Institutional Players Tighten Control Over Bitcoin Supply

Bitcoin ownership has become increasingly concentrated among institutions, custodians, and large holders in 2025. According to Glassnode, major entities now control approximately 5.94 million BTC. This figure represents close to 30 percent of the circulating Bitcoin supply. As a result, the influence of retail investors over available supply continues to decline.

Moreover, this concentration reflects Bitcoin’s transition into a maturing institutional asset. Large holders tend to accumulate with long-term strategies, which reduces liquid supply in the market. Consequently, price movements are increasingly shaped by institutional portfolio decisions rather than short-term retail flows. This shift also changes volatility dynamics across market cycles.

Why does it matter?

As Bitcoin supply concentrates in institutional hands, price discovery becomes more sensitive to corporate and fund-level decisions. This alters risk behavior and strengthens Bitcoin’s connection to traditional financial structures.

ETFs, Corporations, and Governments Accumulate BTC

Publicly listed companies currently hold around 1.07 million BTC. Strategy remains the dominant corporate holder with 660,624 BTC, far ahead of its peers. MARA Holdings follows with 53,250 BTC, while Twenty One Capital holds 43,514 BTC. Japan-based Metaplanet controls 30,823 BTC, closely followed by Bitcoin Standard Treasury Company and Bullish.

At the same time, US-listed spot Bitcoin ETFs collectively manage approximately 1.31 million BTC. Government wallets also play a notable role, holding an estimated 620,000 BTC. However, cryptocurrency exchanges remain the single largest category. Glassnode data shows exchanges holding roughly 2.94 million BTC, underscoring their central role in market liquidity.

Major Bitcoin holder categories

• Public companies with Bitcoin treasuries

• US spot Bitcoin ETFs

• Government-controlled wallets

• Centralized cryptocurrency exchanges

Price Pressure Persists Despite Institutional Confidence

Despite growing institutional accumulation, Bitcoin’s price action still reflects broader macro conditions. This week, BTC briefly dipped below the 90,000 dollar level amid weakness in the technology sector and ongoing macroeconomic uncertainty. This movement highlights Bitcoin’s continued correlation with risk assets.

Nevertheless, institutional conviction remains intact. Ark Invest, led by Cathie Wood, purchased 13,700 shares of its own Bitcoin ETF, ARKB, during the pullback. The acquisition, valued at roughly 417,000 dollars, signals sustained confidence. Meanwhile, Strategy has maintained its position in the Nasdaq 100 index for a full year, even as debate continues around the long-term sustainability of crypto treasury models.

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While these transfers do not directly imply a price drop, they generate critical signals in terms of liquidity and volatility. Movements by large wallets are among the structural factors that affect market behavior. Historical examples show that similar whale activities have triggered short-term price fluctuations.

Lookonchain and Arkham Intelligence Data

Lookonchain highlighted in its on-chain alert that the target address is not tagged as an exchange wallet. This detail reduces the likelihood of immediate selling pressure. However, past analyses by Glassnode and CryptoQuant indicate that large Bitcoin movements, if followed by exchange inflows, can significantly affect prices. Investors should therefore monitor potential exchange entries in the coming hours.

Arkham Intelligence data shows that the fund is reorganizing its assets across multiple sub-wallets. Such structuring is often done for security improvements or in preparation for OTC trades. This allows major funds to manage their market impact while adjusting positions strategically.

Short-Term Risks and Opportunities for the Market

Bitcoin’s recent on-chain transaction volume has remained above 500,000, indicating that the long-term outlook remains strong. Yet, the impact of large transfers becomes relevant in short-term price behavior. Similar movements at the end of 2024 caused BTC to dip below critical support levels. Investors should carefully monitor both macro trends and on-chain metrics.

Key indicators for investors to watch include:

• Increases in BTC inflows to exchanges

• Redistribution patterns of whale wallets

• Changes in liquidity levels

• Intensity of short-term volatility waves

The 43,122 BTC transfer by Twenty One Capital clearly reflects the ongoing restructuring of institutional Bitcoin holdings. While it does not currently signal immediate selling pressure, subsequent actions will influence price volatility. Both professional traders and retail investors continue to track on-chain metrics closely.

