You Won’t Believe How Much Bitcoin Companies Now Hold, What % Of Supply Do They Control?

Overview

Bitcoin treasury companies are continuing to increase their holdings of Bitcoin despite challenging market conditions. Currently, these companies control approximately 5% of the total Bitcoin supply, with significant contributions from notable entities in the space.

Bitcoin Holdings by Treasury Companies

Recent data indicates that the top 100 public Bitcoin treasury companies now hold a total of 1,058,929 BTC. When considering all public companies combined, this figure rises to 1,061,697 BTC. Leading this group is Strategy, a company associated with Michael Saylor, which has positioned itself as the largest public holder of Bitcoin, owning 650,000 BTC.

In a recent development, Strategy announced the acquisition of an additional 130 BTC, further solidifying its position in the market. Following Strategy, the second-largest holder is the Bitcoin mining company MARA holdings, with a total of 53,250 BTC. Other notable companies in the top five include Tether-backed Twenty One Capital, Metaplanet, and Bitcoin Standard Treasury Company, holding 43,514 BTC, 30,823 BTC, and 30,021 BTC, respectively. Coinbase, Bullish, and Trump Media are also among the top ten largest Bitcoin treasury companies.

Total Bitcoin Treasuries

Overall, the total number of Bitcoin held in treasuries amounts to approximately 4 million BTC. This figure encompasses holdings from various entities, including governments, private companies, exchanges, DeFi platforms, and ETFs. Among these, BlackRock is recognized as the second-largest holder of Bitcoin, trailing only Satoshi Nakamoto. Strategy ranks third, while Binance and the U.S. government complete the top five holders with respective holdings of 628,868 BTC and 323,588 BTC.

Capital Raising Efforts

Amidst the current market downturn, Bitcoin treasury companies like Strategy and Metaplanet have successfully raised new capital to enhance their BTC holdings. Strategy raised $836 million from its STRE offering, which enabled the purchase of 8,178 BTC. In addition, Metaplanet secured $130 million to expand its Bitcoin treasury.

Emergence of New Companies

The landscape of Bitcoin treasury companies is poised for growth, as Vanguard, a $10 trillion asset manager, is set to introduce Bitcoin ETFs. This move may encourage companies to gain exposure to Bitcoin via these ETFs instead of acquiring Bitcoin directly. Furthermore, on-chain analytics from Arkham Intelligence revealed that JPMorgan, the largest U.S. bank, holds $300 million in BlackRock’s Bitcoin ETF.

Challenges Faced

Despite the accumulation of Bitcoin, some treasury companies, including Strategy, are facing significant pressure due to the ongoing market downtrend. The CEO of Strategy, Phong Le, acknowledged that selling Bitcoin might become a necessary measure to fund dividend payments if their market net asset value (mNAV) falls below a critical threshold.

Impact on the Crypto Market

• Bitcoin treasury companies currently control around 5% of the total Bitcoin supply.
• The total Bitcoin held in treasuries is approximately 4 million BTC, representing 19% of the total Bitcoin supply.
• Significant capital has been raised recently by companies to acquire more Bitcoin during market dips.
• The introduction of Bitcoin ETFs by major asset managers like Vanguard may lead to increased participation in Bitcoin investments.
• Some companies are under financial pressure, potentially leading to sales of Bitcoin to meet obligations.

Updated: 12/2/2025, 8:30:59 PM