The third quarter of 2025 has witnessed a remarkable surge in the number of public companies holding Bitcoin, with a nearly 40% increase reported. This uptick brings the total to 172 firms collectively owning approximately 1.02 million BTC, valued at around $117 billion. This data, released by Bitwise, highlights a significant milestone in corporate Bitcoin adoption, despite the cryptocurrency’s price remaining stagnant below $115,000.
While the accumulation of Bitcoin by companies like Strategy, which boasts the largest corporate reserve with over 640,000 BTC, indicates a strong institutional interest, it also raises questions about the disparity between corporate behavior and market performance. For instance, Strategy added 40,000 BTC during the quarter, and the payments firm Strike made headlines by acquiring Semler Scientific, marking a notable consolidation within the industry. Meanwhile, Japan’s Metaplanet has similarly increased its Bitcoin holdings, further demonstrating growing institutional confidence.
Despite this momentum, Bitcoin’s price trajectory appears disconnected from rising institutional adoption. Following a recent flash crash on October 10 that led to unprecedented liquidation events across crypto markets, Bitcoin has struggled to regain footing. Analysts have noted that while there was a bounce back following the crash, the momentum seems to be dwindling. Valdrin Tahiri, a CCN analyst, pointed to a crucial support level at $105,000 that, if breached, could lead Bitcoin below the $100,000 mark. Trader confidence remains shaky, further complicated by negative community reactions to compensation proposals from major exchanges like Binance.
The scenario becomes even more concerning in the case of Metaplanet. Recently, the firm’s market capitalization fell below the value of its Bitcoin assets for the first time, raising red flags about investor interest in “crypto treasuries.” This decline is exacerbated by a broader market sell-off instigated by external factors such as newly imposed tariffs.
Additionally, data from CryptoQuant suggests that Bitcoin purchases by publicly traded digital asset treasuries sharply declined from 64,000 in July to just 12,600 in August, with leading buyers like Strategy pausing acquisitions for a week—an indication of heightened caution among institutional investors.
Experts suggest this widening disconnect between corporate holdings and market performance is influenced by several factors. The current economic climate, marked by trade tensions and evolving U.S. monetary policy, has dampened risk appetite among investors. Victor Olanrewaju, another analyst from CCN, noted that most institutional purchases occur over-the-counter and do not directly affect market prices on exchanges, leading to minimal short-term impacts on Bitcoin’s valuation.
Despite the prevailing challenges, some analysts maintain a bullish outlook. They believe that as retail investors and larger holders, or “whales,” begin to engage more actively, Bitcoin could potentially reach new highs before the end of the year. This sentiment hints at an anticipated revival in interest that could shift the cryptocurrency’s fortunes, despite current market volatility.
