Corporate Bitcoin Treasuries Add $3.5B in January, Strategy Leads 93% of Purchases

Highlights:

• Corporate Bitcoin purchases surged to 43,230 coins worth $3.5 billion in January. 
• Strategy dominated January buys with 93% share and acquired 40,150 Bitcoin alone.
• Smaller firms sold Bitcoin holdings while Strategy aggressively expanded despite financial pressures.

Digital asset treasuries sharply increased Bitcoin purchases in January, adding 43,230 coins worth $3.5 billion. This was more than the 28,900 coins purchased in December but far less than the 147,000 coins purchased in November 2024, the re-election period of President Donald Trump. Despite the general increase, one firm dominated the market.

Strategy Leads Corporate Bitcoin Buying in January

Michael Saylor’s Strategy, based in Tysons Corner, Virginia, made up 93% of January’s total. Data shows it bought 40,150 Bitcoin. Meanwhile, all other firms together bought only 3,080. This large gap shows how dominant it is, even though its stock has dropped 70% in the past six months. On Thursday, shares traded near $125, which suggests investors are unhappy.

Even so, the firm keeps its lead among Bitcoin buying companies. In fact, if we remove its purchases, other firms have reported smaller buys for four straight months. The report also says its aggressive strategy keeps it ahead, although more people are now questioning how long this model can last.

Last week, Strategy reported a $12.4 billion loss for the fourth quarter. Its holdings showed billions in paper losses. Still, co-founder and Executive Chairman Michael Saylor said the firm is a “digital fortress.” He added that it will not be forced to sell and plans to keep buying forever, even though its Bitcoin holdings are over $7 billion underwater. However, in December, the company set aside cash to cover debt and dividend payments. Saylor also admitted it could sell BTC if needed.

Meanwhile, the company uses a more complex method to fund Bitcoin buys than most rivals. It has issued several kinds of preferred shares. For example, its variable-rate preferred share STRC has grown to $3.4 billion. This product pays annual dividends of 11.25%, so it adds extra costs. Because of this, the firm has stored cash to meet those payments. Other companies, such as Strive and Metaplanet, have also issued dividend-paying preferred shares. However, none of them come close to this scale. 

At some points last year, the company bought less Bitcoin than its rivals. In July, other firms bought 56,000 Bitcoin, while it bought 31,000. Because of this difference, some people doubted it could keep buying so fast. However, January data show it is leading again, even though it still faces financial pressure.

Smaller Crypto Firms Sell Bitcoin as Strategy Expands

Riot Platforms sold 1,363 Bitcoin, Bitdeer offloaded 490, Exodus Movement sold 198, and Bitcoin Treasury Corp sold 2. These sales show the pressure smaller companies face. Analysts warned some could be forced to sell because of how their businesses are set up. In June, Standard Chartered said many firms bought Bitcoin near $90,000. Because prices later fell, they now risk losses.

The corporate Bitcoin market is growing beyond just big names. Out of 194 public companies holding Bitcoin, about a third add at least 1 BTC every day. Twenty companies now buy 10 BTC or more daily. Treasury-focused firms lead, adding hundreds of Bitcoin each day, far more than newer buyers. Mining companies hold over 124,000 BTC, about 11% of total public holdings, led by Riot, Hut 8, MARA, and CleanSpark.