Public companies now hold over 1 million Bitcoin, marking a major milestone in corporate adoption of the digital asset as a reserve currency.
Key Takeaways:
Public companies now hold over 1 million BTC, led by Strategy with 636,505 Bitcoin.
Newcomers like XXI and Bitcoin Standard Treasury are quickly expanding their holdings.
With only 5.2% of Bitcoin left to be mined, growing corporate demand may trigger a supply shock.
According to data from BitcoinTreasuries.NET, firms collectively own 1,000,698 BTC, valued at more than $111 billion at current prices.
The surge in corporate Bitcoin strategies has been led by Strategy, the company helmed by Michael Saylor, which began accumulating BTC in August 2020.
Strategy now holds 636,505 BTC, making it the largest corporate holder by a wide margin.
Bitcoin mining firm MARA Holdings remains in second with 52,477 BTC, after adding 705 BTC in August.
But new entrants are gaining ground. XXI, founded by Strike CEO Jack Mallers, has amassed 43,514 BTC, while the Bitcoin Standard Treasury Company holds 30,021 BTC.
Other major players include crypto exchange Bullish (24,000 BTC), Metaplanet (20,000 BTC), and publicly listed names like Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase.
This wave of accumulation has fueled speculation around a supply shock. With just 5.2% of Bitcoin’s fixed 21 million supply left to be mined, continued corporate demand could drive prices even higher.
Bitcoin hit an all-time high of $124,450 last month, a move many attributed to ETF inflows and balance sheet buys.
Some firms are aiming much higher. Japan’s Metaplanet and U.S.-based Semler Scientific have set targets of 210,000 BTC and 105,000 BTC by 2027—ten to twenty times their current holdings.
During the 2022 bear market, corporate Bitcoin strategies faced harsh criticism.
Strategy, which refused to sell, was called reckless by financial media, especially after the collapse of FTX and a price drop to $15,740. But the firm’s rebound appears to have inspired a new wave of adopters.
To finance their Bitcoin bets, firms have turned to convertible debt offerings, equity raises, and SPACs.
This includes XXI and the Bitcoin Standard Treasury Company, which launched with the sole aim of building Bitcoin treasuries and offering investors equity-linked exposure to BTC.
Outside the US, 120 public companies now hold Bitcoin. Canada, the UK, Hong Kong, Mexico, South Africa, and Bahrain are among the countries where corporate BTC ownership is growing.
