River says that individuals still have the majority of Bitcoin.
The Bitcoin Financial Services Company based in the United States has revealed that the research on the distribution of ownership dated August 25, 2025 in a recent article on X. Study groups provide categories and show the attributes of the Share River to each, using public deposits, the marking of childcare address and previous research on the blockchain.
River estimates individuals control approximately 65.9% of the circulating BTC, or 13.83 million parts. This bucket includes self -proclaimed portfolios and exchange accounts, the river classifies as an individual.
On the institutional side, River divides assets from businesses and FNBs and funds.
- Companies – A global category covering business treasury bills and conventional companies that declare Bitcoin Holdings – represent around 6.2% of the offer, or 1.30 million BTC.
- ETF and funds – ETF spots and investment vehicles that relax coins for customers – control around 7.8%, or 1.63 million BTC.
Governments are indicated at around 1.5%, or 306,000 BTC, based on the sovereign addresses of the rivers from public sources.
Two special categories complete the distribution:
- Bitcoin lost represents about 7.6%, or 1.58 million BTC. River says that this is deduced from the age heuristics showing pieces that have not moved for many years and are probably impracticable.
- Satoshi / Patoshi assets are fixed at around 4.6%, or 968,000 BTC, on the basis of previous research on mining models from the early era.
Finally, around 5.2% of the offer, or 1.09 million BTC, has not yet been operated before the 21 million hard ceiling has been reached.
In clear terms, River’s search is an attempt at cartography that holds Bitcoin today, and not to predict future prices. Estimates are not final because the guards bring together many customers, some portfolios are poorly classified and the property can be opaque.
River’s conclusion is that individuals always dominate the assets, but the institutional part is developing, helped by the growth of ETFs and companies that now deal with Bitcoin as a balance sheet.
