Corporate Bitcoin holdings accelerate
In Q3 2025, listed companies’ interest in Bitcoin rose sharply. We explore the main growth drivers, the role of spot ETFs, strategies of large holders, and volatility risks.
According to a Bitwise report on corporate Bitcoin adoption, the number of public issuers with BTC on their balance sheets rose to 172 – up by 48 companies in just three months. Analysts estimate the combined value of these crypto treasuries at roughly $117 billion, with total holdings exceeding 1 million BTC, or about 4.9% of the circulating supply.
Analysts cite several factors behind the surge.
After the April 2024 halving, base issuance fell to about 450 BTC per day. With steady or rising demand, this creates a structural supply deficit.
Institutional infrastructure has made substantial progress in terms of regulatory clarity and operational tooling, lowering the barriers to entry for corporate treasuries.
The largest‑holder segment remains led by Strategy (formerly MicroStrategy), whose public updates show continued accumulation. Other notable corporate players include miners (e.g., MARA Holdings) and technology issuers that use Bitcoin as part of treasury or operational strategy. Many firms continue to buy over‑the‑counter (OTC) to minimize slippage and short‑term price impact, though these flows collectively affect the market’s supply–demand balance.
Alongside corporate activity, exchange‑traded funds have added significant demand: in one October week, U.S. spot Bitcoin ETFs recorded inflows of around $3.2 billion. These inflows suggest the asset class is maturing, with access widening for more conservative investors.
Separate research indicates that in 2025 businesses, on average, purchase roughly 1.7–1.8 thousand BTC per day, materially above daily issuance. If the trend persists, it could push the market towards further supply tightening, especially during seasonal capital inflows.
Price action remains volatile: corrections are possible as long‑term holders take profits, derivatives positioning shifts, and macro shocks occur. Even so, the strategic horizon of many corporate buyers is measured in years rather than weeks, reflected in ongoing accumulation programs and regular disclosures.
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