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- U.S. now holds 7.8 million BTC, around 40% of global supply, primarily through institutions.
- India ranks second with 1 million BTC, owned mainly by retail users despite weak regulation.
The United States now holds an estimated 40% of all Bitcoin currently in circulation, making it the most dominant holder by a wide margin. According to new 2025 estimates by Fred Krueger, U.S. investors control roughly 7.8 million BTC out of 19.5 million, equating to $936 billion at $120,000 per coin.
Much of this control stems from the combined participation of retail buyers, institutional investors, and financial products like ETFs. July 2025 saw U.S.-based Bitcoin ETFs attract $6.02 billion in net inflows, making it the third-largest inflow month after February and November 2024.
Public companies based in the U.S. also play a role in this concentration. Six of the top holders are American firms. Strategy leads with 628,791 BTC. Marathon Digital follows with 50,000 BTC. XXI Capital and Bitcoin Standard Treasury Company hold 43,514 BTC and 30,021 BTC, respectively. Riot Platforms holds 19,225 BTC, while Trump Media & Technology Group has 18,430 BTC.
India Follows at 5.1% Despite Regulatory Clouds
India holds the second-largest amount of Bitcoin globally, with around 1 million BTC, making up about 5.1% of the total in circulation. At current valuations, this is worth roughly $120 billion. Most of this is held by individual retail investors, not large institutions, pointing to broad interest across the population despite ongoing regulatory uncertainty.
Despite the limited structure of regulation, India has outranked Europe, China, and other territories in total volume. Relatively modest units are controlled by the majority of users, but wide-scale involvement across the country drives it into a position near the top.
Europe comes next with about 900,000 BTC, which accounts for 4.6% of the total circulating stock. Valued at $108 billion, its holding structure includes institutional actors as well as private holders. As Krueger speculates, Europe’s role appears limited in comparison to that of the U.S.
China, Latin America, and Africa Hold Smaller Bitcoin Shares
China’s government has 194,000 BTC, just 1% of the global supply, worth an estimated $23.3 billion. Holdings consist mainly of coins gathered from past crackdowns and have been largely untouched.
Other areas, such as parts of Asia excluding India and China, as well as Latin America, each contain about 400,000 BTC, accounting for 2.1% of the total. Each of their reserves has a value of $48 billion, which has primarily stemmed from local adoption. Africa and smaller territories total about 300,000 BTC, accounting for 1.5% of the total supply.
A substantial share of Bitcoin isn’t tradable. About 3 million BTC, or 15.4%, are lost forever, typically from lost keys or abandoned wallets. Satoshi Nakamoto’s wallets still hold 1.1 million BTC, or 5.6%, of which none has ever moved.
