Inside the institution bucket
Treasuries are not funds
A company that puts bitcoin on its own balance sheet is not the same as a fund that holds it for clients. Strategy is the first. IBIT is the second. Mixing them hides the only interesting question.
- Operating companies1,157,495
- Listed treasury vehicles125,006
- Funds floor (IBIT)802,823
- Governments (incomplete)217,143
- Corporate treasury
- BTC sits on the company’s own books. Shareholders own the operating firm. Includes miners, Tesla, Coinbase, and the dedicated vehicles (XXI, Metaplanet, Strive). 1,282,501 BTC in this edition. Company ledger →
- Investment fund
- Client money. Spot ETFs, closed-end trusts. We only print IBIT as a floor until issuer ingest exists. 802,823 BTC, last cited April 2026. Fund ledger →
Vehicles (XXI, CEPO, Strive, Metaplanet…) are listed companies, so they stay in the corporate file — tagged separately. They are not ETFs. They are also not Tesla.