Between July and September, the number of public companies holding Bitcoin increased by 38%, signaling that “large players are doubling down, not backing away,” according to an analyst.
Crypto asset manager Bitwise, in its Q3 Corporate Bitcoin Adoption report citing BitcoinTreasuries.NET data, found that 172 companies now hold Bitcoin, with 48 new firms entering the digital asset treasury space during the quarter.
Bitwise CEO Hunter Horsley called the figures “absolutely remarkable” in a post on X, noting that “People want to own Bitcoin. Companies do too.”
The report also revealed that the combined value of all corporate Bitcoin holdings has risen to $117 billion, up more than 28% from the previous quarter. The total number of coins held has surpassed one million, accounting for 4.87% of Bitcoin’s total supply.
Rachael Lucas, an analyst at Australian crypto exchange BTC Markets, noted that the rising accumulation indicates “larger players are doubling down, not backing away.”
The company with the largest Bitcoin treasury remains Michael Saylor’s Strategy, which made its latest purchase on October 6 and now holds 640,250 BTC. Crypto miner MARA Holdings ranks second, with 53,250 Bitcoin following an increase in its holdings on Monday.
Lucas added, “As more corporations and even sovereign entities enter the space, we expect this momentum to continue, particularly as regulatory clarity improves and the infrastructure for institutional crypto adoption strengthens.”
She also emphasized that this trend signals a deepening of institutional adoption, noting, “These players aren’t just pursuing short-term gains—they’re making a long-term commitment to digital assets as part of their treasury strategy.”
“This participation helps legitimize crypto as a mainstream asset class and lays the foundation for broader financial innovation, from Bitcoin-backed loans to new derivatives markets.”
Supply Tightens—So When Will the Next Bull Run Arrive?
Despite steadily growing corporate accumulation, Bitcoin’s price has remained volatile. Lucas noted that corporations usually purchase Bitcoin over-the-counter—a “quieter form of accumulation that avoids slippage and volatility”—meaning these buys don’t immediately impact the spot market.
She also cautioned that, even as institutions buy, other factors can trigger “sharp corrections,” including long-term holders taking profits, increased derivatives activity, and macroeconomic shocks like the recent US-China trade tensions.
Edward Carroll, head of markets at blockchain investment firm MHC Digital Group, told Cointelegraph that while corporate Bitcoin accumulation is still in its early stages, the “surge in institutional interest” is likely to create a demand-supply imbalance, which could exert upward pressure on prices over the medium to long term. Carroll expects demand for Bitcoin to be “ordered and increasing over the coming years” and predicts it will increasingly “decouple from a correlation to risk and market sentiment” as institutional demand grows.
On average, miners produce roughly 900 Bitcoin per day, according to Bitbo. A September report from financial services firm River found that businesses are acquiring 1,755 Bitcoin per day on average in 2025, more than offsetting new supply.
Crypto Maturation Accelerates
Beyond corporate purchases, Bitcoin exchange-traded funds (ETFs) are gaining traction, providing traditional investors with regulated and familiar ways to access digital assets. Lucas called this a “significant shift and a major step toward mainstream adoption.”
US spot Bitcoin ETFs continued their strong “Uptober” performance last week, recording $2.71 billion in weekly inflows.
“What we’re witnessing is a maturing market. Crypto is evolving from a speculative playground into a legitimate asset class with institutional-grade participation.”
