Bitcoin’s New Power Buyers: Companies Bought 3 Times What Miners Produced

Overview

Recent on-chain data reveals a significant shift in Bitcoin accumulation among corporate treasuries, indicating a growing appetite for the cryptocurrency. Companies have purchased Bitcoin at a rate that has surpassed the new supply generated by miners, suggesting increased institutional interest and potential implications for market dynamics.

Corporate Accumulation of Bitcoin

According to on-chain analytics provider Glassnode, corporate treasuries, both public and private, have seen a substantial increase in Bitcoin holdings. Over the past six months, these firms have accumulated approximately 260,000 BTC, raising their total holdings from around 854,000 BTC to roughly 1.11 million BTC. This translates to an average addition of approximately 43,000 BTC per month, which adds close to $25 billion in value to the balance sheets of these companies.

A notable player in this accumulation is a single firm that now commands a significant share of corporate Bitcoin. This firm, Strategy, holds 687,410 BTC, following a substantial purchase of 13,627 BTC earlier this month. This acquisition marks its largest buy since the previous July. The concentration of Bitcoin holdings among a few large buyers highlights the influence that these entities exert on the overall corporate treasury landscape.

In addition to Strategy, other corporate holders are also making their presence felt. For instance, MARA Holdings is recognized as one of the largest holders, with approximately 53,250 BTC. This indicates that not only are traditional companies accumulating Bitcoin, but mining firms are also opting to retain a portion of the cryptocurrency they produce.

Exchange-Traded Funds and Their Impact

Another factor contributing to the tightening of Bitcoin supply is the demand from exchange-traded funds (ETFs). In 2025, spot Bitcoin ETFs in the United States attracted over $20 billion in inflows, with some funds capturing a significant share of these investments. Analysts suggest that consistent buying from ETFs can absorb fresh supply, potentially removing available coins from the market for extended periods. This dynamic may enhance the significance of corporate accumulation compared to previous market cycles.

Miners vs. Corporate Buyers

Interestingly, the production of Bitcoin by miners over the same six-month period is estimated at about 82,000 BTC. This means that corporate purchases have outpaced mining issuance by roughly three to one. In other words, more Bitcoin is being added to corporate balance sheets than is being mined. This imbalance could lead to a tighter supply of Bitcoin in the market, especially if these companies choose to hold onto their assets rather than sell.

From Author

The data presented indicates a clear trend of corporate entities increasingly favoring Bitcoin as a strategic asset for their balance sheets. This movement not only reflects a shift in corporate finance but also suggests a potential reconfiguration of market dynamics, where corporate demand may play a more pronounced role than in previous cycles. The emphasis on Bitcoin by both corporations and ETFs could be indicative of a long-term commitment to the asset, which may have implications for its overall scarcity and price stability.

Impact on the Crypto Market

• Increased corporate accumulation could lead to a tighter supply of Bitcoin available in the market.
• The dominance of a few large corporate holders may influence market trends and price movements.
• Continued demand from ETFs could further absorb new supply, affecting market liquidity.
• A potential shift in market dynamics as corporate treasuries become significant players in Bitcoin accumulation.
• The interplay between corporate buying and mining output may impact future price stability and volatility.