Centralized control of Bitcoin has reached unprecedented levels, as nearly one-third of the circulating supply is now held by institutions — including governments, ETFs, and public companies. This consolidation of power underscores a sweeping transformation in Bitcoin’s identity, from a decentralized peer-to-peer currency to a strategic reserve asset for corporations and sovereign entities.
Institutional Holdings Now Control Over 30% of Bitcoin
New data reveals that centralized treasuries collectively hold 30.9% of Bitcoin’s total circulating supply. This marks a critical shift in Bitcoin’s ownership profile and raises concerns about the erosion of its foundational principle: decentralization.
The latest announcements by Mercurity Fintech Holding Inc. and Evertz Pharma illustrate the accelerating pace of institutional adoption. Mercurity, a US-listed fintech firm, unveiled plans to raise $800 million for the express purpose of building a long-term Bitcoin treasury reserve. Meanwhile, Evertz Pharma — a German cosmetics firm — added another 100 BTC to its reserves, valued at approximately $11.5 million.
Mercurity and Evertz Signal Strategic Bitcoin Commitment
Mercurity’s $800 million fundraising plan aligns with its broader vision of embedding Bitcoin into its corporate infrastructure. The firm’s CEO, Shi Qiu, explained that the initiative is rooted in a long-term conviction about Bitcoin’s role in future financial systems.
"We're building this Bitcoin treasury reserve based on our belief that Bitcoin will become an essential component of the future financial infrastructure." — Shi Qiu, CEO of Mercurity Fintech
Beyond accumulation, Mercurity is implementing advanced blockchain-native tools such as institutional-grade custody, liquidity protocols, and staking-based capital efficiency mechanisms. The aim is to create a digitally native, yield-generating treasury model grounded in blockchain principles.
In Europe, Evertz Pharma has quietly positioned itself as a pioneer in corporate crypto strategy. With its latest purchase of 100 BTC, the firm now maintains one of Germany’s first formal Bitcoin reserves. The management cited Bitcoin’s finite supply and inflation-resistant properties as key advantages over traditional safe-haven assets like gold.
"Bitcoin is a strategic component of our stable business vision." — Evertz Pharma (via PANews)
Data Confirms a Systemic Shift Toward Centralized Bitcoin Use
Research from platforms like Gemini and Glassnode paints a sobering picture of Bitcoin’s evolving ecosystem. Nearly 31% of circulating BTC is now housed within centralized custodial structures — spanning sovereign entities, spot ETFs, and publicly listed companies.
In parallel, over 75% of all adjusted Bitcoin transfer volume is now routed through centralized platforms such as regulated exchanges, spot ETFs, and derivative products. This dynamic underscores a fundamental departure from the original peer-to-peer framework envisioned by Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
Institutional involvement has also brought about structural changes in market behavior. Since 2018, annualized realized volatility has decreased — a trend analysts attribute to stability-focused strategies commonly employed by institutional players.
"I still wish Bitcoin never got an ETF. It moves slower than most stocks and has lost its appeal to trade. We replaced exciting volatility with boring stability, just what the suits and institutions wanted." — IncomeSharks, Analyst
From Strategic Reserves to Political Policy
Bitcoin’s institutionalization is no longer just a corporate phenomenon — it’s now bleeding into geopolitics. In March, former President Donald Trump signed an executive order directing an exploratory initiative into a U.S. Strategic Bitcoin Reserve, highlighting Bitcoin’s evolving role in national financial strategies.
Analysis from Gemini further suggests that institutional capital creates outsized impacts on the broader market. For every $1 in institutional investment, market capitalization can expand by as much as $25 in the short term and generate around $1.70 in sustained structural value. These leveraged dynamics help explain the fervent corporate interest in accumulating and holding Bitcoin.
Adoption Versus Decentralization: A Growing Dilemma
The rising tide of corporate Bitcoin holders has sparked division within the crypto community. For some, institutional embrace signifies maturity and validation; for others, it represents a betrayal of core decentralization values.
Analysts note that retail-driven “fear of missing out” (FOMO) cycles have been replaced by more methodical, institution-led accumulation.
"Retail FOMO cycles are over. This is the institutional cycle." — Quinten Francois, Analyst
This pivot has led to growing concerns about the future of Bitcoin’s ideological foundations.
"There once was a dream that was Bitcoin… this is not it." — Anonymous user on X (formerly Twitter)
Trailblazers like MicroStrategy and Tesla set the tone for corporate crypto adoption. Now, firms like Mercurity and Evertz Pharma are building on those blueprints. With each new entrant, the network’s structure becomes more institutional, and perhaps less decentralized.
Conclusion: A Crossroads for Bitcoin’s Identity
Bitcoin’s transformation is no longer hypothetical. It is unfolding in real time, as institutional frameworks absorb what was once a decentralized insurgent technology. While this evolution brings stability, scale, and mainstream legitimacy, it comes at the cost of the peer-to-peer ethos that sparked Bitcoin’s creation.
Whether this shift represents progress or a philosophical derailment remains deeply contested. What’s clear, however, is that Bitcoin is no longer just a grassroots experiment — it’s now a core feature of global financial architecture.
