Bitcoin accumulation is led by Michael Saylor’s Strategy, but the wave of accumulation expanded to new players like Jack Mallers’ XXI and Japan’s Metaplanet. This surge in corporate and ETF demand has been a major driver behind Bitcoin’s recent all-time high, while ambitious plans from firms like Metaplanet and Semler Scientific suggest that adoption is far from slowing. Bitcoin Treasuries Pass 1M Mark Corporate Bitcoin treasury adoption reached a landmark milestone, with public companies now collectively holding over 1 million Bitcoin. Data from BitcoinTreasuries.NET confirmed that the tally surpassed 1,000,698 BTC, which is worth more than $111 billion at current prices. While miners like MARA Holdings were the first large-scale Bitcoin accumulators, Michael Saylor’s Strategy set the precedent for corporate adoption in 2020 when it became the first public company to adopt Bitcoin as a primary treasury reserve asset. Strategy is also still by far the largest holder, owning 636,505 BTC. MARA is in second place with 52,477 BTC, while new entrants like Jack Mallers’ XXI and the Bitcoin Standard Treasury Company are closing the gap, holding 43,514 BTC and 30,021 BTC, respectively. Other larger holders include crypto exchange Bullish with 24,000 BTC and Japan’s Metaplanet with 20,000 BTC, alongside Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase. The rapid pace of accumulation by both corporations and exchange-traded funds (ETFs) contributed to a demand shock, which is widely seen as one of the catalysts behind Bitcoin’s surge to an all-time high of $124,450 last month. With only 5.2% of Bitcoin’s fixed supply left to enter circulation, the possibility of further supply shocks looms as more companies announce their own Bitcoin treasury strategies. In fact, ambitious plans from firms like Metaplanet and Semler Scientific both target massive increases in their holdings by 2027. BTC’s price action over the past month (Source: CoinMarletCap ) Corporate Bitcoin strategies have not been without criticism. During the 2022 bear market , many miners sold off large portions of their reserves as skepticism mounted around the sustainability of Saylor’s approach. Despite the pushback, Strategy maintained its conviction, which likely encouraged a new wave of adopters once markets recovered. For companies like Metaplanet and Semler Scientific, pivoting to Bitcoin was seen as a lifeline after years of stagnation. A wide range of Wall Street financial tools have enabled this expansion. Equity offerings, debt financing, and even SPAC structures have been used to accelerate Bitcoin accumulation and enhance shareholder value on a Bitcoin-per-share basis. Adoption is also increasingly global, with 64 companies based in the US and dozens more spread across Canada, the U.K., Hong Kong, Mexico, South Africa, and Bahrain. Bitcoin holdings of countries and governments (Source: BitBo ) Still, public companies are not the largest collective holders of Bitcoin. Exchanges and ETF issuers lead with 1.62 million BTC, while governments hold 517,296 BTC and private firms 295,015 BTC. Crypto protocols account for another 242,866 BTC, leaving the vast majority of Bitcoin — 16.2 million coins — in the hands of individuals who retain control of their private keys.
