The landscape of Bitcoin ownership is strikingly dominated by individuals, according to recent research from River, a U.S.-based financial services firm specializing in Bitcoin. In a detailed report published on August 25, 2025, River has systematically categorized and analyzed the distribution of Bitcoin ownership, highlighting a nearly 66% control by personal holders. This captivating study brings to light key insights into the evolving structure of Bitcoin ownership in the cryptocurrency world.
River estimates that around 65.9% of circulating Bitcoin, which translates to approximately 13.83 million coins, is held by individuals through self-custodied wallets and individual accounts on exchanges.
On the institutional front, River notes a growing presence, with businesses holding about 6.2% of the total supply—equating to 1.30 million BTC—largely comprised of corporate treasuries and significant firms that disclose their Bitcoin assets. Furthermore, investment vehicles such as spot ETFs (exchange-traded funds) and mutual funds manage approximately 7.8% or 1.63 million BTC, reflecting a shift in how mainstream finance is integrating cryptocurrency into their portfolios.
Interestingly, government entities are reported to possess about 1.5% of the total circulating Bitcoin—around 306,000 BTC—based on publicly tracked sovereign addresses.
River’s report also sheds light on unique categories within the Bitcoin ecosystem: lost coins, which account for 7.6% of the total supply, and Satoshi or Patoshi holdings that represent around 4.6%. These figures underscore the complexities and challenges in accurately tracking Bitcoin ownership, as the research involves intricate methods such as custodial address tagging and public records.
This study serves as a crucial analysis of Bitcoin’s current ownership landscape, revealing that while individual ownership remains predominant, institutional participation is on the rise. This noteworthy trend is further enabled by the increasing acceptance of Bitcoin as a legitimate asset on corporate balance sheets and the growth of exchange-traded products in the cryptocurrency market.
Ownership Distribution of Bitcoin
Key points from River’s research on Bitcoin ownership distribution:
- Majority Individual Ownership: Approximately 65.9% of circulating Bitcoin is held by individuals, totaling 13.83 million BTC.
- Institutional Holdings:
- Businesses: Account for about 6.2% of supply, or 1.30 million BTC.
- ETFs and Funds: Control approximately 7.8% of total supply, or 1.63 million BTC.
- Government Holdings: Represent around 1.5%, or 306,000 BTC.
- Lost Bitcoin: Estimated at 7.6%, or 1.58 million BTC, likely unrecoverable.
- Satoshi/Patoshi Holdings: Estimated at 4.6%, or 968,000 BTC.
- Unmined Bitcoin: Accounts for about 5.2%, or 1.09 million BTC, yet to be mined.
These ownership distributions highlight the significant role of individual investors in the Bitcoin market, showing that while institutional investment is growing, individuals still control the majority. For readers, this understanding can impact investment decisions and expectations about Bitcoin’s market behavior and future price trends.
Understanding Bitcoin Ownership: Insights from River’s Research
The recent findings by River, a U.S.-based bitcoin financial services firm, shed light on the current state of bitcoin ownership. Unlike other analyses, River’s comprehensive study categorizes the distribution of bitcoin, revealing that individuals still retain a substantial majority, controlling approximately 65.9% of circulating BTC. This significant portion is pivotal, especially as institutional interest begins to rise, signaling a noteworthy shift in the landscape of cryptocurrency ownership.
Competitive Advantages: River’s approach stands out for its meticulous categorization, differentiating between self-custodied wallets, exchange accounts, and institutional holdings. By estimating that businesses hold around 6.2% and ETFs and funds account for 7.8%, River’s research highlights a growing trend where institutions are increasingly viewing bitcoin as part of their portfolios. This could benefit investors looking for data-backed insights into the evolving dynamics of bitcoin adoption.
Disadvantages: However, the study notes a rather opaque ownership structure, where classifications can be misinterpreted, and some custodial accounts may not provide clear ownership visibility. This creates potential problems for investors seeking to understand true market dynamics, possibly leading to misinformed investment decisions. Additionally, the estimate of about 7.6% of lost bitcoin raises concerns about the total availability of the asset, potentially impacting its perceived value.
This news is particularly advantageous for retail investors who might be reassured by the dominance of individual ownership in the market, suggesting resilience and continued grassroots interest in cryptocurrency. On the other hand, institutional players may find the drive to incorporate bitcoin into their balance sheets as both a challenge and an opportunity to navigate a market that is solidifying its foundational structures, ultimately reshaping investor behavior toward this digital asset.
