Corporate Bitcoin Holdings Surge 153.46% Year Over Year

Crypto strategist Adam Livingston has highlighted a significant trend where firms like MicroStrategy and Metaplanet are converting fiat currencies into Bitcoin, potentially redefining global finance. These companies are raising capital in fiat and directly converting it into Bitcoin, which Livingston argues is draining liquidity from the traditional financial system and shifting value into Bitcoin.

Public companies currently hold 833,214 BTC, valued at over $89.21 billion, while private firms hold 421,641 BTC, valued at $45.14 billion. MicroStrategy is the top public holder with 592,345 BTC, followed by Marathon Digital, Twenty One Capital, Riot Platforms, CleanSpark, and Metaplanet. Among private holders, Block leads with 140,000 BTC, followed by Tether, Xapo Bank, BitMEX, and Mt. Gox.

Livingston explains that these companies are not merely storing wealth but systematically converting fiat into Bitcoin. This strategy removes liquidity from traditional monetary channels and shifts it into a decentralized asset. He warns that if this trend accelerates, fiat currencies like the U.S. Dollar could lose their dominance, and Bitcoin could become a global pricing benchmark for assets. Firms may soon be valued by BTC per share rather than earnings.

Investors are rewarding Bitcoin-heavy balance sheets, potentially flipping traditional valuation metrics. MicroStrategy shares have seen a 153.46% year-over-year increase and a 28.87% rise in 2025, while Metaplanet shares have surged by 1,346.60% year-over-year and 316.78% in 2025. Livingston describes this effect as a “Bitcoin demand spiral,” where companies issue shares, use proceeds to buy BTC, leading to a rise in BTC and share prices, attracting more investors and repeating the cycle.

Livingston concludes that Bitcoin treasury companies are the early nodes of a Bitcoin-based financial system. These firms are not just storing value but potentially engineering the next global monetary standard. The risks and rewards of a Bitcoin-heavy corporate treasury strategy include significant long-term appreciation, a hedge against inflation, increased stock valuation, and attracting new investors. However, there are also risks such as high price volatility, regulatory uncertainty, complex accounting, liquidity challenges, and potential capital erosion if Bitcoin prices fall sharply.

Corporate Bitcoin accumulation drives demand, potentially leading to price increases due to reduced circulating supply. This institutional interest can also boost overall market sentiment, attract more investors, and contribute to Bitcoin’s growing legitimacy as a global asset. These companies primarily finance Bitcoin purchases through equity-linked funding tools, such as issuing convertible notes, secured bonds, and common stock, often leveraging low interest rates and strong investor demand for Bitcoin exposure.