Main Points ：
- Businesses, including Bitcoin treasury companies and general corporate treasuries, are acquiring approximately 1,755 BTC per day, nearly four times new miner supply (~450 BTC/day).
- Funds and ETFs are adding substantial inflows—about 1,430 BTC/day—pushing overall institutional demand even higher.
- As of Q2 2025, Bitcoin treasury firms acquired ~159,107 BTC, elevating corporate holdings to ~1.3 million BTC.
- Public corporations alone hold over 554,670 BTC (~2.6% of supply); private firms hold roughly 297,000 BTC (~1.4%) .
- At least 126 publicly traded companies hold nearly 820,000 BTC in total—around 4% of maximum supply—according to reports on Bitcoin treasury companies.
- Strategy (formerly MicroStrategy) continues to lead, acquiring additional 4,020 BTC in May 2025 and now holding around 580,250 BTC.
- Corporate Bitcoin demand is creating a supply crunch, as exchange inventories fall below 15% and institutional accumulation tightens available liquidity.
- Supportive U.S. regulation and even a Strategic Bitcoin Reserve initiative are driving more corporate adoption.
- Nevertheless, risks include volatility, stock dilution, and strategic sustainability of relying heavily on Bitcoin holdings.
1. Accelerating Enterprise Demand Outpacing Miner Supply
River’s August 25 flow chart analysis revealed that businesses—both dedicated Bitcoin treasury firms and conventional enterprises—are collectively accumulating approximately 1,755 BTC each day, versus the 450 BTC/day newly created by miners after the 2024 halving. This means enterprise demand is almost four times greater than miner issuance. Funds and ETFs are also drawing in more than 1,430 BTC/day, intensifying institutional pressure on limited supply.
This disparity between institutional absorption and mining supply underscores a critical shift in Bitcoin’s supply–demand dynamics. When corporate and fund inflows exceed new issuance, available Bitcoin liquidity tightens—a precursor to increasing scarcity and potential price pressure.
2. Corporate Holdings Expand Dramatically in 2025
In the second quarter of 2025 alone, Bitcoin asset reserve companies acquired 159,107 BTC, pushing total corporate holdings to approximately 1.3 million BTC. Public companies now collectively hold over 554,670 BTC—around 2.6% of the total supply—while private firms hold about 297,000 BTC, or 1.4%.
Moreover, at least 126 publicly traded Bitcoin treasury companies reportedly control nearly 819,857 BTC, or roughly 4% of the total supply.
These figures show an ongoing elevation of Bitcoin’s role in corporate treasuries, far beyond one-off strategic bets. Bitcoin is now being treated as a core reserve asset by a growing range of companies, particularly in the U.S., where legal developments support such adoption.
3. Strategy Leads the Charge
Strategy (formerly MicroStrategy) remains the most prominent Bitcoin treasury company. Between May 19 and 25, 2025, it acquired another 4,020 BTC for approximately $427 million, bringing its total holdings to 580,250 BTC—worth tens of billions of dollars.
Strategy has been transformative in pioneering Bitcoin treasury strategy. Its sustained accumulation, financed largely by at‑the‑market equity programs, continues to influence both market narrative and competitors’ behavior.
4. Institutional Demand Creates a Supply Crunch
Experts observe that corporate accumulation is reshaping market structure. Exchange inventories have dropped below 15%, a level last seen in 2018, indicating significantly less Bitcoin is available for trading. This so-called “supply crunch” is magnifying institutional influence and potentially supporting upward price momentum.
5. U.S. Regulatory Tailwinds and New Reserve Initiatives
Regulatory developments are bolstering corporate Bitcoin adoption. The number of public firms holding Bitcoin rose from 89 to 113 since April 2025. Even Trump’s media company is planning to raise $2.5 billion to fund a Bitcoin treasury.
Notably, President Trump signed an executive order in March 2025 establishing a Strategic Bitcoin Reserve, using forfeited Treasury-owned Bitcoin to create a national reserve asset and digital asset stockpile. This formalizes Bitcoin’s strategic stature within a government context, signaling policy endorsement at the highest level.
6. Risks: Volatility, Dilution, and Sustainability
Despite the bullish trends, significant risks persist. Strategy’s stock, despite Bitcoin rallies, has underperformed recently—tumbling ~17% in the past month—raising concerns about reliance on crypto price appreciation and the dilutive effect of frequent share issuances.
Critics liken the “crypto‑treasury” trend to speculative SPAC mania, warning of overheating markets and unsustainable strategies. Companies new to crypto may face elevated volatility, liquidity constraints, or regulatory scrutiny as they shift from core business models to crypto-native ones.
Conclusion: A New Era of Bitcoin as Corporate Reserve Asset
In sum, 2025 marks a pivotal moment in Bitcoin’s evolution—from speculative digital asset to strategic corporate reserve. Enterprises and funds are absorbing Bitcoin at rates far exceeding mining produce, leading to intensified scarcity and institutional ownership. Strategy continues to lead with massive accumulation, while dozens of other public and private companies increasingly follow suit. Regulatory support—including the U.S. Strategic Bitcoin Reserve initiative—further legitimizes corporate Bitcoin exposure.
While the trend ushers in new supply dynamics and potentially reinforces upward price pressure, investors must remain mindful of volatility, financial execution risks, and long‑term sustainability. As more firms adopt Bitcoin as treasury strategy, their resilience, transparency, and alignment with core business fundamentals will determine whether this becomes a durable financial paradigm—or a speculative flash in the pan.
