Corporate Bitcoin treasuries, led by Michael Saylor’s Strategy, acquired 494,000 BTC in 2025, raising their total holdings to 1.13 million coins. Despite Bitcoin’s price declining 6.4% for the year, these firms continued accumulating, now controlling 5.1% of the total BTC supply. However, overall market demand remains negative, suggesting potential continued price pressure.
Despite Bitcoin underperforming all major asset classes in 2025, corporate treasury entities significantly expanded their holdings. Led by Strategy, these firms collectively added 494,000 BTC last year, bringing their total stash to 1.13 million coins. The companies did not sell during the market correction, with overall holdings climbing steadily throughout the period.
According to data from BitBo, corporate treasuries now control 5.1% of Bitcoin’s total supply. Strategy alone represents about 3.3% of the supply, holding 709,715 BTC. In contrast, Bitcoin ETFs control a larger 7.1% share, or nearly 1.5 million coins.
Capital raising for these purchases shifted toward innovative financial instruments. Firms utilized preferred stocks or ‘digital credit’ offering variable interest rates to fund their acquisitions. Strategy deployed five preferred stock offerings, while Metaplanet and Strive unveiled their own capital-raising vehicles.
The collective demand from treasuries and ETFs, tracked by the Apparent Demand Growth metric, has been negative since December. This indicates that selling pressure from ETFs may be offsetting treasury accumulation. The metric turned positive during Q2 2025’s price surge from $74,000 to over $120,000.
Analysts note that Bitcoin’s price may remain subdued until overall demand improves. Selling pressure from long-term holders has eased recently, but not enough to shift the demand dynamic. The market appears to be waiting for a sustained return of positive ETF inflows.
