As of 2025, the landscape of Bitcoin ownership continues to reflect a significant presence of individual holders, according to a recent study by River, a U.S.-based Bitcoin financial services firm. The research, published on August 25, 2025, offers insights into the distribution of Bitcoin ownership globally, utilizing a combination of public filings, custodial address tagging, and prior blockchain research.
River’s findings indicate that individuals hold approximately 65.9% of the total circulating Bitcoin supply, which equates to around 13.83 million BTC. This category encompasses self-custodied wallets and exchange accounts that River classifies as individual holdings. In contrast, institutional ownership is divided into segments, including businesses, exchange-traded funds (ETFs), and investment funds. Notably, government entities are estimated to possess about 1.5% of the total supply, translating to around 306,000 BTC, based on the sovereign addresses tracked by River from public sources.
Additionally, the research highlights two unique categories within the Bitcoin supply distribution. Approximately 5.2%, or 1.09 million BTC, remains unmined as the community approaches the hard cap of 21 million BTC. This segmentation of Bitcoin ownership is crucial, as it provides a clearer understanding of the current state of Bitcoin distribution rather than projecting future market trends.
“River’s research is an attempt to map who holds Bitcoin today, not to forecast future prices,” the firm stated in their report.
Despite the rising institutional interest, individuals still dominate Bitcoin holdings. However, the institutional share is steadily increasing, driven by the growing acceptance of Bitcoin as a viable asset on corporate balance sheets and the proliferation of ETFs designed to facilitate Bitcoin investments.
Further emphasizing this trend, River’s flow map indicates that businesses are absorbing Bitcoin at a rate approximately four times higher than the current mining output. According to their analysis, companies are acquiring around 1,755 BTC daily, while only about 450 BTC is mined each day. This discrepancy underscores the increasing demand from institutional players, including funds and ETFs, which are contributing to the overall market dynamics.
In conclusion, River’s study provides a comprehensive snapshot of Bitcoin ownership in 2025, illustrating that while individual holders still maintain the majority of Bitcoin, institutional interest is on the rise. This evolution in ownership dynamics reflects broader trends within the cryptocurrency market, as more entities recognize the potential of Bitcoin as a strategic asset.
For further information, you can access the original report by River on CoinDesk.
