Corporate Bitcoin Treasuries Reach 1.13M BTC as Price Falls 6.4%
Corporate bitcoin treasuries collectively held 1.13 million BTC by end-2025 despite a 6.4% decline in BTC price for the year. Bitcoin For Corporations (BFC) reports that treasury firms — led by Michael Saylor’s Strategy — acquired roughly 494,000 BTC in 2025, bringing Strategy’s holdings to about 709,715 BTC (≈3.3% of total supply). Corporate treasuries now account for approximately 5.1% of total BTC supply. Meanwhile, spot BTC ETFs control roughly 7.1% (≈1.5 million BTC), keeping the market highly sensitive to ETF flows. Firms shifted capital-raising toward preferred stock and “digital credit” instruments; Strategy issued five preferred-stock offerings, Metaplanet launched Mars and Mercury, and Strive issued SATA preferred stock to fund purchases while lowering bankruptcy risk. On-chain metrics show the 30-day average Apparent Demand Growth (ADG) has been negative since December, implying ETF outflows or weak ETF demand could offset corporate accumulation. Long-term holder selling eased recently, but ADG’s persistent negativity suggests BTC may remain muted below $100k until broader demand returns. Key takeaways for traders: corporate accumulation continues but ETFs still dominate institutional demand; ADG negative signals short-term downside pressure; watch ETF flows and ADG shifts for signs of a durable price rebound.
Neutral
The report shows meaningful corporate accumulation (1.13M BTC, 5.1% of supply) which is bullish in that corporates are still buying and using new financing instruments to continue purchases. However, the dominant ETF holdings (7.1%) and a negative 30-day Apparent Demand Growth (ADG) since December create countervailing bearish pressure: ETF outflows or weak ETF demand can outweigh treasury buys and keep price momentum muted. Long-term holder selling has eased, reducing one source of downward pressure, but ADG remaining negative is a strong short-term headwind. Historically, BTC rallies have correlated with ADG turning positive (e.g., Q2 2025 run from ~$74k to >$120k), so traders should treat corporate accumulation as supportive but not sufficient to drive a sustained breakout while ADG and ETF flows stay weak. Short-term implication: possible continued price weakness or range-bound action below major resistance (~$100k) until ETF demand improves. Long-term implication: persistent corporate accumulation reduces available supply and could be bullish if ETF flows or retail demand recover — monitor ADG, ETF inflows/outflows, and corporate issuance activity (preferred stocks/digital credit) for catalysts.