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Metaplanet Inc. bought 518 more Bitcoin in August 2025, increasing its total reserve to 18,113 BTC and bringing its total investment close to $1.85 billion. Listed on the Tokyo Stock Exchange, the company’s accelerating treasury strategy positions it among the world’s significant public Bitcoin holders. 

Since adopting Bitcoin as its core business line in December 2024, Metaplanet has aggressively expanded both its assets and goals. Recent regulatory filings and financial presentations demonstrate rapid acquisitions, new performance metrics, and a dynamic approach to capital markets financing. 

Metaplanet Acquires Additional BTC

In August 2025, Metaplanet made a significant move by purchasing 518 Bitcoin for approximately 9.1 billion yen. This latest step brought its total holdings to 18,113 BTC. According to official statements, the company is now among the leading institutional Bitcoin treasury holders worldwide. The total purchase cost amounted to 270.364 billion yen ($1.85 billion), with an average price of about 14.9 million yen ($100,000) per Bitcoin. 

Metaplanet’s announcement also introduced performance tracking innovations. Instead of focusing only on traditional metrics, the company uses a unique KPI called “BTC Yield,” which measures the ratio of total Bitcoin assets to fully diluted shares over time. According to filings, BTC Yield rose to 309.8% in Q4 2024, registered at 129.4% in Q2 2025, and recorded 26.5% between July and August 2025. 

*Metaplanet Acquires Additional 518 $BTC, Total Holdings Reach 18,113 BTC* pic.twitter.com/rKT2l2oTRj

— Metaplanet Inc. (@Metaplanet_JP) August 12, 2025

“BTC Yield reflects the percentage change in the ratio of Total Bitcoin Assets to Fully Diluted Shares during a specific period. The company uses BTC Yield to evaluate the performance of its Bitcoin purchase strategy aimed at benefiting shareholders,” Metaplanet stated. 

This method reflects Metaplanet’s intensifying focus—since December 2024, Bitcoin treasury operations have become a central business activity, and the pace of acquisitions has accelerated. 

Metaplanet Maintains 6th Place Ranking

Metaplanet finances its multi-billion yen Bitcoin purchases primarily through capital markets. The company raises cash by issuing shares and bonds; this strategy is detailed in financial reports and benchmark equity research. Official presentations show Metaplanet’s journey from zero Bitcoin at the start of 2024 to 1,762 by fiscal year-end. 

Equity research also tracks the rise from 141 BTC in mid-2024 to 12,345 in June 2025 and 18,113 in August. The report details ambitious goals such as reaching 100,000 BTC by the end of 2025. Public disclosures emphasize clear, goal-oriented messaging. 

Following the recent purchase, Metaplanet still holds the sixth largest public Bitcoin reserve. The company trails closely behind Trump Media & Technology Group Corp for fifth place. Strategy (formerly MicroStrategy) leads with 628,946 BTC, valued at around $74 billion at current market prices. On Monday, Michael Saylor announced an additional purchase of 155 BTC worth about $18 million. 

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Matthew Hougan, CIO of Bitwise Asset Management, offered a similar perspective. Hougan stated that it is still too early to declare the cycle over without positive returns by 2026. However, he believes the cycle will eventually end in the long term. Historically, BTC price peaks occurred in 2013, 2017, and 2021 after halving events. Analysts expect a similar scenario in 2025. 

Pierre Rochard, CEO of Bitcoin Bond Company, suggested the four-year cycles might have ended. Rochard pointed out that 95% of Bitcoin’s supply has already been mined. He also noted that the impact of halvings on trading volume has diminished. Demand now mainly comes from retail investors, wealth management platforms adding ETPs, and corporate treasuries. 

