Key Takeaways
- Corporate Bitcoin holdings have surpassed 1.02 million BTC, with 172 public companies now holding the asset, a 38% jump in just three months.
- Strategy (formerly MicroStrategy) leads with 640,250 BTC while smaller firms increasingly join through listings, acquisitions, and capital raises.
- Despite record accumulation, one in four Bitcoin-holding firms now trades below its asset value, reflecting cooling investor sentiment and tighter capital conditions.
The number of publicly traded corporations owning Bitcoin is at an all-time high and the total ownership currently stands at over 1.02 million BTC, as reported in the latest Corporate Bitcoin Adoption report by Bitwise Asset Management dated Q3 2025. The report indicates that the number of publicly traded companies that have exposure to Bitcoin increased by 38% in the last three months. It signals one of the most rapid development stages of corporate crypto adoption since time immemorial.
Corporate Bitcoin Holdings Soar Massively
Bitwise listed 172 listed companies on the balance sheets, which contain Bitcoin, compared to 124 in the last quarter. The count of firms joining the list between July and September was 48, which is a massive increase in the number of new entrants. Hunter Horsley, the CEO of Bitwise, described the trend as impressive and stated that individuals, as well as institutions, are willing to own Bitcoin.
According to data that is accumulated using BitcoinTreasuries.NET, these group holdings constitute 4.87% of the total supply of Bitcoin. Moreover, the stash is currently worth a whopping $117 billion, a 28% growth rate quarter to quarter driven by both appreciation of Bitcoin and massive corporate acquisitions.
The report states that companies had bought an additional 176,762 BTC in the third quarter alone, which is an indication of interest expansion among early adopters. Even though some few companies still lead the pack, there are an increasing number of smaller firms who are making incremental allocations.
Strategy (formerly MicroStrategy) is the largest corporate holder, having 640,250 BTC, or over 62% of all Bitcoin held by corporate entities. The other highest holders are MARA Holdings (52,850 BTC), XXI (43,514 BTC), Metaplanet (30,823 BTC) and Bitcoin Standard Treasury Company (30,021 BTC).
Bitwise stressed that the recent adoption has become more diversified as companies become exposed to Bitcoin by raising capital, going public, and acquiring. This year, Bullish went public while owning more than 24,000 BTC, and Strive made a historic acquisition of Semler Scientific, a Bitcoin treasury company. According to analysts, the developments are slowly eliminating Bitcoin from circulation, reducing liquidity, and increasing price sensitivity when there is a demand spurt.
What Does The Accumulation Signify?
Mete Al, the founder of ICB Labs, says that this accumulation wave signifies a strong strategic belief. He claimed that there are multiple companies that are positioning towards a global shift in the way value is stored and transmitted with Bitcoin being seen as a gateway to the broader digital asset economy and not a short-term investment.
Even with the excitement, there are also some areas of weakness in the report by Bitwise. A quarter of all Bitcoin-based businesses currently trade at a price lower than their net asset value (NAV), i.e. their market value is lower than the value of their Bitcoin holdings. According to the K33 Research, 26 out of 168 companies are already below parity.
The Metaplanet company based in Tokyo with ownership of 30,823 BTC worth close to $3.4 billion trades at a market NAV of 0.99 and its shares have fallen approximately 70% since June. Other smaller firms like NAKA, Twenty One and The Smarter Web Company have experienced the same downfalls.
There is also a tightening of the belt of market leader Strategy, which has experienced a premium of almost 3.9x in late 2024 and around 1.26x at present, limiting its capacity to issue new equity in the purchase of Bitcoin. The rate of accumulation by corporations has decelerated at a very steep rate with only one additional adopter in September as opposed to 21 in July amidst more interest rates and restricted financing taking a toll on growth plans.
However, there are still high institutional inflows. In early October, spot Bitcoin ETFs in the U.S. attracted over $2.2 billion and according to on-chain data provided by Glassnode, almost 97% of the Bitcoin in circulation is profitable.
Read More: Ethereum Price on the Edge: $41M ETH Whale Buy Sparks Potential Reversal
