Corporate Bitcoin Holdings Triple, 3.6% of Supply Accumulated

Corporate adoption of Bitcoin (BTC) has surged, with companies accumulating approximately 725,000 BTC, marking a threefold increase year-over-year. This significant accumulation represents about 3.6% of the total Bitcoin supply, with Strategy leading the cohort by holding 597,000 BTC. Despite this substantial buying power, the impact on Bitcoin's spot price has been relatively muted, averaging a 0.59% daily shift in 2025. This minimal price movement can be attributed to the use of structured orders, over-the-counter swaps, and in-kind share exchanges, which keep the volume off public books.

Keyrock's research highlights that corporate purchases rarely cause more than incidental slippage in the market. For instance, Twenty One Capital acquired its initial 42,000 BTC through stock-for-coin deals with Tether and Bitfinex, avoiding spot-market transactions. The report identified only six sessions this year where acquisitions from established buyers, such as Strategy or Metaplanet, drove Bitcoin’s intraday move above 3%. Notably, a single tranche from Strategy in late 2024 resulted in a 9.05% swing, but such bursts are considered exceptional rather than typical. Most treasuries stagger orders or hedge with derivatives to contain slippage, ensuring that corporate buying represents a limited but episodic catalyst for Bitcoin price action.

The report also raises concerns about the sustainability of premium valuations. The treasury company cohort is priced at an aggregate 73% premium to the net value of their coins, which bolsters access to cheap capital but amplifies refinancing risk if sentiment turns. With $9.48 billion in outstanding debt and $3.35 billion in preferred equity, large maturities are clustered in 2027 and 2028. Firms with thin operating cash flow now rely on at-the-market stock issuance to service their coupons. Debt-funded accumulation accelerated after November 2024, when copycats followed Strategy’s model and public offerings proliferated across various jurisdictions. Strategy’s 11-fold increase in Bitcoin-per-share since 2020 set a benchmark that many newer entrants seek to match.

The researchers warn that concentration risk could intensify volatility if large holders adjust their strategies, as 82% of treasury holdings are held on a single balance sheet. This concentration poses a potential risk to market stability, as significant adjustments by major holders could lead to increased volatility. Overall, while corporate buying has had a notable impact on Bitcoin's supply and market dynamics, the structured execution of these purchases has kept order flow discreet, limiting their constant influence on price action.