Macroeconomics and Institutional Capital Impact 

Martin Burgherr, Head of Client Coverage at Sygnum Bank, said the halving cycle remains an important reference. However, macroeconomic conditions, institutional capital flows, regulatory developments, and ETF adoption have become equally influential on the market. Burgherr emphasized that the four-year framework is no longer the sole determinant. 

In contrast, crypto analyst CRYPTOBIRB rejected claims that the four-year cycle has ended. He stated that ETFs increase market correlation, thus reinforcing this cycle. He also reminded that halving cycles are mathematically programmed and unchangeable. 

Seamus Rocca, CEO of Xapo Bank, similarly affirmed that the cycles still hold validity. Rocca said that despite institutional presence, Bitcoin’s cyclical nature continues. The debate is expected to become clearer with the anticipated price movements in 2025. 

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This development signals that Bitcoin and similar digital assets are now viewed not only as investments but also as core balance sheet items. The transformation in the corporate world is especially notable as large firms increasingly adopt crypto as a strategic tool. 

Strategy Inc. stands out as a pioneer in this trend. The company raised over $10 billion in 2025 to expand its BTC reserves. This aggressive move boosted its stock performance to new heights and inspired other companies. 

https://twitter.com/HODL15Capital/status/1948728547809325485

Meanwhile, Japan-based Metaplanet and US miner Marathon Digital also raised significant funds for large-scale crypto investments. Both firms focus primarily on leading digital assets like Bitcoin and Ethereum. 

Growing Interest in Ethereum and Other Assets 

Since June, about 100 companies have announced plans to raise over $43 billion for acquiring crypto assets. These firms aim to allocate funds to Bitcoin, Ethereum, XRP, and other digital assets. 

This trend highlights that institutional investors are placing digital assets at the center of their long-term strategies. BitMine Immersion Technologies aims to raise up to $5 billion specifically for Ethereum reserves. 

SharpLink is also seeking hundreds of millions in capital aligned with its Ethereum strategy. The company is led by Joseph Lubin, one of Ethereum’s co-founders. 

Additionally, institutional investors are not limiting themselves to BTC and ETH. Some firms have invested millions in assets such as XRP, Ethena, and BNB as part of their treasury strategies. 

Analysts Warn: Risks for Shareholders Should Not Be Ignored 

Alongside this rising trend, some analysts have raised concerns about companies’ funding models. Matthew Sigel, head of digital asset research at VanEck, highlighted potential risks in frequently used at-the-market (ATM) fundraising programs. 

According to Sigel, these programs may diminish shareholder value if stock prices fall below net asset value (NAV). He recommends halting ATM programs if prices remain under 95% of NAV for 10 consecutive days. Furthermore, when crypto prices rise but company valuations do not reflect this, share buybacks should be prioritized. 

No public BTC treasury company has traded below its Bitcoin NAV for a sustained period.

But at least one is now approaching parity.

As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near…

— matthew sigel, recovering CFA (@matthew_sigel) June 16, 2025

Lastly, Sigel suggests that executive incentive packages be based on NAV growth per share rather than total crypto holdings. This approach aims to better align management with shareholder interests.

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The market responded instantly, and so did the company’s share price.

Metaplanet Aims for 210,000 Bitcoin, Setting a Historic Target

In a June 6 announcement, Metaplanet revealed its updated Bitcoin acquisition strategy. The new target of 210,000 Bitcoin marks a tenfold increase from the previous 21,000 BTC goal. If achieved, Metaplanet would become the world’s second-largest public Bitcoin holder, just behind Strategy, led by Michael Saylor.

On June 9, the company’s stock rose over 22%, trading as high as 1,641 yen. In just five days, Metaplanet shares gained 24%.

The “555 Million Plan” Signals Aggressive Accumulation

The so-called “555 million” plan will see Metaplanet acquiring 201,112 more Bitcoin over the next three years. At current prices, this would cost over $21 billion. The firm’s interim goal is to reach 100,000 Bitcoin by 2026.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Metaplanet currently holds 8,888 Bitcoin, after buying an additional 1,088 on June 2. Since its first purchase in July 2024, the company’s stock has skyrocketed by 1,744%.

