Asset managers and businesses rack up 1.2 million bitcoins worth $ 57 billion

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About 6% of Bitcoin’s circulating supply has been accumulated by asset managers and businesses, signaling a growing and institutional adoption of crypto assets.

According to Buy Bitcoin Worldwide, 816,379 BTC worth $ 40.1 billion are currently held by 14 Bitcoin fund issuers and asset managers representing 4% of the cryptocurrency supply.

Industry leader Grayscale Bitcoin Trust accounts for over 3% of Bitcoin’s supply, managing 654,600 BTC (worth $ 32 billion). CoinShares XBT Provider ranks second with 48,466 BTC ($ 2.4 billion) representing 0.23% of the supply. The remaining 12 issuers represent 113,313 BTC or 0.54% of the combined offer.

The data provider also tracks 34 state-owned companies that hold BTC on their balance sheets, which collectively control 1% of the Bitcoin supply.

Half of all Bitcoin held by state-owned companies is held by MicroStrategy, which after adding 3,907 Bitcoin to its stash since early July, now holds 108,992 BTC worth $ 5.3 billion.

Electric vehicle maker Tesla accounts for 20% of Bitcoin owned by private companies, with the company accumulating 42,902 BTC worth nearly $ 2.1 billion.

Private companies absorbed an additional 174,068 BTC worth $ 8.5 million, grabbing 0.83% of the Bitcoin supply. About 80% of BTC hidden by private companies is held by Block.One, the company currently holding 140,000 BTC worth $ 6.8 billion.

However, estimates vary among data providers, with Bitcoin treasures totaling 1.4 million BTC on the balance sheets of asset managers and companies. An additional 260,000 BTC are allocated to the balance sheets of national governments.

Bitcoin supply will cap at 21 million BTC, with analysts estimating that the final Bitcoin will be mined in 2140. At the time of writing, approximately 18.8 million BTC is in circulation. However, access to a fifth of all Bitcoin (or more) would have been lost, meaning asset managers and businesses can control an even larger share of the supply.

Related: Bitcoin Hashrate Trips Since June 28 In China Syndrome Recovery

As large entities gobble up BTC, Ethereum appears to have suffered a supply shock following its London upgrades which introduced a scorch mechanism into the crypto asset fee market.

According to Watch The Burn, 97,369 Ether worth $ 313.5 million were destroyed in the 21 days from London, meaning around 4,637 ETH is burned daily on average. Overall, Ethereum’s combustion mechanism resulted in a net 35% reduction in the number of newly created ethers entering the supply.

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