As Bitcoin surges past $97,000, breaking new all-time highs, momentum is building not just among retail investors but across global institutions and governments. The rally signals more than speculative enthusiasm—it reflects a structural shift in asset allocation, with Bitcoin increasingly viewed as a strategic reserve asset. According to the latest data from Bitcoin Treasuries.com, as of November 21, 93 public entities—including ETFs, nations,上市公司, and private firms—collectively hold over 2.728 million BTC, representing nearly 13% of Bitcoin’s total supply.
This institutional embrace underscores a pivotal evolution: Bitcoin is no longer driven by retail traders alone. Instead, it's becoming a cornerstone of diversified portfolios, backed by trillion-dollar balance sheets and national economic strategies.
ETFs: Over $110 Billion in Assets, IBIT Dominates
Bitcoin spot ETFs have emerged as the primary gateway for institutional exposure. As of November 21, Bitcoin ETFs hold more than 1.231 million BTC, valued at over $116.89 billion**, accounting for **5.8% of the total Bitcoin supply**. The Block reports that since their U.S. launch earlier this year, these ETFs have seen cumulative trading volume exceed **$520 billion, highlighting robust market adoption.
The top three ETFs by assets under management are:
- BlackRock’s IBIT
- Grayscale’s GBTC
- Fidelity’s FBTC
Among them, IBIT leads with 475,000 BTC—worth approximately $45.05 billion—representing 38.6% of all ETF holdings. Fintel data reveals that IBIT has 698 institutional holders, including Millennium Management, Goldman Sachs, Morgan Stanley, and Capula Management, with nearly 160 million shares outstanding.
👉 Discover how institutional investors are shaping the next phase of Bitcoin growth.
Grayscale’s GBTC follows with over 218,000 BTC ($20.71 billion), held by 647 institutions such as Multicoin Capital and LPL Financial. Despite outflows during its transition from a closed trust to a spot ETF, GBTC remains a critical player.
Fidelity’s FBTC holds 194,000 BTC ($18.42 billion) and is backed by 246 institutions, including DE Shaw & Co., Jane Street, and Goldman Sachs. Its steady accumulation reflects long-term confidence in Bitcoin’s role as an inflation-resistant store of value.
Nations Holding Bitcoin: Over 529,000 BTC in Public Reserves
A growing number of countries are embracing Bitcoin as part of their national financial strategy. As of November 21, nine nations hold a combined 529,000 BTC, valued at around $50.24 billion, or 2.5% of the total supply.
The top holders include:
- United States: ~207,000 BTC (largely seized through law enforcement)
- China: ~194,000 BTC (also primarily confiscated)
- United Kingdom: ~61,000 BTC
Together, these three account for 46.2% of all nation-held Bitcoin. However, most of these holdings were acquired through legal seizures rather than strategic purchases.
In contrast, El Salvador and Bhutan stand out as nations actively acquiring Bitcoin through mining or direct investment using sovereign funds. El Salvador’s bold adoption since 2021 has sparked global debate on cryptocurrency as legal tender and national reserve assets.
This divergence highlights two paths: reactive accumulation (via confiscation) versus proactive monetary innovation (via policy-driven adoption).
Public Companies: $42+ Billion in Bitcoin Holdings
Publicly traded companies are increasingly treating Bitcoin as corporate treasury reserves. As of November 21, 43上市公司 hold approximately 445,000 BTC, worth over $42.22 billion, according to Bitcoin Treasuries.com.
At the forefront is MicroStrategy, which owns 331,000 BTC ($31.43 billion), making up **74.4% of all corporate holdings**. At current prices (~$97,000), MicroStrategy’s unrealized gains exceed $14.6 billion.
The company continues to aggressively expand its position:
- Increased issuance of zero-coupon convertible senior notes to $2.6 billion
- Still has $15.3 billion remaining in its at-the-market (ATM) stock offering program dedicated to Bitcoin purchases
MicroStrategy’s stock (MSTR) has surged in trading volume—second only to NVIDIA on November 20—with a single-day turnover of $33.27 billion, reflecting intense investor interest.
Other major corporate holders:
- Marathon Digital: ~26,000 BTC ($2.46 billion), sourced from mining and direct purchases
- Riot Platforms: ~10,000 BTC ($950 million), though facing quarterly losses
- Tesla: Holds 9,720 BTC ($920 million), down from earlier peaks after selling ~75% of its original stake
- Hut 8: ~9,109 BTC ($865 million), now pivoting toward AI infrastructure
Despite Tesla’s reduced exposure, its continued holding signals enduring belief in Bitcoin’s long-term value.
👉 Explore how corporations are turning Bitcoin into a competitive financial advantage.
Private Companies: $34.8 Billion in Strategic Reserves
Private crypto-native firms also play a significant role in Bitcoin accumulation. Twelve private entities—including Block.one, Tether, Xapo Bank, BitMEX, and Mt. Gox—collectively hold about 367,000 BTC, worth over $34.81 billion, or 1.7% of total supply.
Key players include:
- Block.one: Holds 140,000 BTC ($13.28 billion), acquired from EOS ICO proceeds
- Tether: Owns over 82,000 BTC ($7.82 billion), part of its strategy to diversify reserves beyond stablecoins
- Xapo Bank: Holds ~34,000 BTC ($3.69 billion); recently launched the UK’s first interest-bearing Bitcoin bank account
These firms are not just speculators—they’re building financial infrastructure that integrates Bitcoin into mainstream banking and asset management.
Bitcoin Miners: Over 61,000 BTC Held Across 14 Firms
Bitcoin miners are both producers and holders of the asset. Fourteen mining companies collectively hold over 61,000 BTC, valued at $5.84 billion, less than 0.3% of total supply.
Top holders:
- Marathon Digital: Leading miner with ~26,000 BTC
- Riot Platforms: ~10,000 BTC; majority revenue from mining despite recent losses
- Hut 8: ~9,109 BTC; investing heavily in AI infrastructure and new mining hardware from Bitmain
While some miners sell newly mined BTC to cover operational costs, others are choosing to HODL—betting on future price appreciation rather than short-term liquidity.
Frequently Asked Questions (FAQ)
Q: How much Bitcoin do institutions own collectively?
A: As of November 21, institutions—including ETFs, nations,上市公司, and private firms—hold over 2.728 million BTC, nearly 13% of the total supply.
Q: Which ETF holds the most Bitcoin?
A: BlackRock’s IBIT leads with approximately 475,000 BTC, making it the largest institutional holder among ETFs.
Q: Is MicroStrategy still buying Bitcoin?
A: Yes. MicroStrategy has $15.3 billion remaining in its capital program for Bitcoin purchases and recently expanded its debt issuance to fund further acquisitions.
Q: Why are countries holding Bitcoin?
A: Some nations like the U.S. and China hold Bitcoin seized via law enforcement. Others like El Salvador are strategically adopting it as legal tender and reserve asset.
Q: Can private companies influence Bitcoin’s price?
A: Absolutely. Firms like Tether and Block.one hold large reserves and can impact market dynamics through buying or treasury management decisions.
Q: Are Bitcoin miners selling or holding?
A: It varies. While many miners sell to cover costs, leaders like Marathon Digital are accumulating—indicating confidence in long-term value.
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