I. Introduction

Bitcoin is entering a new phase of institutional adoption. No longer seen merely as “digital gold,” it’s now viewed as a strategic reserve asset. Spot Bitcoin ETFs in the U.S. and Hong Kong are rapidly growing, and with Donald Trump returning to the White House, digital assets are being elevated to a national strategic level, including proposals for a U.S. Strategic Bitcoin Reserve. Countries like El Salvador and Bhutan have already added Bitcoin to their balance sheets.

Meanwhile, listed companies such as MicroStrategy and Metaplanet are aggressively accumulating Bitcoin, often using leverage, signaling a shift in global capital strategies. This trend marks more than a change in asset allocation — it may be the start of a wider reconfiguration of monetary power.

This report explores how macro factors like interest rates, inflation, regulation, and the proposed U.S. reserve are reshaping the crypto landscape. It maps Bitcoin holdings across six key groups — ETFs, sovereigns, corporates, miners, DeFi projects, and private entities — forecasts institutional adoption through 2026, and examines how Bitcoin’s fixed supply could impact market structure. Ultimately, it answers three critical questions: Who is hoarding Bitcoin? Why are they hoarding it? And where could it take Bitcoin next?

II. Institutional Holding Structure Analysis

According to Bitbo Treasuries, as of June 10, 2025, a total of 139 institutional entities held roughly 3,303,688 BTC — 15.73% of the 21 million supply — worth approximately USD 361.6 billion. ETFs account for 6.60 % of all Bitcoin, making them the single largest channel, followed by public companies and sovereign entities. The entry of private firms and DeFi projects has further diversified the holding base and funding sources.

Source: https://bitbo.io/treasuries/

1. ETF Holdings

Since 2024, U.S. spot Bitcoin ETFs have been approved one after another, giving institutions a compliant, “no-wallet-needed” vehicle. As of 10 June 2025, the 12 U.S. spot Bitcoin ETFs collectively hold about 1.38 million BTC (6.6 % of supply) worth roughly USD 151.7 billion. BlackRock’s IBIT alone controls 3.16 % of global supply — 55 % of all ETF coins — while Fidelity’s FBTC and Grayscale’s GBTC lock up nearly another 1.8 % combined. After a brief pullback at the end of May, ETFs resumed net inflows: on 9 June, they recorded USD 392 million in net subscriptions, with IBIT and FBTC contributing over 76 % of the increase.

Source: https://bitbo.io/treasuries/#etfs

With platforms such as Morgan Stanley and JPMorgan expected to open Bitcoin-ETF access in H2, consensus is that total ETF holdings could exceed 1.5 million BTC by year-end, further reinforcing the appeal of this “wallet-free” on-ramp.

2. Sovereign Holdings

In March 2025, the United States issued an executive order directing the Treasury to create a Strategic Bitcoin Reserve using seized coins and to acquire more BTC on a budget-neutral basis; all reserve coins are “not to be sold,” but held as long-term national assets. On 29 April, Arizona’s legislature passed a bill allowing up to 10 % of public funds to be invested in Bitcoin; Oklahoma has tabled a similar proposal, and states like Texas and Alabama are following suit.

El Salvador continues to accumulate, holding about 6,190 BTC (~USD 675 million) as of end-May 2025, branding it a “strategic Bitcoin reserve” to hedge inflation and bolster monetary sovereignty. Switzerland, Poland, Japan, and others are studying the feasibility of holding digital-asset reserves.

Source: https://bitbo.io/treasuries/countries/

3. Public-Company Holdings

MicroStrategy — now Strategy — leads by a wide margin. As of May 2025, it owned 582,000 BTC, the largest corporate stack globally. Strategy is building a unique model via Bitcoin-backed bonds and preferred shares, completing three such issues in the past five months. On 11 June, Executive Chairman Michael Saylor told Bitcoin Magazine that Bitcoin’s “danger phase” is over, predicting a USD 1 million price and noting U.S. high-level support. He said international capital is pouring in, and the next decade may be the last window to acquire Bitcoin. Saylor regularly posts Bitcoin Tracker updates on X and typically discloses Strategy’s fresh purchases the next day.

Source: https://x.com/saylor

Other high-conviction firms are also stacking: Marathon Digital (~49.2 k BTC), Riot (~19.2 k), CleanSpark (~12.5 k); Tesla still holds ~11.5 k BTC (unchanged since 2022); Hut 8 about 10.3 k; Coinbase reports 9,267 BTC for operations and hedging. Japanese-listed Metaplanet has likewise seen its market cap soar on continued Bitcoin buys.

