Public Firms Control Over 1M BTC as Miner Fees Plunge
Publicly traded companies have now amassed over 1,000,000 BTC—nearly 5% of Bitcoin’s 21 million supply—marking a milestone in institutional Bitcoin accumulation. MicroStrategy leads with 636,505 BTC, followed by Marathon Digital (52,477 BTC), Jack Mallers’ XXI (43,514 BTC), Bitcoin Standard Treasury (30,021 BTC), Bullish (24,000 BTC) and Metaplanet (20,000 BTC). Additional corporate buyers include Riot Platforms, Trump Media & Technology Group, CleanSpark and Coinbase.
Despite rising BTC prices, on-chain activity and transaction fees have collapsed to historic lows, now contributing under 1% of miner revenue post-halving. Reduced fees threaten miner profitability, forcing some to liquidate holdings or halt operations. As mining power concentrates among major pools, network security and Bitcoin’s “digital gold” narrative face increased pressure ahead of the 2028 halving. Traders should monitor institutional inflows alongside fee trends and hash rate distribution for potential volatility and long-term market implications.
Neutral
The milestone of public firms holding over 1 million BTC underscores strong institutional conviction, a traditionally bullish signal for Bitcoin demand and price. However, the collapse of transaction fees to under 1% of miner revenue introduces significant downside risk: stressed miners may liquidate assets or cease operations, potentially undermining network security and heightening price volatility. Similar dynamics occurred after previous halvings when fee-driven revenue shortfalls pressured smaller miners. The competing forces of relentless corporate accumulation and miner profitability crises create a balanced outlook. In the short term, institutional inflows may support price floors, while fee drought and hash rate concentration could spark sporadic sell-offs. Long term, resolution of fee incentives and network security concerns will determine whether Bitcoin’s “digital gold” narrative endures.