Bitcoin Price History

Monthly BTC close in USD on a log scale, from January 2018 through April 2026. Annotated with the two halvings inside the window (May 2020, April 2024), the FTX collapse (Nov 2022), the spot ETF launch (Jan 2024), the Trump election (Nov 2024), and the two regulatory milestones that reset the US baseline in 2025: the Strategic Bitcoin Reserve EO (March) and the GENIUS Act (July).

Monthly BTC closing price in USD on a log scale. Dashed lines mark the two halvings inside the window (May 2020, April 2024), the FTX collapse (Nov 2022), the spot ETF launch (Jan 2024), the Trump election (Nov 2024), the Strategic Bitcoin Reserve EO (Mar 2025), and the GENIUS Act signing (Jul 2025). Event labels stack vertically when they fall within ~14 months of another label to avoid horizontal collisions. Initial v1 estimates anchored to verified quarter-end prices; verify each cell against Coin Metrics or CoinMarketCap before publication.

Bitcoin Dominance Over Time

BTC market cap as a percentage of total crypto market cap, quarter-end snapshots plus the current May 2026 reading (58.6%). Dominance is the cleanest risk-on / risk-off proxy within the sector: it rises when altcoins underperform Bitcoin (risk-off), falls during altseason.

BTC market cap as a percentage of total crypto market cap, quarter-end snapshots plus a current May 2026 reading. The metric is a clean risk-on / risk-off proxy within the sector: dominance rises when altcoins underperform Bitcoin (typically risk-off), falls during altseason. Notable moves: dominance dipped to 53.2% during the 2025-Q3 GENIUS-Act-driven altcoin rally, recovered to 58.6% by May 2026 as altcoins underperformed in the Q1-2026 drawdown. Computed from cr-market-cap.json verified data.

Spot Bitcoin ETF AUM by Issuer

Total spot BTC ETF AUM crossed $100B in the 28 months since the January 2024 launch. BlackRock IBIT is dominant at roughly 70% of total AUM. Grayscale's converted GBTC continues to lose share to lower-fee competitors (1.50% fee vs 0.15-0.25% across the rest).

Total AUM across all 11 issuers$104.6B

Spot Bitcoin ETF AUM by issuer, May 2026 snapshot ($B USD). BlackRock IBIT dominates with roughly 70% of total AUM despite being one of the youngest funds; Grayscale GBTC (the converted trust) continues to bleed share to lower-fee competitors. The 1.50% GBTC fee vs 0.15-0.25% across newer issuers is the structural reason. Initial v1 estimates; verify per-issuer values against Farside Investors or SoSoValue before publication.

Public Company BTC Treasuries

Top public-company corporate Bitcoin holders, ranked by BTC count. Strategy (MSTR) alone represents roughly 80% of the tracked total. The miner-holders (MARA, RIOT, CleanSpark, Hut 8) accumulate via monthly mining production rather than open-market purchases. Sovereign holders (US Strategic Reserve, Bhutan, El Salvador) are tracked separately.

Total BTC held by tracked public companies1,069,591 BTC ($84.87B)

Rank	Company	Ticker	BTC	USD value	Last disclosure	Note
1	🇺🇸Strategy	MSTR	818,869	$64.98B	2026-05-11	Largest corporate BTC holder. Convertible-debt and ATM-equity funded accumulation; mNAV premium drives the flywheel.
2	🇺🇸Twenty One Capital	XXI	43,514	$3.45B	2026-05-12	SPAC-style BTC treasury vehicle backed by Tether, SoftBank, and Cantor; second-largest public holder.
3	🇯🇵Metaplanet	3350.T	40,177	$3.19B	2026-03-31	Japan-listed Strategy-mimic; tripled holdings via zero-interest yen bonds. Now ~87 percent of all BTC owned by Japanese listed companies.
4	🇺🇸MARA Holdings	MARA	35,303	$2.80B	2026-05-12	Largest miner-holder. Sold $1.5B of BTC in Q1 2026 to fund AI infrastructure pivot (Long Ridge Energy acquisition).
5	🇺🇸Bitcoin Standard Treasury Co	BSTR	30,021	$2.38B	2026-05-12	Dedicated BTC treasury vehicle launched 2025.
6	🇺🇸Bullish	BLSH	24,300	$1.93B	2026-05-12	Crypto exchange operator; corporate BTC treasury post-IPO.
7	🇺🇸Riot Platforms	RIOT	15,680	$1.24B	2026-05-01	Texas-anchored miner. Sold 3,778 BTC in Q1 2026 ($289.5M) amid AI/HPC pivot.
8	🇺🇸Hut 8	HUT	13,696	$1.09B	2026-05-06	Cross-listed Canadian-rooted miner. $9.8B data center deal accelerates AI/HPC tenancy.
9	🇺🇸CleanSpark	CLSK	13,561	$1.08B	2026-04-30	Operating-cash-flow-positive miner accumulating mined BTC.
10	🇺🇸Strive (Semler combined)	STRV	12,798	$1.02B	2026-01-13	Combined Strive + Semler Scientific (SMLR) entity post-acquisition. Target 105K BTC by 2027.
11	🇺🇸Tesla	TSLA	11,509	$913M	2026-04-22	Not in the crypto-sector roster (lives in EV) but a notable corporate holder. Unchanged since Q2 2022 sale.
12	🇺🇸Block	XYZ	8,997	$714M	2026-04-28	Corporate treasury (separate from 19,357 BTC held on behalf of Cash App customers). Proof-of-reserves disclosed.
13	🇨🇦Bitfarms	BITF	1,166	$93M	2026-04-30	International miner. Rebuilt HODL after 2022-23 capital crunch.

