Corporate Bitcoin reserves double, yet market impact remains modest
Bitcoin treasuries held by private companies now exceed 725,000 BTC
According to a report by global crypto investment firm Keyrock, the amount of Bitcoin held by private companies declaring corporate treasuries has more than doubled since November 2024.
Although these companies now control around 4% of Bitcoin in circulation, most still exert minimal influence on daily market movements.The new Keyrock report states that corporate Bitcoin treasuries (BTC-TC) now hold 3.64% of the circulating BTC supply — about 725,000 BTC, up from 330,000 in November 2024.
This accumulation, which began aggressively last year, has surpassed the reserves held by most mining companies and represents around 55% of the total holdings of U.S. Bitcoin ETFs, which currently account for $139.4 billion (6.33% of BTC’s market cap), according to SoSoValue.
The biggest corporate Bitcoin holders. Source: Bitcointreasuries.net
The report highlights that this growth is primarily driven by Michael Saylor’s Strategy, which now holds over 597,000 BTC — around 82% of the total BTC held by treasury-focused firms. Other notable accumulators include Marathon Digital, Twenty One Capital, Metaplanet, and Semler Scientific.
Despite this aggressive accumulation, BTC-TC have had limited impact on the daily price of Bitcoin. In 2025, they accounted for just 0.59% of average daily price fluctuations.However, at the end of 2024, on days when Strategy made large purchases, price influence spiked to 9.05%, though such days were rare.
Additional findings
Keyrock also notes that BTC-TC firms have raised approximately $33.7 billion to fund their Bitcoin acquisitions. This includes about $20.9 billion in common stock, $3.35 billion in preferred shares, and $9.48 billion in debt.
Interest rates on this debt range widely — from 0% for firms like Strategy and Marathon, to as high as 12% for companies like Bitcoin Well. Much of the debt is unsecured and often convertible, allowing these companies to gain BTC exposure without immediate shareholder dilution.
As we wrote, Corporate Bitcoin holdings top $91 billion
