Michael Saylor’s Strategy remains the largest corporate Bitcoin holder, but its share of total corporate treasuries has declined in October.
As of October 31, Strategy held 640,808 BTC, yet its dominance dropped to 60% from 75%. Public and private firms collectively added 14,447 BTC to their holdings in October, marking the smallest monthly increase of 2025.
Leading the charge was Metaplanet, which added 5,268 BTC, bringing its total to 30,823 BTC and ranking fourth among corporate holders.
Coinbase followed in 10th place, with a 2,772 BTC addition, reaching 14,548 BTC by the end of Q3. CEO Brian Armstrong confirmed the purchases on X:
“Coinbase is long Bitcoin. Our holding increased by 2,772 BTC in Q3. And we keep buying more.”
Growing number of bitcoin-holding entities
The corporate Bitcoin ecosystem continues to expand geographically. As of October 31, 353 entities held Bitcoin, including 276 public and private companies, more than double the number from January.
The United States led the count with 123 entities, followed by Canada (43), the United Kingdom (22), and Japan (15).
Corporate buybacks also gained momentum, with at least five Bitcoin and four altcoin treasury companies repurchasing shares. Metaplanet, for instance, announced plans to buy up to 150 million common shares using a $500 million credit line, while Sequans Communications launched a 1.57 million ADS buyback program.
Bitcoin’s illiquid supply grows
Many companies are holding their Bitcoin for the long term, contributing to an increasingly illiquid supply.
Fidelity Digital Assets notes:
“Bitcoin is seemingly entering a new era, led by two main cohorts: long-term holders and public companies. The addition of corporate treasuries into the illiquid supply category has accelerated the pace of accumulation.”
Fidelity estimates that of Bitcoin’s 19.8 million circulating supply at the end of Q2 2025, roughly 42%, over 8.3 million BTC will become illiquid by 2032.
The rise of altcoin treasuries
Corporate treasuries are no longer Bitcoin-exclusive. Ether and Solana are emerging as significant assets in corporate portfolios. BTC’s share of total crypto treasury value fell to 82% in October from 94% in April, while ETH rose to 15% from 2.5%, and SOL remained around 2–3%.
BitMine leads Ether holdings with 3,505,723 ETH, representing nearly 3% of the total supply. Sharplink Gaming, the second-largest ETH treasury, revealed plans to deploy $200 million worth of ETH onto Consensys’ Linea network in October to generate on-chain yields.
Companies holding assets on proof-of-stake blockchains, such as Ethereum and Solana, can earn staking rewards while maintaining exposure to the underlying cryptocurrencies, creating a new income stream from corporate treasuries.
Continued dominance
Adding further context to the corporate Bitcoin narrative, Strategy Inc. (NASDAQ: MSTR), Michael Saylor’s flagship company, reported strong third-quarter earnings for 2025, underscoring its role as a leading institutional Bitcoin holder. The company posted $2.8 billion in net income and $8.42 in diluted earnings per share, surpassing Wall Street expectations.
Much of this performance is attributed to unrealized gains on its Bitcoin holdings, valued at roughly $70.9 billion as of October 31, 2025, reflecting a 26% year-to-date BTC yield.
The firm continues to expand through capital markets, raising over $5 billion in net proceeds in Q3 alone, allowing it to add to its Bitcoin treasury while offering investors dividend-linked instruments tied to its digital asset holdings.
CEO Phong Le emphasized that Strategy remains aligned with its internal STRC framework and is building the foundation for global credit securities, further solidifying its position as a market leader.
Tanya Petrusenko
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