River Research: Individuals Still Hold Majority of Bitcoin, but Institutions Gaining Ground

River, the U.S.-based bitcoin financial services firm, has released new data suggesting that individuals continue to dominate bitcoin ownership, even as institutional players increase their share.

In a study published Aug. 25, River mapped bitcoin’s distribution using public filings, custodial address tagging, and earlier blockchain research. The findings show:

• Individuals: 65.9% (≈13.83M BTC) held in self-custody or exchange wallets classified as retail.
• Funds & ETFs: 7.8% (≈1.63M BTC) across spot ETFs and investment vehicles.
• Businesses: 6.2% (≈1.30M BTC), including corporate treasuries and firms reporting BTC holdings.
• Governments: 1.5% (≈306K BTC), tracked from sovereign addresses.
• Lost Coins: 7.6% (≈1.58M BTC) inferred from dormant addresses deemed unrecoverable.
• Satoshi/Patoshi Holdings: 4.6% (≈968K BTC), based on early mining research.
• Unmined Supply: 5.2% (≈1.09M BTC) still to be created before the 21M cap is reached.

River emphasized that these numbers are estimates, given the challenges of classifying wallets and custodial accounts that pool client holdings.

Still, the takeaway is clear: bitcoin remains largely a retail-driven asset, but institutions are catching up. The rise of ETFs, corporate balance-sheet allocations, and sovereign holdings underscores a gradual shift in market structure.

River stressed that the study is not a price forecast but rather a snapshot of current ownership patterns — one that shows bitcoin moving slowly from retail hands toward more structured institutional adoption.