- Public companies purchased over 196,000 BTC in 2025, outpacing the new Bitcoin supply.
- Strategy and BlackRock lead as top holders, with over 568,000 and 625,000 BTC, respectively.
- U.S. crypto policy gains encourage more companies to adopt Bitcoin as a reserve asset.
According to recent Bitwise data, public companies acquired more Bitcoin in 2025 than the estimated new supply. André Dragosch, European Head of Research at Bitwise, reported that public firms purchased 196,207 BTC in 2025, over three times the year’s new supply of 60,044 BTC. This aggressive buying trend exceeds the projected full-year Bitcoin issuance of 164,250 BTC.
Such consistent buying by companies is causing demand for Bitcoin to increase. ETFs also play a role, as they have added more than 59,000 BTC in 2025, boosting their total holdings beyond $6.15 billion. As a result, institutional and corporate buyers are accumulating more Bitcoin than miners can produce, leading to the possibility of a shortage.
In May 2025, many players entered the market with major deals. Strategy acquired over 15,000 BTC, Twenty One Capital added 4,800+ BTC, and Metaplanet purchased 1,241 BTC. This suggests that many firms are increasingly adding Bitcoin to their company reserves.
Related: Inside Michael Saylor’s $40B Bitcoin Bet: Genius Move or Financial Time Bomb?
Major Holders and Institutional Impact on Bitcoin Supply
Strategy is consistently increasing its holdings and influence. From the start of 2025 until May 15, the company purchased over 120,000 BTC, raising its total holdings to 568,840 BTC, valued at $58.3 billion. Strategy now stands as the second-largest Bitcoin holder globally, just behind BlackRock’s iShares Bitcoin Trust ETF, which controls 625,054 BTC worth $64.08 billion.
Data from Bitcointreasuries.net reveals that 197 entities, including public and private companies, ETFs, governments, smart contracts, and custodians, hold approximately 3.32 million BTC, representing over 16% of Bitcoin’s total circulating supply. ETFs and investment funds lead with 1.343 million BTC, followed by public companies holding 786,857 BTC. Governments hold 527,737 BTC, while private companies collectively own 286,297 BTC. DeFi and smart contracts control 221,056 BTC, and exchanges and custodians hold 155,851 BTC.
Growing Corporate Adoption and Long-Term Projections
Bitcoin is gaining traction, and more companies are adopting it. In 2024, the majority of Bitcoin was kept by a few firms, most notably Strategy and Metaplanet. Currently, more than 70 public companies include Bitcoin on their balance sheets. Strategy CEO Phong Le expects that number to rise sharply, projecting that as many as 700 public companies could hold Bitcoin by next year.
Michael Saylor, Executive Chairman of Strategy, noted at the recent Strategy World 2025 event that Bitcoin treasury companies are becoming “exponentially more powerful.” He projects that annual growth in Bitcoin adoption among companies could reach 30–60% in the coming years, supporting a long-term trend of corporate accumulation.
The progress made by the U.S. government in digital asset frameworks and stablecoin bills has been viewed as supportive for institutions that invest in Bitcoin. With Bitcoin gaining popularity among businesses, experts predict the influence of supply and demand will continue to rise throughout 2025.
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