Public companies have officially crossed a significant threshold, collectively holding over 1 million Bitcoin (BTC), a landmark achievement that underscores the increasing acceptance of cryptocurrency as a reserve asset. According to data from BitcoinTreasuries.NET, the aggregate corporate holding stands at 1,000,698 BTC, which is currently valued at more than $111 billion.
The frontrunner in this corporate Bitcoin accumulation is Strategy, which is commanded by Michael Saylor. The company has amassed a total of 636,505 BTC, making it the largest corporate holder of Bitcoin by a substantial margin. Following closely in second place is the Bitcoin mining firm MARA Holdings, which holds 52,477 BTC after recently purchasing an additional 705 BTC in August.
New players are rapidly entering the scene, with XXI, launched by Strike CEO Jack Mallers, acquiring 43,514 BTC. The Bitcoin Standard Treasury Company has also made notable strides, amassing 30,021 BTC. Other significant holders include crypto exchange Bullish with 24,000 BTC, Metaplanet with 20,000 BTC, and well-known public companies such as Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase.
This surge in corporate Bitcoin investments has spurred speculation regarding a possible supply shock. With only 5.2% of Bitcoin’s total supply of 21 million coins left to be mined, ongoing demand from corporations could lead to substantial price increases. Bitcoin recently achieved an all-time high of $124,450, a surge many attributed to exchange-traded fund (ETF) inflows and corporate purchases for balance sheets.
Some companies are targeting ambitious goals for their Bitcoin acquisitions. For instance, Japan’s Metaplanet aims to hold 210,000 BTC and U.S.-based Semler Scientific has set a target of 105,000 BTC by 2027—numbers that significantly surpass their current holdings.
During the bear market of 2022, corporate strategies for Bitcoin were subject to severe critique. Strategy, which chose not to sell during the downturn, faced backlash, especially post-collapse of the FTX exchange, when Bitcoin prices dipped to $15,740. However, the company’s subsequent recovery seems to have galvanized a new wave of corporate interest in Bitcoin.
To support their Bitcoin initiatives, firms have turned to multiple financing avenues, including convertible debt offerings, equity raises, and Special Purpose Acquisition Companies (SPACs). The Bitcoin Standard Treasury Company and XXI have both entered the market with the express goal of building Bitcoin treasuries while offering equity-linked exposure to investors.
Beyond U.S. borders, a growing number of public companies—120 in total—are investing in Bitcoin, with notable holdings emerging from countries such as Canada, the UK, Hong Kong, Mexico, South Africa, and Bahrain. Nonetheless, despite the growing interest in corporate holdings, these firms still lag behind crypto exchanges and ETFs, which together control approximately 1.62 million BTC. Governments hold 526,363 BTC, while private entities possess 295,015 BTC. Approximately 242,866 BTC is locked within various protocols, leaving around 16.2 million BTC held by individual investors, contingent upon the security of their private keys.
Despite the optimistic outlook for corporate Bitcoin treasury strategies, skepticism is bubbling beneath the surface. James Check, lead analyst at Glassnode, recently raised concerns about the sustainability of this trend, suggesting that the easy gains may already be a thing of the past as the market continues to mature. This sentiment is echoed by Matthew Sigel, head of digital asset research at VanEck, who has similarly expressed doubts regarding the viability of Bitcoin treasury strategies among publicly traded companies.
