ETFs, Governments, and MicroStrategy Hold Nearly a Third of Bitcoin’s Known Supply

The cryptocurrency market has undergone significant transformations in recent years, with the entry of major players and growing institutional adoption. A recent fact stands out: exchange-traded funds (ETFs), governments and MicroStrategy (MSTR), a company known for its strategy of accumulating Bitcoin , now hold nearly a third of all known Bitcoins. This concentration of assets demonstrates the growing influence of these entities in the Bitcoin ecosystem.

According to Ki Young Ju, founder and CEO of CryptoQuant, an analytics firm for digital assets, ETFs, governments and MicroStrategy hold 31% of all known Bitcoins. This number represents a significant increase of 14% compared to December 2023, evidencing a rapid accumulation of Bitcoin by these large players. The information was released by Young Ju himself on his account on the X platform (formerly Twitter), generating great repercussion in the crypto community.

“Bitcoin cap table update: ETFs, governments and $MSTR now account for 31% of all known Bitcoin assets, up from 14% last year,” he wrote.

In one analysis In a recent interview, Young Ju highlighted the importance of MicroStrategy in this scenario. He argues that different forms of money require different “gateways” to Bitcoin. In this context, MicroStrategy acts as a bridge between Nasdaq-100 money and Bitcoin, facilitating institutional investors’ access to the cryptocurrency.

“Different forms of money require different gateways. Bitcoiners should recognize $MSTR as a gateway that connects Nasdaq-100 money to Bitcoin. I don’t understand why some Bitcoiners dislike MSTR. They may raise concerns about self-custody, but very few people actually practice self-custody — just as only a few care about privacy violations. MSTR’s Bitcoin banking model aligns well with the current level of adoption. If the gateway’s active fund management allows for the acquisition of a significant amount of Bitcoin with relatively little capital, that marks the success of a Bitcoin bank. Of course, there is always the risk of failure, so one should view this as entrusting funds to a bank with the goal of earning more Bitcoin, using Bitcoin itself as a form of money,” he noted.

At the time of publication, the price of Bitcoin was quoted at US$96.755,62, up 1.6% in the last 24 hours.