Corporate Bitcoin holdings have reached new highs, surpassing 3.71 million BTC across public firms, private entities, ETFs, and governments. This represents approximately 17.5% of Bitcoin’s total 21 million supply.
The increase reflects rapid institutional growth in 2024 and 2025. More than 325 tracked entities now hold Bitcoin in treasury reserves, according to recent industry data.
These holdings span various sectors, including financial services, software, mining, and digital infrastructure. The data signals a broad-based shift in how institutions view Bitcoin’s role in capital preservation.
BTC in Treasuries | Source: Bitcoin Treasuries. Public companies account for a substantial portion of the total, but private firms and sovereign actors are increasing their allocations. Decentralized projects and custodial platforms also contribute meaningfully to the total.
Bitcoin treasuries have grown by 1.7% in the last 30 days. This marks a continued acceleration despite ongoing market volatility and changing equity valuations.
Public Company Holdings Reach Over One Million BTC
Public companies now hold a combined 1,000,632 BTC as of September 2025. This figure includes data from both top and emerging listed firms.
The top 100 public companies hold 999,521 BTC, according to BitcoinTreasuries.net. The remaining amount is held by smaller public firms not included in the main index.
This collective holding equals about 4.6% of Bitcoin’s total fixed supply. The milestone confirms the growing role of public firms in Bitcoin’s financial ecosystem.
Top 10 Bitcoin Treasury Companies source: BitcoinTreasuriesNet
Strategy, formerly MicroStrategy, remains the largest single holder with 638,460 BTC. The firm first adopted its Bitcoin treasury strategy in August 2020.
Other major public holders include Marathon Digital, Metaplanet, Semler Scientific, and Galaxy Digital. Several of these companies have announced ambitious targets through 2027.
Semler Scientific plans to acquire 105,000 BTC by 2027. Sequans has set a goal of holding 100,000 BTC by 2030, while Metaplanet targets 210,000 BTC.
As of early September, 79 public companies hold at least 100 BTC. Combined, these firms have locked up over $110 billion worth of Bitcoin at current prices.
Private Firms, ETFs, and Governments Expand Their Positions
Private companies are expanding their presence in Bitcoin markets. As of this month, 65 private firms are known to hold Bitcoin in treasury accounts.
These include fintech firms, software companies, investment platforms, and crypto-native businesses. Their combined holdings form a significant part of the 3.71 million BTC total.
ETFs and custodial trusts have also grown sharply. Several funds have launched Bitcoin-backed products across major markets, including the U.S., Canada, and Europe.
Entities Holding BTC | Source: Bitcoin Treasuries
Exchanges and custodians represent one of the largest BTC-holding groups. Just four custodians account for a significant share, managing reserves on behalf of clients.
Governments now hold Bitcoin as well. Twelve sovereign entities have BTC reserves acquired through seizures, mining, or strategic purchases.
Among these, countries like El Salvador, Bhutan, and Ukraine continue to hold Bitcoin on national balance sheets. These holdings remain small but symbolically important.
DeFi and smart contract projects account for 11 of the tracked entities. Protocols often hold wrapped BTC for collateral and liquidity across decentralized ecosystems.
Active Bitcoin Treasury Firms Accelerate Accumulation Strategies
Twenty-three companies are now classified as Active Bitcoin Treasury Companies. These firms use aggressive financial strategies to grow their BTC reserves.
They hold a combined total of 723,000 BTC. Strategy remains the largest, accounting for most of the group’s reserves.
Active firms fund acquisitions through equity offerings, debt instruments, and mining revenue. Their approach contrasts with passive holders that simply retain previously acquired BTC.
Metaplanet has adopted a daily acquisition model and now holds over 20,000 BTC. The company plans to reach 210,000 BTC by 2027.
Strategy purchased 2,205 BTC in July 2025 alone, spending $238.66 million. Its total acquisition pace now averages 39.79 BTC per day.
Other active companies include LQWD, H100, and Planet Ventures. These firms have outperformed Bitcoin itself in some quarters due to rapid expansion and investor momentum.
Yield metrics vary widely across firms. Metaplanet reported a BTC Yield YTD of +488.3%, while Strategy posted a YTD yield of 26.0%.
Several firms report their BTC metrics per share, allowing shareholders to monitor net asset value (NAV) tied to Bitcoin exposure. This method has become a key valuation tool.
Stock Prices Underperform as Bitcoin Outpaces Treasury Shares
Despite rising Bitcoin prices, many Bitcoin treasury companies have underperformed in equity markets during Q3 2025. Strategy shares have dropped from $456 in July to $325 in early September.
The decline marks the stock’s lowest point since April. It also reduces its year-to-date gain to just 25%, compared to Bitcoin’s stronger performance.
Metaplanet shares have also declined, dropping over 60% from their peak in June. The company remains up 287% year-to-date but has faced sharp volatility.
Other firms such as BTCT, LQWD, and DigitalX have posted mixed results. Some now trade below the Bitcoin value they hold on their balance sheets.
Analysts attribute these declines to slowing BTC acquisition, higher volatility, and investor caution. Without active buying, companies may lose their valuation premiums.
Many of these companies rely on debt and equity raises to fund BTC purchases. When sentiment cools, access to capital markets can diminish rapidly.
This dependency makes them more vulnerable to shifts in market perception. Volatility in Bitcoin often amplifies share price swings by a factor of three to five.
According to Kaiko analysts, most of these companies act as leveraged BTC exposure vehicles. Retail investors are particularly exposed to short-term volatility shocks.
Geographic Breakdown Shows U.S. Leads in Bitcoin Treasury Activity
The United States continues to lead in the number of companies holding Bitcoin. A total of 114 U.S.-based entities are currently listed as Bitcoin holders.
Canada follows with 43 companies, while the United Kingdom has 20. Japan and Hong Kong each host 12 Bitcoin treasury entities.
This distribution indicates strong adoption in North America and parts of Asia. Companies across financial, technology, and industrial sectors are entering Bitcoin positions.
The European market is also seeing new entrants. Dutch-based Amdax launched AMBTS B.V. to become a 1% Bitcoin treasury company over time.
Top Countries by Number of Entities | Source: Bitcoin Treasuries
Europe’s growing interest aligns with broader regulatory developments and macroeconomic concerns. Firms are seeking assets that diversify exposure amid inflation and geopolitical risk.
The recent rise in Bitcoin ETF listings across global exchanges supports additional institutional inflows. These instruments provide regulated, liquid exposure for both retail and professional investors.
The number of entities tracked has grown by 26 in the past 30 days. This increase shows a continuing trend toward adoption, even amid price fluctuations.
New entrants include startups, listed companies, and decentralized protocols. The market continues to evolve with every filing, purchase disclosure, and treasury announcement.
