This article analyzes data showing centralization in various aspects of Bitcoin, from least relevant to most relevant. I came across this data while preparing another memo, and it surprised me in a good way. I expected them to be less favorable or even worse. For this reason, I found it interesting to discuss the possibility of centralization or capture of Bitcoin by organized actors.
Business that accumulates Bitcoin
The novelty of 2025 was the rise of BTC government bonds in both Bitcoin and traditional financial companies. Following the path started by MicroStrategy (now Strategy) in 2020, it was motivated by regulatory clarity and US federal approval. Many companies are entering the BTC purchasing businessto stock up anyway.
The previous year, in 2024, BTC had been significantly opened up to institutional investors thanks to ETFs. However, the novelty of the Treasury is that it not only buys BTC with the net amount of dollars it holds, but also takes on debt to buy beyond its capacity. These capital flows have created illusions about the potential for BTC price appreciation and concerns about the possible centralization that could imply for the asset at its currency distribution level.
As you can see from the previous figure, Collaboration between the Ministry of Finance and the Fund and other organizations (Government, smart contracts, etc.) Total up to 4 million BTC (4,060,000 coins to be exact), which is 19.33% or one-fifth of the maximum supply of 21 million coins (BTC 21,000,000).
There are a total of 362 of these entities, mostly public companies (listed on stock exchanges), followed by private equity companies, and then funds. 16 smart contracts and DeFi platforms ranked fourth, followed by governments and administrators at the bottom.
Although fewer in number, governments have amassed roughly the same amount (647,047 Bitcoin) as DeFi contracts (372,373 Bitcoin) and private equity firms (288,117 Bitcoin) combined (660,490 Bitcoin). The same goes for Fund, which at the age of 44 has 1.5 million Bitcoins (1,502,560 Bitcoins), which is more than many publicly traded companies (1,130,721 Bitcoins).
The third diagram, taken from Bitcoin Treasuries, shows how different types of actors are distributed in different countries. For example, there is a growing presence of publicly traded companies in the United States and Canada. However, as we saw in the comparison between Figures 1 and 2, this does not necessarily mean that they hold more Bitcoin.
Similarly, River Financial also released a report. Who will own the most Bitcoin in 2026?This report shows the maximum possible distribution of Bitcoin (21,000,000) between various entities. Total Bitcoin government bonds represent 19.33% of the supply we mentioned, but River breaks it down into companies, funds, governments, and “other entities.” All of this adds up to 17.8%, which is slightly less than reported for Bitcoin Treasuries.
Most (65.1%) It remains concentrated in the hands of individuals. This means we still have a long way to go before all or nearly all BTC supply ends up in the hands of controllers, large corporations, and nation states.
Indeed, this number is down nearly 5% compared to the previous year. Individuals concentrated 69.9% of the total supply. The company grew from 4% in 2024 to 6.6% in 2025. And the funds will increase from 5.9% to 7.1%.
It is also worth analyzing the internal dynamics of this 65.10% of individuals, given that distribution is highly unequal and retailers tend to behave differently than wholesalers, as reported several times on CriptoNoticias. For example, between November 9 and November 18, 2025, we saw two reversals: Retailers buy when wholesalers sell and vice versa.
A comparison of both reports in the table below shows the transfer of Bitcoin from individuals to companies and funds. The rest of the growth will come from companies’ mining, producing an expected 1% corresponding to the fourth halving in 2025, when 3.12% of supply will be mined.
Bitcoin geographic focus
There are reports on the geographic distribution of Bitcoin holders, such as the World Population Review report.
The data comes from Chainalysis’ 2025 Cryptocurrency Geography Report, which shows India as the country with the highest crypto penetration rate and the United Arab Emirates as the country with the most Bitcoin holders (a quarter of the total population).
In Latin America, Brazil leads the pack at 5th place, followed by Venezuela at 18th and Argentina at 20th, with Japan in between.
This clearly shows that adoption centers for Bitcoin and cryptocurrencies in general are quite dispersed around the world, with a strong presence in Arab countries, Asia, Africa, and the Americas (across the continent).
How will the centralization of Bitcoin supply occur?
In 2025, A huge amount of Bitcoin is in private hands, amounting to 65% of the total potential amount. However, this is a decrease compared to the previous year, when 70% of the respondents were individuals. Over the same period, prices rose from about $100,000 to a peak of $120,000, before ending the year at nearly $90,000. In other words, when it reached a historic high, many individuals took the opportunity to sell Bitcoin, and many companies and funds agreed to buy at that price.
One could take a pessimistic view and consider that many long-time hodlers would fall for the lure of the fiat price and would prefer to part with their Bitcoin. Alternatively, you can consider: Almost all the supply is already mined, and in any case there is a predefined offer for mining (rates vary).
Countries and companies cannot obtain significant amounts of Bitcoin from mining, so they must be purchased primarily from individuals or from each other on the market. Most of the coins are held by individuals, so We can control supply even in the face of increased demand. Therefore, the deflationary trend remains and is likely to increase further in future Bitcoin cycles. The less you sell today, the more it will be worth tomorrow.
As mentioned at the beginning of this article, distribution of supply is the least important of Bitcoin’s decentralization aspects. Even if one attacker were to concentrate a large portion of the Bitcoin supply, all he could do was manipulate the price. concentration No authority is granted to control the operation of the system.
