Corporate Treasuries Become Bitcoin’s Dominant Buyers
Public companies have triggered a seismic shift in cryptocurrency markets, purchasing 245,000+ Bitcoin during the first half of 2025 more than double the inflows into U.S. spot Bitcoin ETFs. This unprecedented corporate buying spree has pushed total public company holdings to 855,000 BTC (4% of total supply), creating what analysts call a "permanent supply shock."
The New Bitcoin Powerhouses
Leading the charge is Strategy (formerly MicroStrategy), now holding 597,325 BTC equivalent to 2.8% of all Bitcoin. CEO Michael Saylor’s aggressive "84/84" acquisition plan has generated $84 billion in unrealized gains. Japanese firm Metaplanet tripled its holdings to 13,350 BTC in just three months, while mining giant Mara Holdings controls nearly 50,000 BTC.
"Companies aren’t trading Bitcoin they’re stockpiling it like digital gold," said Bitwise CIO Matt Hougan. "This is a fundamental rethinking of corporate treasury strategy."
Top Corporate Buyers: The New Bitcoin Powerhouses
| company | btc_holdings | h1_2025_additions | strategy | valuation_usd |
|---|---|---|---|---|
| Strategy (fka MicroStrategy) | 597,325 BTC | +4,980 BTC (June) | Debt/equity financing | $84B unrealized gain |
| Metaplanet (Japan) | 13,350 BTC | +10,000 BTC (3 months) | Subsidiary capitalization | $1.15B |
| The Smarter Web Co. | 543.52 BTC | +196.90 BTC | 10-year treasury strategy | N/A |
| Blockchain Group (EU) | 1,700+ BTC | +75 BTC | Treasury reserves | EUR 6.9M allocation |
| Mara Holdings | 46,374-49,678 BTC | Undisclosed | Mining + direct buys | null |
Motivations Behind the Madness
Three key drivers fuel this trend:
- Monetary Hedge: With global debt surpassing $315 trillion, firms like Blockchain Group (EU) use BTC as inflation armor.
- Regulatory Tailwinds: FASB’s mark-to-market accounting rules let companies book unrealized gains.
- Financial Engineering: Firms issue low-interest debt to acquire appreciating assets, Saylor’s "billions for billions" model.
Market Impact: The Liquidity Squeeze
The corporate buying frenzy has profound consequences:
- 72% of mined BTC is now in long-term storage
- Corporate demand absorbs 150% of annual new supply
- Daily volatility hit 5-year lows despite record prices
- Corporations bought 4% more BTC during April’s market dip while ETF flows slowed
Risks and Future Outlook
Not all analysts are bullish. Standard Chartered warns newer entrants face breakeven pressure with $90,000 average buy-ins. Yet visionaries like Adam Back predict $3 million/BTC if corporate adoption continues.
With 151 public firms now holding BTC (vs. 64 in 2024), this trend shows no signs of slowing.