A new tally of corporate and institutional wallets shows that the 100 largest Bitcoin treasury holders together control close to one million coins, worth about US$118 billion at prevailing prices. The figure underscores the growing concentration of the world’s biggest cryptocurrency in a small number of balance sheets, raising questions about trading liquidity and market influence. Stable-coin issuer Tether Holdings Ltd. is among the most prominent names on the list. Chief executive Paolo Ardoino said the company now owns more than 100,000 Bitcoin, a stockpile that complements US$ and positions Tether among the 18 largest holders of U.S. Treasuries and within the top 40 owners of physical gold. Ardoino said the moves are intended to diversify reserves that back the firm’s USDT token. The latest snapshot of Bitcoin treasuries highlights an accelerating trend of corporates and investment vehicles adding the token to their balance sheets, reinforcing Bitcoin’s character as a speculative store of value but also concentrating ownership in a narrow set of entities.