Corporate Bitcoin holdings surge… "No decentralization problem"

The amount of Bitcoin (BTC) held by corporations and institutions has approached 7% of the total supply, but there are claims that decentralization is not at risk.

On the 17th (local time), Cointelegraph reported that Alexandre Lezet, a director of the Bitcoin Strategy Board, said at the 'Bitcoin Amsterdam 2025' event, "Demand from corporations and banks is strengthening a distributed holding structure in the market," and "As more banks provide custody services, reliance on any single custodian is decreasing." He argued that despite concerns about concentration from increased corporate accumulation, the expansion of demand actually strengthens Bitcoin's distribution.

Holdings of Bitcoin by corporations and ETFs are rising sharply. According to Bitcoin data provider Bitbo (bitbo.io), corporations hold 6.7% of the total supply, of which listed companies account for 4.73% and unlisted companies 2.03%. In addition, spot Bitcoin ETFs secured 7.3% of supply, becoming the largest holder in a short period.

There is also analysis that institution-led concentration does not fundamentally damage the structure of the Bitcoin network. Nansen analyst Nikolai Sondergaard said, "Economic ownership is distributed among the many investors behind ETFs and corporations," and "Even if custody concentration increases, the decentralization of the network itself is maintained."

However, he pointed out that the increased influence of large custodial institutions is a factor to consider in the future, as "they can exert greater influence on market liquidity and price behavior."