulators is hard to understate, given that most of this combined total will likely be held for many years, regardless of BTC’s price. This is distinct from historical bull markets, where many holders of BTC—most of which were retail investors and traders—were driven by short-term profits and, therefore, were more likely to sell.

Corporate Adoption Ramps Up

While Strategy—the U.S. company led by Bitcoin advocate Michael Saylor—blazed the trail for corporate accumulation of BTC, several others are now adopting a similar approach to make Bitcoin a core part of their treasuries. GameStop has acquired $768 million ($500m USD) worth of Bitcoin with plans to scale that up to $2 billion ($1.3b USD). Basel Medical Group is raising $1.5 billion ($1b USD) to do the same.

Meanwhile, Metaplanet often called the ‘MicroStrategy of Asia’, recently announced plans for a $7.7 billion ($5b USD) acquisition strategy focused on Bitcoin. The company sees this as both a hedge against fiat currency risks and a long-term store of value.

One of the biggest announcements comes from Trump Media Group, which is raising $3.8 billion ($2.5b USD) to accumulate Bitcoin. With U.S. President Donald Trump openly backing crypto and digital assets, the overlap between his business dealings and government direction has put Bitcoin in the spotlight like never before.

It’s Not Just Bitcoin

The treasury asset playbook is no longer limited to Bitcoin. Other chains are starting to see serious interest from companies following a similar model to Strategy.

In Ethereum, SharpLink Gaming has emerged as a clear front-runner. The company recently announced plans to acquire $730 million ($475m USD) worth of ETH as part of a dedicated treasury strategy. Ethereum co-founder Joseph Lubin has joined the company’s board, highlighting the seriousness of the move.

Over on Solana, a company called Solana Strategies has drawn comparisons to Strategy itself. Rather than building a position in Bitcoin, this firm is targeting Solana as its core asset, focusing on staking rewards and long-term ecosystem growth. The company is also backing several Solana-based projects, reinforcing its belief in the chain’s performance and scalability.

These moves suggest that the idea of using digital assets as a corporate reserve is expanding beyond Bitcoin. Ethereum and Solana are now part of the conversation, and that could open the door for even broader adoption across the digital currency landscape.

Governments Join the Game

It’s not just institutions. Governments also continue to hold vast amounts of BTC accumulated via law enforcement over recent years. The U.S. and China hold nearly 400,000 BTC combined. Other nations are similarly holding BTC seized via legal proceedings, while others (e.g. El Salvador) are periodically buying on the open market.

It’s possible that more countries will join the likes of El Salvador in purchasing additional BTC. To that end, one of the most significant developments is the BITCOIN Act proposed by U.S. Senator Cynthia Lummis. The proposed legislation is designed to align with President Trump’s Strategic Bitcoin Reserve and aims to increase the nation’s holdings without any cost to taxpayers. The bill outlines a plan for the U.S. to acquire up to 1 million BTC over five years.

At the Bitcoin 2025 conference, Lummis suggested one possible funding method by revaluing gold certificates to reflect current market prices. This approach, essentially a creative accounting strategy, could unlock capital for Bitcoin purchases without requiring direct government spending.

“The Strategic Bitcoin Reserve is the only tool I see that can help people in my generation right the wrongs that we did to younger generations and generations to follow with respect to our debt and fiscal mismanagement.”

– U.S. Senator Cynthia Lummis

Final Thoughts

Never before has so much Bitcoin been in the hands of corporations, governments and ETF issuers. These entities have been major net accumulators of BTC so far in this bull market, a trend that appears likely to continue. What began as a fringe movement is now being driven by the world’s most powerful financial institutions and even national governments.