Source: https://bitbo.io/treasuries/#public

4. Private-Company Holdings

Numerous unlisted fintechs, family offices, and funds are accumulating Bitcoin. Many U.S. private-equity and hedge funds are adding BTC via OTC desks or dedicated trusts. Private miners such as Genesis Mining retain a large share of block rewards in BTC. Wealth-management platforms and bank divisions (e.g., Morgan Stanley, Goldman Sachs) are estimated to deploy tens of billions of dollars into Bitcoin over 2025–26. Motivations range from inflation hedging and portfolio diversification to early positioning for the digital economy.

Source: https://bitbo.io/treasuries/#private

5. Bitcoin-Mining Companies

Leading miners are deliberately raising self-custody ratios. Post-2024 halving, many declared “HODL” strategies: Marathon held ~49.2 k BTC by May 2025 and sold none of its May production; Riot retains most of its recent output (~19.2 k BTC); Hut 8 added 974 BTC at end-2024, pushing its stash above USD 1 billion. Expecting tighter supply and higher prices, they convert block rewards into long-term reserves while exploring yield-generating avenues (pools, lending) to cover OPEX, reducing the need to sell coins for cash. Executives commonly argue that Bitcoin’s fixed supply means “the more we HODL, the more it’s worth.”

Source: https://bitbo.io/treasuries/miners/

6. DeFi Platform BTC-TVL

Wrapped tokens such as wBTC and cbBTC allow Bitcoin to circulate on other chains. According to CoinGecko, wBTC’s market cap is USD 13.6 billion, and cbBTC about USD 4.7 billion. Bitcoin DeFi is expanding fast. Layer-2 projects are burgeoning: staking protocol Babylon secures 47,600 BTC (~USD 5.1 billion); LBTC, a liquid-staking token on Babylon, has reached USD 1.9 billion. These protocols bring new liquidity tools and yield opportunities, accelerating the conversion of idle institutional BTC into productive assets.

Source: https://bitbo.io/treasuries/#defi

III. Drivers Behind Institutional Bitcoin Accumulation

From a weakening U.S. dollar and persistent inflation to a sweeping global re-allocation of assets, plus a far more accommodating regulatory backdrop, 2025’s “institutional Bitcoin-hoarding wave” can be traced to a clear set of macro and micro catalysts that are pushing virtually every type of institution to increase its exposure.

1. Macro-level motives

Dollar depreciation & sustained inflation.
• The dollar’s long slide has become the consensus. U.S. federal debt has topped USD 36 trillion — 123 % of GDP — fueling doubts about the long-term stability of both the dollar and Treasuries.
• High inflation worldwide keeps the real returns on traditional assets depressed. Institutions, therefore, need assets that genuinely hedge inflation. Because of its fixed supply, decentralised nature, and deep global liquidity, Bitcoin is increasingly viewed as a gold-like reserve hedge.

A clearer policy & regulatory landscape.
• U.S. policy has flipped dramatically: a new White House executive order openly “supports blockchain” and calls “legitimate stablecoins” a pillar of dollar sovereignty.
• Bipartisan bills before Congress would create full frameworks for stablecoins and crypto assets and authorise banks to launch compliant products.
• More than 20 U.S. states are tabling or have passed Bitcoin-reserve legislation covering public-fund allocation, tax incentives, and oversight.
• The SEC, CFTC, and other agencies sped up crypto rule-making at the end of 2024. In short, U.S. regulation is shifting from hostile to accommodating, giving institutions far greater certainty.

Global asset-rotation & demonstration effects.
• With equities and bonds delivering lacklustre returns, asset managers are forced to re-allocate. Since early 2025, U.S. spot-ETF AUM has ballooned, giving institutions a cheap, compliant gateway and accelerating flows.
• MicroStrategy’s headline-grabbing accumulation has proven contagious; a growing list of companies, funds, and even governments have copied the playbook, reinforcing a shared “institutional Bitcoin treasury” mindset and quickening inflows.

2. Micro-level motives

Governments / sovereign funds.
Diversifying sovereign reserves and hedging currency and geopolitical risk. The U.S. is legislating a permanent Strategic Bitcoin Reserve; all governments combined now hold roughly 2.3 % of the supply, still small, but capable of moving price if they act in concert.

Public companies & large corporations.
Treasury optimisation and investor positioning. Led by MicroStrategy, firms buy Bitcoin to defend cash from debasement, juice returns, and capture headlines.

