What happened?
In just three months the number of public companies holding Bitcoin jumped 38% to 172 firms, with 48 new treasuries added in Q3. Corporate holdings now exceed 1.02 million BTC (about 4.87% of supply) and are worth roughly $117 billion, up 28% from the prior quarter. Companies bought roughly 176,762 BTC in Q3 alone as adoption broadened from a few big players to many smaller allocations.
Who does this affect?
This trend directly impacts the public companies holding Bitcoin and their shareholders, especially big holders like MicroStrategy, MARA, and Metaplanet. It also matters for investors in Bitcoin-related stocks and ETFs because some firms are now trading below the value of their crypto reserves. Finally, broader market participants — from institutional ETF buyers to retail crypto holders — feel the effects as corporate treasuries change supply and liquidity dynamics.
Why does this matter?
Large-scale corporate accumulation pulls coins out of circulation, reducing sell-side liquidity and making Bitcoin prices more sensitive to buying spikes. That lower liquidity can amplify rallies driven by ETF inflows (for example, a $2.2B influx in a single week) and steady accumulation from smaller holders, while a sudden slowdown in corporate buying can increase volatility. Meanwhile, firms trading below NAV and tighter capital conditions mean some companies may stop buying or be forced to sell, which could quickly shift the supply-demand balance and ripple across BTC prices and related equities.