Institutional Bitcoin Buys Fuel Global Corporate Trend

More public companies are turning to Bitcoin reserves. South Korea’s K Wave Media, Paris-based Blockchain Group, and Indonesia’s DigiAsia Corp have all jumped on the bandwagon, with their stock prices surging post-announcement.

Yet not all firms see gains. Norwegian firm K33’s stock remained flat despite its Bitcoin buy plan.

Still, according to Standard Chartered, corporate Bitcoin holdings now represent 3.2% of all that will ever exist — worth over $342 billion.

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Zero-Interest Bonds, One Clear Target: 10,000 BTC

On May 29, Metaplanet announced the issuance of $21 million in zero-interest bonds to Evo Fund, just a day after securing $50 million in a separate funding round. Each bond carries a face value of $525,000 and matures on November 28, 2025. No interest is attached, allowing the firm to borrow without additional cost.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

This back-to-back funding brings Metaplanet‘s total 2025 capital raises to $135.2 million. The company’s goal? To reach 10,000 Bitcoin holdings by year-end. Currently, it holds around 7,800 BTC, placing it 11th among global corporate holders.

US Expansion and GameStop Joins the Race

On May 1, Metaplanet launched a wholly owned subsidiary—Metaplanet Treasury—in Florida, aiming to raise up to $250 million from US capital markets. This move strengthens its global footprint and signals confidence in the US crypto space.

In March, Eric Trump, son of former President Donald Trump, joined Metaplanet‘s Strategic Advisory Board, adding political weight to its strategy.

Meanwhile, other corporations are following suit. On May 28, GameStop revealed its first Bitcoin acquisition, purchasing 4,710 BTC. This milestone underscores growing corporate appetite for crypto and potentially hints at broader adoption.

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Japan-based investment firm Metaplanet announced it has issued zero-interest bonds worth $50 million to increase its Bitcoin (BTC) holdings. These bonds, each valued at $1.25 million, were fully purchased by Evo Fund, based in the Cayman Islands. The notable feature of these bonds is that they carry zero interest. This means investors expect potential gains at maturity rather than regular returns. According to BitcoinTreasuries.NET, Metaplanet’s Bitcoin investments have increased in value by approximately 20%. 

A New Era in Institutional Bitcoin Adoption 

This move by Metaplanet demonstrates the company’s commitment to Bitcoin. Previously, the company raised its total Bitcoin holdings to 7,800 BTC by purchasing 1,004 BTC, maintaining its leadership in the sector. Simon Gerovich, CEO of the Japanese investment firm, stated, “Another $50 million worth of BTC is coming.” 

Meanwhile, Metaplanet stated: 

“In line with this belief, we reshaped our strategy to become Japan’s first private Bitcoin Treasury Company in 2024. In the first quarter of 2025, we launched a two-year ¥116 billion ‘moving strike’ collateral program. So far, we have implemented 87% of this program. This program is the largest and lowest-cost equity financing ever executed in Japan,” the company said. 

The company aims to expand its Bitcoin (BTC) investments not only in Japan but also globally. Through a new subsidiary established in Florida, Metaplanet plans a $250 million capital increase. With this move, the company seeks to increase its liquidity access in the US market. It continues to secure a strategic position in both local and global crypto finance markets. The company targets an annual Bitcoin return of 232% for 2025, with planned returns of 35% in the third and fourth quarters. 

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Tesla, led by CEO Elon Musk, attracted attention in 2021 with its Bitcoin investments, becoming a significant institutional player in the cryptocurrency market. The company’s Bitcoin purchase and sale history, as well as its current holdings, are closely monitored by investors and crypto enthusiasts. 

