Bitcoin's New Power Buyers: Companies Bought Three Times More Than Miners Produced

Recent on-chain data reveals that corporations are acquiring Bitcoin at a rate that surpasses new production. In the last six months, the total Bitcoin held by companies has surged from approximately 854,000 BTC to around 1.11 million BTC, marking a significant increase and highlighting growing corporate interest in Bitcoin.

Key Takeaways

Corporate Accumulation: Companies have boosted their Bitcoin holdings from about 854,000 BTC to roughly 1.11 million BTC in six months, an increase of 260,000 BTC.
Major Players: Strategy is the largest corporate Bitcoin holder with 687,410 BTC, following a significant purchase.
Miners vs. Corporates: Corporations are buying three times more Bitcoin than miners produce, tightening the available supply in the market.
ETF Influence: Spot Bitcoin ETFs have attracted over $20 billion in investments, potentially affecting Bitcoin's market availability.
Current Market Status: Bitcoin trades in a narrow range around $92,000, supported by ongoing interest amidst economic uncertainties.

Bitcoin

Corporate Treasuries Surge

According to recent data, companies have significantly ramped up their Bitcoin purchases, now surpassing the amount produced by miners. Over the last six months, corporate Bitcoin reserves increased from about 854,000 BTC to around 1.11 million BTC, equating to roughly 43,000 BTC per month. This surge represents nearly $25 billion in added value to corporate balance sheets, showcasing a growing trend among businesses to increase their Bitcoin holdings, as outlined by Glassnode on Tuesday.

Corporate Bitcoin Holdings

Dominance of Key Players

A notable dominance can be seen in the Bitcoin market by one major company. Strategy has emerged as the leading corporate holder, with 687,410 BTC after purchasing 13,627 BTC between January 5 and January 11, marking its largest acquisition since July of the previous year. This concentration of holdings suggests that a few major companies have a significant influence on the corporate treasury landscape.

In addition to Strategy, smaller holders such as MARA Holdings, with around 53,250 BTC, are also part of this trend, illustrating that even mining firms are choosing to retain a portion of the Bitcoin they generate.

Impact of ETFs on Supply

Another important factor contributing to this corporate accumulation of Bitcoin is the demand for exchange-traded funds (ETFs). During 2025, spot Bitcoin ETFs in the US attracted over $20 billion in funding, with certain funds claiming a substantial share of those investments. Analysts believe that the ongoing ETF purchases could consume fresh supply and, if they remain consistent, may lead to limited availability in the market for extended periods. This shift could explain why corporate accumulation holds greater significance now compared to previous cycles.

Bitcoin Trading Chart

Over the same six months, miners are estimated to have produced about 82,000 BTC. This indicates that the corporate buying activity has outpaced mining production by a factor of three to one. Essentially, more Bitcoin is being added to corporate balance sheets than is being mined, which could restrict market supply if firms continue to hold their purchased Bitcoin instead of selling it.

Currently, Bitcoin is trading in a narrow band around $92,000 ahead of crucial US inflation data, with the psychological $90,000 mark notable among traders. Amid ongoing geopolitical tensions and uncertainties regarding central bank policies, investor interest as a safe haven has remained strong, supporting prices while maintaining a confined range. Future movements in Bitcoin prices will likely depend on ETF flows and the selling behavior of current holders in response to market demand.

Featured image from Unsplash, chart from TradingView