Can Bitcoin Treasury Firms Save BTC From Its Own Cycles?

Public companies hold over 1 million BTC, with 90.4% of those holdings concentrated in the US. This surge in corporate Bitcoin treasuries comes as industry leaders suggest these entities could bring long-term discipline to a sector known for volatility.

The increasing corporate adoption of Bitcoin has reignited debate. Investors are questioning whether Bitcoin can compete with traditional US Treasuries in global capital markets.

Bitcoin Treasury Companies Emerge as Stabilizing Force

Hunter Horsley, CEO of Bitwise, regards Bitcoin Treasury Companies and Digital Asset Trusts (DATs) as potential stabilizers for the crypto industry.

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He notes that these entities provide investor relations, yield strategies, and long-term balance sheet discipline. This changing approach marks a shift from the speculative behavior that once defined crypto markets.

The rise of corporate Bitcoin holdings indicates broader institutional interest in digital assets. Companies, including Strategy and Tesla, have allocated parts of their treasuries to Bitcoin, seeking long-term value.

However, the fact that 90.4% of these holdings are in the US highlights America’s leading position in institutional crypto adoption.

This transparency comes as corporate crypto strategies face increased scrutiny. The dashboard confirms that public company holdings now total 1.1 million BTC, over 5% of the total Bitcoin supply.

Meanwhile, on-chain data shows a declining over-the-counter (OTC) Bitcoin supply, indicating that institutional demand may be outpacing available inventory.

A Glassnode chart shows OTC desk balances dropping from near 4,500 BTC to under 1,000 BTC in a year. Meanwhile, prices have moved between $70,000 and $100,000.

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This limited supply could explain the renewed institutional accumulation despite market fluctuations.

Macroeconomic Headwinds and the Treasury Yield Challenge

The competitive environment for Bitcoin has become more difficult as US 10-year Treasury yields have reached 4.1%, a three-week high as of early November 2025.

Analyst Axel Adler Jr. noted that this increase reflects uncertainty about Federal Reserve rate cuts. The uncertainty creates a challenging backdrop for risk assets like Bitcoin.

Higher Treasury yields can make government bonds more attractive than non-yielding assets, drawing potential capital away from cryptocurrency.

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Official US Treasury data support this trend. The 10-Year Treasury Note issued in October 2025 had a coupon rate of 4.250%, and Ginnie Mae’s July 2025 Global Markets Analysis Report recorded the 10-year yield at 4.38%.

Such yields challenge Bitcoin’s positioning as a store of value or alternative to traditional fixed-income investments.

Despite these pressures, some analysts remain optimistic. Mayall pointed out that anonymous influencers linked to treasuries and market makers might be spreading negative sentiment to acquire Bitcoin at lower prices.

He also noted that long-term holder sales are slowing while OTC supply is declining, which could increase upward price pressure if demand remains strong.

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The Real Flippening: Bitcoin Versus Treasuries

Jack Mallers, a Twenty One Capital executive, has shifted the spotlight regarding Bitcoin’s competition. As sources describe, he believes the real “flippening” is Bitcoin challenging US Treasuries in global finance, not simply surpassing other cryptocurrencies.

This viewpoint moves the discussion from crypto rivalries to Bitcoin’s possible significance in broader capital markets.

Mallers’ perspective follows a narrative in which Bitcoin Treasury Companies serve purposes beyond speculation. By adding Bitcoin to corporate balance sheets through structured yield strategies and investor relations, these firms are positioning it as a legitimate treasury reserve.

This development could appeal to institutions seeking inflation protection or diversification beyond government bonds.

Nonetheless, the comparison remains debated. US Treasuries offer government support, stable yields, and strong liquidity, whereas Bitcoin lacks yield, faces regulatory uncertainties, and exhibits significant price fluctuations.

In the coming months, Bitcoin Treasury Companies will be tested on their ability to sustain these strategies amid rising bond yields and a challenging macroeconomic backdrop.

As public company Bitcoin holdings grow, the industry faces a decisive moment. Whether these treasuries stabilize crypto markets or add volatility will depend on their ability to balance on-chain trends and competition from traditional assets.