According to River, 79.6% of circulating bitcoins are held by individuals after excluding Satoshi Nakamoto’s bitcoins, lost coins and units still to be mined. Gold is held by individuals at a rate of 47.4%, while stocks and bonds are held at rates of 41.6% and 11.8%, respectively. U.S.-listed spot Bitcoin ETFs have recorded $57.3 billion in cumulative net inflows since January 2024, with assets under management approaching $103 billion. Strategy holds 848,517 bitcoins, while publicly traded Bitcoin treasury companies collectively own close to 1.3 million. River’s analysts expect Bitcoin’s maturation to progressively concentrate ownership among institutions, central banks and funds, while highlighting the importance of self-custody and the methodological limitations of the statistics.
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