Bitcoin sign (Artur Widak/Getty Images)

Gemini: Nearly a third of bitcoin’s circulating supply is held by centralized entities

Major institutional and custodial entities hold over 6,145,000 bitcoin, worth more than $600 billion.

6/14/25 8:00AM

An eye-popping 30% of bitcoin’s circulating supply is concentrated in 216 centralized entities, “reflecting both expanding institutional adoption and deepening custodial centralization,” a new report from Gemini and Glassnode found.

The report notes that “the total Bitcoin held across major institutional and custodial entities has surged to 6,145,207 BTC, representing an increase of 924% in supply held by centralized entities over the past decade.”

Patrick Liou, a principal at Gemini, told Sherwood News that within that 30% figure, the two leading categories are centralized exchanges and ETFs/funds.

2025 has been the year of bitcoin treasuries, and Gemini expects growth in bitcoin adoption for public and private companies to be faster this year than ever. The report noted there are 101 public companies with bitcoin treasuries as of publication.

“The investment thesis of bitcoin is resonating with many of these companies, and the positive impacts on share price after bitcoin adoption make the argument even more compelling,” Liou said.

In addition to exchanges, ETFs, and public companies, other centralized members of the category include private companies and governments. The US is the largest sovereign holder, with 207,189 bitcoin.

An interesting data point is that “across nearly all institutional categories — excluding private companies — the top three entities control between 65% to 90% of total holdings.”

This figure underscores the “dominance of early adopters in the Bitcoin treasury space,” according to the report, which adds that “pioneers have shaped the early trajectory of adoption.”

The overall concentration of assets among a few centralized entities is worrisome for some.

“When Satoshi first mined his first bitcoin, it is hard to imagine they would have liked a scenario in which not only bitcoin would be held in an ever-increasing number of centralized entities — but also by the very tradfi entities addressed in the Bitcoin Whitepaper,” Hadley Stern, chief commercial officer of Marinade, told Sherwood.

Stern said bitcoin concentration is a concern among some market observers, especially as it pertains to companies using debt financing to accumulate bitcoin.

“The fear is that if there is significant enough market volatility, there could be some form of a margin call that then leads to a forced selling of large amounts of bitcoin and serious price implosion,” Stern added.

On the flip side, he concluded, this can all be viewed as part of a process of increasing bitcoin adoption, and the adoption of crypto assets more broadly.

Sage D. Young5h

Bitcoin sees 8 consecutive days of gains, a streak not seen in 4 years

Bitcoin is on a winning streak. The cryptocurrency has generated eight straight days of positive returns, a rare phenomenon that has occurred only 15 times since Satoshi Nakamoto created it, according to a CoinDesk report.

In the 30 days after posting an eight-day streak, bitcoin traded higher nine times and lower six times. The median return in the period is roughly 19%. Despite the historical gains that followed, the last time bitcoin had such a rally, four years ago, it dropped roughly 30%.

Most recently, bitcoin climbed from below $66,000 on March 8 to over $75,000 yesterday before settling around $73,800 on Tuesday morning.

Traders remain modestly bullish on the likelihood of further gains, though the sentiment is fading: prediction market-implied odds of bitcoin trading above $77,500 in the month stand at 54%, a decrease from 73% on Monday.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Bitcoin hits rare 8-day winning streak – but 2022 bear market saw one too

Most recently, bitcoin climbed from below $66,000 on March 8 to over $75,000 yesterday before settling around $73,800 on Tuesday morning.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Yaël Bizouati-Kennedy6h

Another miner sells its bitcoin

Despite bitcoin being on the rebound, another bitcoin miner sold a chunk of its holdings to further its pivot to AI. In February, Cango, a former automotive service, said it sold 4,451 bitcoin in favor of AI, just a year after becoming a miner. The company said it used the proceeds of the sale to pay down long-term debt and “reduce the overall finance leverage and strengthen the balance sheet,” according to its fourth-quarter and full-year earnings release.

Shares were up 4.5% in premarket trading.

Cango recorded a net loss from continuing operations of $452.8 million in 2025, “primarily due to non-recurring transformation costs and market-driven fair-value adjustments,” it said.

Its “adjusted bitcoin treasury policy” will “provide the financial flexibility needed to navigate volatility and invest in high-potential areas like AI infrastructure,” Cango said.

Bitcoin’s earlier downward trajectory has pressured several miners, which are choosing to pivot to AI and sell their assets or exit the business entirely.

Cango’s move follows Core Scientific, which sold over 1,900 bitcoin for $175 million in January as it shifts even more of its focus to the AI data center boom.

As bitcoin mining economics “have gone from bad to worse,” companies pivot and sell to survive

Shares were up 4.5% in premarket trading.

Cango recorded a net loss from continuing operations of $452.8 million in 2025, “primarily due to non-recurring transformation costs and market-driven fair-value adjustments,” it said.

Its “adjusted bitcoin treasury policy” will “provide the financial flexibility needed to navigate volatility and invest in high-potential areas like AI infrastructure,” Cango said.

Bitcoin’s earlier downward trajectory has pressured several miners, which are choosing to pivot to AI and sell their assets or exit the business entirely.

Cango’s move follows Core Scientific, which sold over 1,900 bitcoin for $175 million in January as it shifts even more of its focus to the AI data center boom.

Sage D. Young

3/16/26

Ethereum extends rally as BitMine continues buying spree

The largest ethereum treasury firm, BitMine Immersion Technologies, added $139.7 million worth of tokens to its stockpile.

Yaël Bizouati-Kennedy

3/16/26

Bitcoin continues to climb despite war with Iran, oil price shock

Sage D. Young3/13/26

Ethereum hits highest price in over a month as BlackRock joins the fray of ethereum staking ETFs

Ethereum climbed to its highest level in over a month on Friday, briefly touching $2,200. The price swing comes amid a new change among ETFs focused on the second-largest cryptocurrency by market capitalization.

Yesterday, ETHB — BlackRock’s iShares Staked Ethereum Trust ETF — started trading on the Nasdaq, making the investment vehicle the first from the financial titan to include staking, the process of locking up tokens to help secure the network’s consensus mechanism in exchange for rewards.

The nascent staking ETF has nearly $150 million in net assets, drawing in $43.5 million in inflows on its first day, data from SoSoValue shows. “Pretty good start for any ETF,” Bloomberg ETF analyst James Seyffart wrote in a social media post.

While ETHB is BlackRock’s first ethereum staking ETF, it’s not the first to market. The Grayscale Ethereum Staking Mini ETF launched in 2024, while the Rex-Osprey ETH Staking ETF rolled out last year.

Ethereum ETFs have seen nearly $157.7 million of inflows in March, on track to record their first monthly inflow since October.

Meanwhile, the Ethereum Foundation published its mandate, “a document that serves as part constitution, part manifesto, and part guide for the Ethereum Foundation,” on Friday.

“Our Mandate to EF states what must be cherished to protect the ultimate reason for Ethereum’s existence: user self-sovereignty,” the Ethereum Foundation board wrote. “To be a part of EF, our own teams must remember that Ethereum must, above all, remain censorship resistant, open source, private, and secure (CROPS).”

The mandate is a new chapter in how the organization views its position in the world, according to ethereum cofounder Vitalik Buterin. “We must see ourselves not just as the Ethereum community, but also as maintainers of the Ethereum tool within what you might call the CROPS community,” Buterin said. “This means open-mindedness to new conceptions of what things in the world are our natural allies.”