Corporate entities have significantly ramped up their Bitcoin (BTC) holdings, accumulating over a million coins in their treasuries despite a challenging market year for the cryptocurrency. This strategic long-term bet by institutional players, exemplified by major firms, signals a robust commitment to digital assets even as broader market demand remains subdued.
Corporate Treasuries Bolster Bitcoin Stash
In 2025, corporate treasuries, spearheaded by entities like Michael Saylor’s Strategy, remarkably added 494,000 BTC to their portfolios, bringing their collective holdings to an impressive 1.13 million coins. This aggressive accumulation occurred even as Bitcoin ended 2025 down 6.4% and lagged behind traditional assets like gold and silver. Crucially, despite a deepening market correction later in the year, these firms demonstrated unwavering conviction by not offloading their stash; instead, overall holdings steadily climbed. To facilitate this expansion, many treasuries shifted their capital-raising strategies from traditional convertible debt to more innovative 'digital credit' or preferred stocks, thereby mitigating bankruptcy risks and securing further BTC allocations. These corporate holdings now account for 5.1% of the total Bitcoin supply.
Navigating Institutional Demand and Price Sensitivity
While corporate treasuries have amassed a substantial share of Bitcoin, the market's price sensitivity remains heavily influenced by Bitcoin ETFs. These exchange-traded funds currently control a larger portion, about 7.1% or nearly 1.5 million BTC, underscoring their leading role in institutional demand and making BTC's price highly responsive to their flows. A critical metric, the 30-day average Apparent Demand Growth (ADG), which tracks the combined demand from both treasuries and ETFs, has consistently been negative since December. This persistent negative trend suggests that even the substantial, steady accumulation by corporate treasuries is currently insufficient to offset potential sell-offs or a lack of renewed momentum from ETFs. Historically, significant BTC price rallies, such as the Q2 2025 surge from $74,000 to over $120,000, have coincided with a positive shift in ADG. Until this key demand indicator turns positive, Bitcoin's price may remain constrained, signaling a period of muted performance below the $100,000 mark.
