The number of public companies owning Bitcoin increased by 38% from July to September, indicating that “large players are committing further, not retreating” from Bitcoin, according to an analyst.
Crypto asset manager Bitwise reported in its Q3 Corporate Bitcoin Adoption report, referencing data from BitcoinTreasuries.NET, that 172 firms currently hold Bitcoin (BTC), with 48 new companies entering the digital asset treasury scene during the quarter.
Bitwise CEO Hunter Horsley stated in a post on X on Tuesday that the statistics are “truly remarkable,” and demonstrate “There’s a desire to own Bitcoin. Companies share this sentiment as well.”
Bitwise’s report also revealed that the total value of holdings among these companies has risen to $117 billion, an increase of over 28% quarter-over-quarter. The total number of coins held has now surpassed one million, constituting 4.87% of the total supply.
Major corporations still want BTC
In a conversation with Cointelegraph, Rachael Lucas, an analyst at Australian cryptocurrency exchange BTC Markets, mentioned that the increasing accumulation implies “larger players are reaffirming their commitment, not withdrawing.”
The largest Bitcoin treasury company currently is Michael Saylor’s Strategy, with its latest acquisition on Oct. 6; it now possesses 640,250 tokens. Following it, crypto miner MARA Holdings is the second-largest, holding 53,250 Bitcoin after a recent increase in its holdings on Monday.
“As more corporations and even sovereign entities step in, we anticipate this momentum to persist, particularly as regulatory clarity improves and the infrastructure supporting institutional crypto adoption evolves,” added Lucas.
Simultaneously, Lucas believes it’s a clear indication that “institutional adoption is solidifying,” because “they’re not merely chasing short-term profits; they’re making a strategic long-term decision regarding digital assets in their treasury strategy.”
“This engagement helps legitimize crypto as a mainstream asset class and paves the way for broader financial innovation, ranging from Bitcoin-backed loans to new derivatives markets.”
Supply is diminishing, so when’s the bull run?
Despite the consistent accumulation, Bitcoin prices have been fluctuating recently. Lucas noted that corporations often acquire Bitcoin over-the-counter, a “more discreet method of accumulation that avoids slippage and volatility,” but this means they don’t immediately affect the spot market price.
However, she also indicated that while institutions are purchasing, other factors can sometimes influence and lead to “sharp corrections,” including long-term holders taking gains, increased derivatives activity, and macroeconomic shocks, like the recent tensions between the US and China.
Meanwhile, Edward Carroll, head of markets at blockchain investment firm MHC Digital Group, informed Cointelegraph that although Bitcoin treasury accumulation is still nascent, the “increase in institutional interest” will likely result in a demand and supply disparity, “which should generate upward pressure on price action in the medium to long term.”
Consequently, Carroll predicts that demand for Bitcoin will be “structured and rising over the upcoming years,” and he expects it to “separate from a correlation with risk/sentiment as institutional demand rises.”
Related: Crypto treasury share buybacks could indicate a ‘credibility race’ is on
On average, miners produce about 900 Bitcoin each day, according to Bitbo. A report from financial services company River, published in September, found that businesses are acquiring 1,755 Bitcoin each day on average in 2025.
Crypto is maturing
Apart from corporate cryptocurrency purchases, Bitcoin exchange-traded funds are also gaining traction, which, as Lucas noted, is facilitating traditional investors to access digital assets through familiar, regulated channels, marking a “significant shift and an essential step toward mainstream acceptance.”
Last week, US spot Bitcoin ETFs continued their strong “Uptober” performance with $2.71 billion in weekly inflows.
“What we’re observing is a maturing market. Crypto is transitioning from a speculative environment into a valid asset class with institutional-grade involvement.”
Magazine: ‘Debasement trade’ will drive Bitcoin, Ethereum DATs will prevail: Hodler’s Digest, Oct. 5 – 11
