Public Companies Acquire 1.1M Bitcoin, Locking 5.2% of Supply

TLDR

• The top 100 public companies have accumulated 1.105 million Bitcoin as part of their treasury strategies.
• These holdings account for 5.2 percent of the total Bitcoin supply and 5.5 percent of the circulating supply.
• Strategy leads all public companies with 687,410 Bitcoin held since its first purchase in 2020.
• Marathon Digital, Twenty One Capital, Metaplanet and Bitcoin Standard Treasury Company are among the top five holders.
• Public companies acquired more Bitcoin in the first half of 2025 than US-based ETFs.

The top 100 public companies that adopted Bitcoin as a treasury reserve have collectively accumulated 1.105 million BTC, accounting for 5.26% of the total Bitcoin supply, which equates to around 5.5% of the current circulating supply of 19.97 million tokens.

BitcoinTreasuries data confirms that the total BTC held by public companies has reached 1,107,841 BTC, surpassing US ETFs in the first half of 2025, with company purchases totaling $47.3 billion against $31.7 billion in ETF inflows, showing growing corporate interest in holding BTC.

Strategy continues to lead among these companies with 687,410 BTC on its balance sheet, acquired since its first purchase in 2020, backed by Executive Chairman Michael Saylor’s direction and long-term vision for Bitcoin.

Strategy Leads Public Company Bitcoin Holdings

Strategy remains the highest BTC-holding public company with 687,410 Bitcoin, currently worth over $66 billion in market value. The company first adopted the strategy in 2020 under Michael Saylor’s leadership and has maintained an aggressive acquisition stance since then.

“Bitcoin is a dependable store of value and an attractive investment asset,” said Saylor, supporting the firm’s strategy. Strategy has used both cash and debt financing to expand its BTC reserves, signaling a firm commitment.

The company’s strategic approach to Bitcoin has influenced other corporations to consider adopting a similar treasury strategy. Its early move has positioned it as the leader in corporate Bitcoin accumulation.

Marathon Digital, Metaplanet, Twenty One Capital, and Bitcoin Standard Treasury Company round out the top five public holders. Together, they collectively own 161,887 BTC, showing broader interest among diverse firms in holding the asset.

Marathon Digital has focused on Bitcoin mining while also building a treasury of Bitcoin through retained holdings. Twenty One Capital and Metaplanet have taken positions to hedge macro risks and diversify corporate reserves.

Bitcoin Standard Treasury Company has adopted a strict accumulation strategy aimed at long-term retention. These companies, along with Strategy, contribute heavily to the public company BTC supply total.

Data shows public companies accumulated $47.3 billion worth of Bitcoin in H1 2025, exceeding US ETFs’ $31.7 billion inflow. However, ETFs surpassed corporate buyers on a full-year basis, ending 2025 with 1,496,957 BTC.

This corporate buying trend tightened BTC’s circulating supply early in the year. As a result, companies helped drive demand pressures before ETF inflows accelerated later.

Public companies have continued to expand their holdings, reinforcing their commitment to a long-term Bitcoin strategy. As corporate reserves grow, less BTC remains available in open markets.

Bitcoin Supply Tightens Further with HODL Strategy

Most of these companies adopt a long-term HODL strategy, reducing the volume of tradable Bitcoin. Over 5.5% of BTC’s circulating supply is currently locked in corporate treasuries.

BitcoinTreasuries data confirms that public company buying has a direct impact on Bitcoin’s available supply. These holdings reflect a broader adoption trend by corporations seeking alternative stores of value.

As more companies follow this path, the BTC supply could tighten further. The growing accumulation aligns with earlier adoption phases seen in other asset cycles.

According to BitcoinTreasuries, public companies now collectively hold 1,107,841 BTC as of January 2026. The top 100 firms are responsible for nearly all of these reserves.

Their commitment reflects increasing confidence in Bitcoin as a treasury-grade asset. While market conditions may vary, their holdings remain mostly untouched.

Corporate balance sheets now represent a large segment of total BTC supply. This trend is expected to continue if adoption expands into 2026.

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