Private & mid-cap companies.
Smaller firms are joining in — some raising equity, then shifting proceeds into Bitcoin. Whether tech or traditional industry, they see BTC as a balance-sheet hedge against macro uncertainty.

ETF sponsors & asset managers.
Since spot ETFs were green-lit in 2024, giants have piled in. BlackRock’s IBIT raced past USD 70 billion AUM in a year, holding c. 3.15 % of supply. ETFs let institutions get exposure without custody headaches; traditional managers have increased Bitcoin allocations to lift performance, driving heavy inflows and supporting price.

Mining companies.
Their production cost (USD 26–28 k) sits far below the market price (~USD 100 k), so in bull phases, miners prefer to hoard, not sell. Marathon, for instance, lifted holdings to 49.2 k BTC by May 2025. Hoarding offsets the post-halving drop in block rewards (<0.5 % annual inflation) and signals bullish long-term views.

DeFi platforms & protocols.
Protocols now accept BTC as collateral to mint stablecoins or synthetics, opening new yield sources. Some institutions are exploring on-chain tokenisation of bonds or real estate backed by Bitcoin. As regulation clarifies, DeFi’s push for compliance makes BTC a natural liquidity anchor.

IV. How Institutional Buying Is Reshaping Bitcoin’s Pricing Mechanism

Legacy Drivers.
Bitcoin’s past cycles were driven by retail sentiment and the four-year halving rhythm. Bull runs followed hype and reduced new supply, while crashes stemmed from panic selling and large dumps.

New Institutional Logic.
With more “strong-hand” holders and less free float, prices are steadier and higher. A self-reinforcing loop emerges: institutional buying tightens supply → price rises → market cap grows → more institutions buy in.

Structural Supply Squeeze.
Post-halving inflation is minimal. On-chain data shows 74% of Bitcoin hasn’t moved in two years, and 75% in six months, leaving low sell-side liquidity. Even small demand spikes can move the market.

Long-Term Holder Dominance.
Rising prices trigger short-term selling, but long-term holders keep accumulating, locking up supply and strengthening market stability.

Institutional Drains on Float.
ETFs and corporate treasuries are pulling coins into cold storage, reducing the circulating supply. TradFi demand reinforces the supply crunch and price feedback loop.

Conclusion.
Bitcoin’s price action has shifted from retail-driven speculation to institutional accumulation and structural scarcity. The market now hinges more on balance-sheet demand and macro narratives than short-term volatility or miner flows, ushering in an institution-dominated, illiquid phase.

V. Conclusion & Outlook

Bitcoin’s Institutional Hoarding Wave
A surge in ETF, government, and corporate accumulation is fundamentally reshaping Bitcoin’s supply-demand dynamics. With fixed issuance and long-term lockups shrinking the free float, steady institutional demand, as an inflation hedge and reserve asset, is driving sustained upward pressure. As the U.S. Strategic Bitcoin Reserve gains traction and sovereign, corporate, and miner participation grows, Bitcoin is evolving from a “high-beta risk asset” into a “strategic reserve asset.”

Higher Price Floor.
With annual new supply now below 0.5% and ETF inflows rising, the market is shifting from boom-bust cycles to stepwise appreciation.

• Base case: $150K–$180K by late 2025–early 2026
• Bull case: Up to $250K if Fed policy eases and sovereign demand increases

Lower Volatility.
Institutional dominance reduces the chance of 40–60% drawdowns. With 74% of supply unmoved in two years, large buys now directly reduce float, lifting the price floor and reinforcing market resilience.

Financial Deepening.
Spot ETFs are just the beginning. Expect growth in BTC futures curves, staking yield curves, and BTC-denominated bonds — offering trad-fi new tools for hedging, yield, and deeper engagement.

On-Chain Ecosystem Growth.
Projects like Babylon, RGB, BitVM, and Layer-2 staking are turning idle BTC into productive assets, integrating DeFi and RWAs, and pushing the locked-up supply even higher.

Risks.
Macro shocks (e.g., liquidity crunches, geopolitics, U.S. fiscal risk), regulation, protocol flaws, or miner stress could still trigger 30%+ pullbacks — but are unlikely to derail the long-term trend.

Bottom Line.
Bitcoin now sits at the crossroads of institutionalisation, globalisation, and financialisation. The 2025–2026 window could mark a major repricing — toward a fundamentally higher valuation tier.

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