Public-company corporate Bitcoin treasury holdings, ranked by BTC count. USD values priced at $79,350/BTC (implied from the verified May 2026 BTC market cap). Strategy (MSTR) is roughly 80% of the tracked total by itself. Tesla is shown for completeness but lives in the EV sector roster. Sovereign holders (US Strategic Bitcoin Reserve, Bhutan, El Salvador) are tracked separately. Verify each row's BTC count and last-disclosure date against the issuer's most recent 10-Q, 8-K, or monthly operations update before publication.

Strategy (MSTR) Accumulation

Cumulative BTC held by Strategy at quarter-end since its first treasury purchase in August 2020. The 2024-Q4 inflection point is the convertible-debt-funded acceleration that took the holdings from 252K to 447K BTC in a single quarter and continued through 2025 as the mNAV premium let Strategy raise capital at multiple times the dollar value of the BTC it bought.

Cumulative BTC held by Strategy (formerly MicroStrategy) at quarter-end, since the first treasury purchase in August 2020. The 2024-Q4 inflection point is the convertible-debt-funded acceleration: Strategy crossed 250K BTC in Q3 2024 and 447K BTC by Q4. The slope steepened further through 2025 as the mNAV premium let Strategy raise capital at 1.7x to 3x the dollar value of the BTC it bought. Initial v1 estimates anchored to the editor-verified 819K BTC figure for May 2026; per-quarter values should be cross-checked against SEC 8-K filings.

Spot BTC ETF Cumulative Net Flows

The single defining chart of the institutional adoption story. Cumulative net flows aggregated across all 11 US spot Bitcoin ETFs from the January 2024 launch through May 2026. Peak around $60B in October 2025 before the Q1-2026 drawdown drove the first sustained outflow period.

Cumulative net flows into all 11 US spot Bitcoin ETFs since the January 2024 launch, monthly snapshots ($B USD). The acceleration into November 2024 reflects post-Trump-election inflows; the October 2025 peak around $60B coincided with the GENIUS Act passage. Q4 2025 / Q1 2026 saw the first sustained outflow period (drawdown to ~$47B by April 2026 before partial recovery). Initial v1 estimates; verify monthly snapshots against Farside Investors or SoSoValue.

Spot ETH ETF Cumulative Net Flows

The Ethereum-side ETF wrapper. Cumulative net flows since the July 2024 launch. The negative readings at launch reflect Grayscale ETHE's converted-trust redemptions (similar to GBTC). The trajectory inflected sharply with the staked-ETH ETF approvals (Grayscale October 2025, BlackRock ETHB March 2026).

Cumulative net flows into US spot Ethereum ETFs since the July 2024 launch, monthly snapshots ($B USD). Initial readings were negative because Grayscale ETHE (the converted trust) saw heavy redemptions at launch, similar to GBTC. Net turned positive in October 2024 and the trajectory steepened with the staked-ETH product approvals (Grayscale ETHE October 2025, BlackRock ETHB March 2026). Peak cumulative near $13.5B in October 2025; current reading around $10.5B after the Q1 2026 drawdown. Material is much smaller than BTC ETF flows but with similar shape. Initial v1 estimates; verify against Farside Investors.

BTC Supply and Issuance Schedule

The Bitcoin protocol halves the block subsidy every 210,000 blocks (roughly four years). The current epoch (#4, since April 2024) pays 3.125 BTC per block. Total mined supply is approaching 95% of the 21M cap; the remaining 1.15M BTC will be issued over the next ~115 years at progressively smaller subsidies, with the final block subsidy rounding to zero around the year 2140.