Tesla  Bitcoin Investment and Sales 

In February 2021, Tesla made a strong entry into the crypto market by purchasing $1.5 billion worth of Bitcoin. In April of the same year, it sold 10% of these holdings, making approximately $128 million in profit. However, in May 2021, the company suspended vehicle sales using Bitcoin due to environmental concerns. Then, in July 2022, Tesla sold 75% of its Bitcoin holdings, raising $936 million in cash. After these sales, Tesla held approximately 10,725 BTC. 

How Much Bitcoin Does Tesla Hold? 

As of 2025, Tesla holds around 11,509 BTC. The current value of these assets fluctuates with Bitcoin’s price but is approximately $1.25 billion. The company continues to hold its crypto assets as part of a long-term reserve strategy. Additionally, Tesla uses Coinbase Prime Custody as the custody service for its large holdings. 

Top Companies Holding Bitcoin 

Among companies holding Bitcoin on their balance sheets, the largest holders create a notable ranking. According to CoinGecko’s 2025 data, the top 5 publicly traded companies with the most Bitcoin are: 

1. MicroStrategy Inc. (NASDAQ: MSTR)
   BTC Amount: 506,137
   Estimated Value: $44.23 billion
   The company has been making aggressive Bitcoin purchases since 2020, considering them as a long-term strategic reserve. 
2. Marathon Digital Holdings (NASDAQ: MARA) 
   BTC Amount: 26,842
   Estimated Value: $2.35 billion
   The company holds Bitcoin earned from its mining activities. 
3. Galaxy Digital Holdings (TSE: GLXY) 
   BTC Amount: 15,449
   Estimated Value: $1.35 billion
   Operating in crypto investment and asset management, Galaxy also holds significant Bitcoin reserves. 
4. Tesla, Inc. (NASDAQ: TSLA) 
   BTC Amount: 11,509
   Estimated Value: $1.00 billion
   Despite selling some due to environmental policies, Tesla still holds the majority of its Bitcoin. 
5. Coinbase Global Inc. (NASDAQ: COIN) 
   BTC Amount: 9,183
   Estimated Value: $802.5 million
   One of the largest crypto exchanges in the world, Coinbase also holds a significant amount of Bitcoin on its balance sheet. 

Japan-based Metaplanet has adopted MicroStrategy’s Bitcoin strategy, actively purchasing Bitcoin. As of May 2025, the company has reached 7,800 BTC, achieving 78% of its 10,000 BTC target. Its latest purchase of 1,004 BTC coincided with a 12.6% rise in its shares traded on the Tokyo Stock Exchange under the ticker 3350.T. This reflects investors’ positive response to its crypto asset strategy. 

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This move increases competition among companies investing in Bitcoin, as Strive follows a strategy that could boost its market value and share price. Additionally, when Strive completes its merger with Texas-based Asset Entities, the company will become publicly traded. As a result, Strive will control 94.2% of the merged entity. This means Strive shareholders will have significant influence over company management and decision-making processes. Asset Entities’ existing shareholders will retain control of the remaining 5.8%. 

Mt. Gox Bankruptcy and Strive’s Plans 

Mt. Gox lost approximately 750,000 Bitcoins in 2014 due to a massive security breach, sending shockwaves through the crypto market. After years of legal proceedings, payments to creditors have been planned. Although creditors have received legal approval for their BTC claims, payments have been delayed. They have been waiting for a long time, and partial payments are finally scheduled to begin in October 2025. Still, the Mt. Gox bankruptcy remains a major source of uncertainty in the market. 

Investment company operates more flexibly compared to firms going public through SPAC mergers. It also follows a path similar to Bitcoin reserve companies backed by major investors like Tether and SoftBank. This strategy aims to boost Strive’s market value while providing long-term gains for investors. In short, by acquiring Mt. Gox claims, Investment company is expanding its Bitcoin portfolio and becoming a notable player in the crypto market. 

In addition, two Nasdaq-listed companies have announced plans to purchase Bitcoin. Basel Medical Group has begun talks for a $1 billion Bitcoin acquisition, while Singapore-based DigiAsia has revealed plans to buy $100 million worth of Bitcoin. 

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