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Sentora, the on-chain research shop, grabbed attention today when it tweeted that “US entities hold 73% of global crypto treasury value, showing the country’s dominance in the institutional crypto space.” That huge figure, shared as part of the firm’s ongoing crypto treasury coverage, spotlights how concentrated institutional crypto reserves have become around American organizations.
The claim rests on Sentora’s broader Crypto Treasury Tracker, a dashboard the firm maintains that aggregates reserves across public companies, private firms, DAOs, nonprofits and sovereign wallets. Rather than counting only balance-sheet Bitcoin, the tracker aims to map “all crypto reserves” held by entities, merging asset-level detail with entity-level views so users can see who holds what and in which token.
That methodology helps explain how a single national cohort, US entities, can account for such a large share: it folds together corporate treasuries, exchange reserves, protocol and fund holdings that are legally domiciled or managed within the United States.
From Corporations to Exchanges
How big are those treasuries, overall? Recent estimates peg global institutional crypto reserves in the low hundreds of billions. As of today, Sentora’s Crypto Treasury Tracker puts the total near $241 billion, a figure that has roughly tripled year-over-year as more organizations add digital assets to their balance sheets or keep larger liquid coffers on exchanges and in custodial accounts.
That scale helps put Sentora’s 73% claim into context: if global treasuries number in the mid-hundreds of billions, US entities controlling roughly three-quarters of that pool represent meaningful market power. Public companies alone already account for very large slices of corporate crypto holdings.
CoinGecko’s Bitcoin treasury tracker, which focuses on corporate and government Bitcoin allocations among other assets, lists well over a million BTC held across tracked institutions, a position worth tens or hundreds of billions depending on BTC’s price, and shows how a relatively small set of firms have concentrated exposures.
Those corporate balance-sheet allocations are a big part of the institutional narrative: some companies treat crypto as a strategic hedge or an alternative reserve asset, and that choice drives meaningful flows into the market. At the front of that corporate wave sits Strategy, the poster child for a corporate Bitcoin treasury strategy.
Public filings and reporting show the firm has repeatedly purchased hundreds of thousands of BTC, making it by far the largest corporate holder and a bellwether for the “digital asset treasury company” model that other firms have imitated. Strategy’s aggressive accumulation, often funded via equity offerings or debt programs, shows the practical mechanics behind the numbers: large, public US entities using traditional capital markets to build and defend outsized crypto treasuries.
Implications of US Dominance
The dominance of US entities has several practical implications. Concentration amplifies the influence of a handful of actors on liquidity and market sentiment; regulatory moves or corporate decisions in the United States can ripple through price formation when so much value is parked in domestic hands.
It also raises questions about counterparty, custodial and jurisdictional risk: when reserves are legally, operationally or institutionally tied to one regulatory regime, that can simplify compliance on one hand and create single-jurisdiction vulnerabilities on the other.
Sentora’s observation, therefore, matters not only as a statistic, but as a prompt to consider how the market will evolve as more corporates, funds and DAOs professionalize their treasury management. Not every major treasury is American, of course: sovereign seizures, miners, and foreign corporates hold material amounts, and many protocol treasuries are geographically distributed or multisig-governed.
But the trend Sentora highlights, that US entities are disproportionately large holders of institutional crypto value, is a useful lens for understanding where power sits today in digital-asset markets. It is also useful for anticipating how policy, liquidity and corporate finance choices made in the United States might continue to shape crypto’s next phase.
For readers interested in digging deeper, Sentora’s tracker lets you break holdings down by entity type and asset class, while other public trackers provide complementary views on corporate Bitcoin treasuries and exchange reserves. As the numbers continue to shift with new purchases, that map will be essential for anyone trying to read where institutional demand really sits.