Current epoch

Epoch 4

Current subsidy

3.125 BTC / block

% of cap mined

94.5%

Remaining to mine

1.15M BTC

Epoch	Subsidy	Start	End	Supply at end	Status
Epoch 0	50 BTC	2009-01-03	2012-11-28	10.50M	Complete
Epoch 1	25 BTC	2012-11-28	2016-07-09	15.75M	Complete
Epoch 2	12.5 BTC	2016-07-09	2020-05-11	18.38M	Complete
Epoch 3	6.25 BTC	2020-05-11	2024-04-19	19.69M	Complete
Epoch 4	3.125 BTC	2024-04-19	2028-Q2 (est)	20.34M	Current
Epoch 5	1.5625 BTC	2028-Q2 (est)	2032-Q2 (est)	20.67M	Future
Epoch 6	0.7813 BTC	2032-Q2 (est)	2036-Q2 (est)	20.84M	Future
Epoch 7	0.3906 BTC	2036-Q2 (est)	2040-Q2 (est)	20.92M	Future
Epoch 8	0.1953 BTC	2040-Q2 (est)	2044-Q2 (est)	20.96M	Future
Terminal (year ~2140)				21.00M	21M cap

The Bitcoin protocol halves the block subsidy every 210,000 blocks (roughly four years). The current epoch (#4, since April 2024) pays 3.125 BTC per block. Annual issuance is now ~164K BTC, falling to ~82K BTC after the next halving in Q1-Q2 2028. The supply curve approaches the 21M cap asymptotically: the final block subsidy rounds to zero around block 6,930,000 (~year 2140), after which miners earn only transaction fees. Historical halving dates are exact; future dates depend on the average ten-minute block interval holding.

US Strategic Bitcoin Reserve and Sovereign Holdings

The Trump administration's March 2025 executive order established two separate vehicles: the Strategic Bitcoin Reserve (BTC only, ~200K from DOJ forfeitures, no taxpayer-funded purchases) and the US Digital Asset Stockpile (ETH, SOL, XRP, ADA from forfeitures). Bhutan and El Salvador are the principal non-US sovereign accumulators. Other countries are exploring but have not yet built positions.

Policy Timeline

2021-09-07Legal TenderEl Salvador adopts BTC as legal tender
2024-04-15DisclosureBhutan discloses sovereign mining-derived BTC holdings
2025-01-23RegulatorSEC rescinds SAB 121 via SAB 122 (banks can custody crypto)
2025-03-06EOTrump EO 14233: Strategic Bitcoin Reserve + Digital Asset Stockpile
2025-07-18LawGENIUS Act signed (federal stablecoin framework)
2025-11-15DisclosureCzech National Bank runs $1M BTC + stablecoin + tokenized deposit test portfolio
2025-12-19DisclosureBhutan announces 10,000 BTC pledge to Gelephu Mindfulness City
2026-04-29DisclosureCNB Governor Michl publicly endorses BTC reserves at Bitcoin 2026 Las Vegas

Sovereign and Government Holdings

🇺🇸US Strategic Bitcoin Reserve

Last update: 2026-02-15

DOJ forfeitures (Silk Road, Bitfinex hack); audit pending public release328,372 BTC

Revenue-neutral: no taxpayer-funded purchases. Reserve maintained from forfeitures only per EO 14233. Treasury audit publication is overdue as of May 2026.

🇺🇸US Digital Asset Stockpile

Last update: 2026-02-15

DOJ forfeitures (estimate; agencies still completing audit)38,000 ETH

DOJ forfeitures (estimate)250,000 SOL

DOJ forfeitures (estimate)18.5M XRP

DOJ forfeitures (estimate)21.5M ADA

Held separately from the BTC reserve under EO 14233. No active accumulation policy; assets retained for potential sale or operational use. Individual asset counts remain estimates pending public audit.

🇧🇹Royal Government of Bhutan

Last update: 2026-05-12

Druk Holdings hydropower mining since ~2019. Peaked at 13,295 BTC October 2024; sold roughly 76 percent through May 2026 to fund Gelephu Mindfulness City.3,119 BTC

Active liquidation phase. King Jigme Khesar Namgyel Wangchuck pledged up to 10,000 BTC toward Gelephu Mindfulness City in December 2025. Mining activity has reportedly slowed or stopped post-halving.

🇸🇻El Salvador

Last update: 2026-05-11

Daily 1 BTC DCA since 2021; legal tender adoption7,647 BTC

Daily 1 BTC purchase strategy continues (no longer dollar-pegged). Reserve held in cold storage at BCR (Banco Central de Reserva). Holdings in substantial unrealized profit; Bukele maintains no-sale stance.

🇨🇿Czech National Bank (exploratory)

Last update: 2026-04-29

Test portfolio only ($1M total across BTC, stablecoin, tokenized deposit) inside CNB Lab; not in official reserves0 BTC

Governor Ales Michl publicly endorsed BTC for reserves (Bitcoin 2026 Las Vegas, April 29). CNB internal analysis found a 1 percent BTC allocation would improve risk-adjusted returns. Bank Board has not authorized reserve allocation; only the $1M Lab test portfolio exists.

Sovereign and government digital-asset holdings. The US Strategic Bitcoin Reserve (created by EO 14233 on March 6, 2025) is funded exclusively from prior DOJ forfeitures and operates revenue-neutrally with no taxpayer-funded purchases. The US Digital Asset Stockpile holds other forfeited assets (ETH, SOL, XRP, ADA) under a separate mandate. Bhutan accumulates via sovereign mining; El Salvador via daily DCA since 2021. Initial v1 estimates; verify against the Treasury annual SBR audit and the respective country disclosures before publication.