Wall Street is pouring billions into Bitcoin, yet ordinary investors still hold most of the supply. Meanwhile, some of the biggest corporate buyers are spending millions to simply maintain their Bitcoin holdings.
Individuals own an estimated 13.9 million BTC, or 66% of the 21 million coins that will ever exist, according to Bitbo and River data compiled by Motley Fool.
That leaves institutional investors competing for Bitcoin that existing holders may be unwilling to sell.
Who Actually Owns Most of Bitcoin?
As of October 9, Bitcoin ETFs held 1.48 million BTC, according to Bitbo. Companies controlled another 1.66 million, while governments held roughly 518,500.
Together, these groups accounted for about 17% of Bitcoin’s maximum supply.
Meanwhile, around 1.6 million BTC are estimated to be lost. Another 968,000 sit in wallets linked to Bitcoin’s anonymous creator, Satoshi Nakamoto.
However, ownership is gradually shifting. River data shows individuals sold a net 696,000 BTC in 2025. Businesses, investment funds, and governments purchased nearly one million coins.
If that trend continues, institutions may have to offer higher prices to persuade existing holders to sell.
Corporate Bitcoin Buyers Face Growing Cash Demands
Holding Bitcoin also comes with costs for companies financing their purchases.
Strategy, formerly MicroStrategy, holds roughly 848,000 BTC. Yet its latest disclosure shows it drew $142.5 million from its dollar reserve for dividends and interest during the week ending October 4.
The company also spent $73.7 million buying back preferred shares between October 1 and 4. By comparison, it purchased just 334 BTC for $28.7 million.
Japan’s Metaplanet took another approach. According to its October 5 disclosure, it sold 10,000 BTC and repurchased 11,000 during the third quarter to demonstrate liquidity.
The company now holds 44,000 BTC and has limited Bitcoin to 85%–90% of its assets.
With Bitcoin trading near $83,000, institutional demand remains significant. But Strategy’s latest spending shows how maintaining a large Bitcoin treasury can compete with buying more coins.
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