Institutional entities now hold approximately 3.88 million BTC, representing 18.5% of Bitcoin’s fixed 21 million supply cap, as ETFs, public companies, governments, and private firms continue to absorb a growing share of the asset.

BitcoinTreasuries data shows 254 tracked entities held 3,902,128 BTC as of May 28, equal to 18.58% of total supply.

Public companies and ETFs remain the largest pools of institutional Bitcoin exposure. Binance Research estimates public companies hold about 1.24 million BTC, or 5.9% of total supply, while ETFs hold around 1.32 million BTC, or 6.3%.

Strategy remains the dominant corporate holder. BitcoinTreasuries lists the company with 843,738 BTC.

BlackRock’s iShares Bitcoin Trust is the largest ETF holder, with IBIT’s holdings at roughly 811,000 BTC. That makes the fund one of the largest single institutional Bitcoin vehicles, trailing only Strategy among the biggest identifiable holders.

Governments account for another major slice of the institutional stack, holding about 650,000 BTC, or 3.1% of total supply.