Big Companies Are Quietly Loading Up on Bitcoin — 48 New Treasuries in 3 Months: What Do They Know?
The variety of public corporations holding Bitcoin has surged 38% in simply three months, marking one of many quickest waves of company adoption in the asset’s historical past.
According to Bitwise Asset Management’s Q3 Corporate Bitcoin Adoption report, 172 publicly traded companies now maintain Bitcoin, with 48 new entrants becoming a member of between July and September.
Bitwise CEO Hunter Horsley described the info as “completely exceptional,” noting in a publish on X that each people and companies “wish to personal Bitcoin.”
The report, which attracts from BitcoinTreasuries.NET, discovered that company Bitcoin holdings now exceed 1.02 million BTC, representing roughly 4.87% of the overall provide.
The mixed worth of those holdings has climbed to $117 billion, a 28% improve from the earlier quarter, pushed by each value appreciation and aggressive accumulation.
The Next Chapter of Corporate Bitcoin: Smaller Firms, Bigger Conviction
Bitwise’s information revealed that public corporations bought an extra 176,762 BTC in the third quarter alone, equal to about 17% of all company holdings.
The report means that the adoption wave is broadening past early adopters, with extra companies including smaller allocations somewhat than just a few giant gamers dominating purchases.
The focus, nonetheless, stays vital. Strategy, previously MicroStrategy, holds 640,250 BTC, greater than 62% of all corporate-held Bitcoin, in line with BitcoinTreasuries.
Other main holders embrace MARA Holdings with 52,850 BTC, XXI with 43,514 BTC, Metaplanet with 30,823 BTC, and Bitcoin Standard Treasury Company with 30,021 BTC.
Bitwise’s report notes that company adoption is shifting from early pioneers to a broader base of companies making smaller allocations.
Many of those corporations are integrating Bitcoin via capital raises, public listings, and even mergers and acquisitions.
Bullish, for instance, went public this year with more than 24,000 BTC on its balance sheet, whereas Strive completed one of the first-ever acquisitions of a Bitcoin treasury agency, Semler Scientific.
This rising structural demand, in line with Bitwise, is eradicating cash from circulation and lowering sell-side liquidity, amplifying Bitcoin’s value sensitivity throughout demand spikes.
Mete Al, founding father of ICB Labs, advised CryptoNews that this quiet accumulation displays deepening conviction somewhat than hypothesis. “Many of those companies aren’t chasing short-term value swings — they’re positioning for a structural shift in how worth is saved and transferred globally,” he stated.
According to him, Bitcoin on company steadiness sheets is turning into greater than an funding — it’s a gateway into the broader digital-asset economic system. “It’s much less about quarterly beneficial properties and extra about readiness for a brand new financial paradigm,” he added.
Corporate Bitcoin Boom Shows Cracks as One in Four Firms Trade Below Asset Value
However, cracks are starting to seem beneath the floor of this rising company enthusiasm.
Despite document holdings, one in 4 public Bitcoin treasury companies now trades under the worth of their crypto property, a situation referred to as buying and selling beneath internet asset worth (NAV).
1 / 4 of all public corporations holding Bitcoin now commerce at market values under the value of their BTC holdings.#Bitcoin #BTChttps://t.co/fs2z83ydkp
— Cryptonews.com (@cryptonews) September 17, 2025
Data from K33 Research shows that 26 of the 168 tracked Bitcoin-holding companies have an mNAV under 1.0, that means their market capitalizations are price lower than the Bitcoin on their steadiness sheets.
Metaplanet Inc. is among the many most seen examples of this reversal. The Tokyo-listed firm, which holds 30,823 BTC price round $3.4 billion, now trades at an mNAV of 0.99, under its asset worth. Its shares have fallen roughly 70% since June highs.
Metaplanet’s mNAV hits 0.99, buying and selling under $3.4B Bitcoin reserves as one in 4 treasury companies are buying and selling at low cost, with company shopping for down 95% since July.#Metaplanet #Bitcoinhttps://t.co/1KgbHxWGf5
— Cryptonews.com (@cryptonews) October 14, 2025
Analysts say the pullback displays a cooling of the sooner “Bitcoin stockpiling euphoria.” Other corporations, together with NAKA, Twenty One, Semler Scientific, and The Smarter Web Company, have additionally dropped under their NAVs.
While smaller companies wrestle to take care of premiums, the biggest gamers like Strategy proceed to anchor the area.
Strategy’s mNAV has declined from 3.89x in late 2024 to about 1.26x, limiting its capacity to problem new shares for additional Bitcoin purchases.
Its acquisition tempo has slowed, however the agency nonetheless holds over $24 billion in unrealized beneficial properties at a value foundation of $74,000 per coin.
Overall, corporate accumulation of Bitcoin has slowed by 95% since July, in line with CryptoQuant information.
Only one firm adopted Bitcoin in September, in comparison with 21 in July. Rising rates of interest, tighter capital circumstances, and shrinking valuation premiums have pressured many companies to reduce or search various financing.
Despite the slowdown, analysts consider company Bitcoin holdings now characterize a structural part of the market. Nearly 97% of Bitcoin’s circulating provide is in revenue, according to Glassnode, which additionally reported robust institutional inflows.
Over $2.2 billion entered U.S. spot Bitcoin ETFs in a single week in October, one of many strongest waves of shopping for since April.
The analytics agency stated the most recent rally to above $120,000 was pushed by ETF demand and constant accumulation from smaller holders, somewhat than pure hypothesis.
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