The number of public companies owning Bitcoin increased by 38% from July to September, indicating that “large players are investing more, not retreating” from Bitcoin, according to an analyst.
Crypto asset manager Bitwise reported in its Q3 Corporate Bitcoin Adoption study, using data from BitcoinTreasuries.NET, that 172 firms currently hold Bitcoin (BTC), with 48 new entrants entering the digital asset treasury during the quarter.
Bitwise CEO Hunter Horsley noted in a post on X on Tuesday that the data is “truly astonishing,” revealing that “People want to own Bitcoin. Companies are interested too.”
According to Bitwise’s report, the overall value of Bitcoin holdings among all companies has climbed to $117 billion, representing an increase of over 28% quarter-over-quarter. Moreover, the total number of coins held has surpassed one million, making up 4.87% of the total supply.
Large corporations still want BTC
In an interview with Cointelegraph, Rachael Lucas, an analyst at the Australian cryptocurrency exchange BTC Markets, stated that the increasing accumulation indicates “larger players are investing more, not stepping back.”
The largest Bitcoin treasury is held by Michael Saylor’s Strategy, which made its latest purchase on Oct. 6 and now possesses 640,250 tokens. Following behind is crypto miner MARA Holdings, the second-largest holder with 53,250 Bitcoin, after an increase in its holdings on Monday.
Lucas added that as more corporations and even sovereign entities engage, this trend is likely to persist, particularly with improving regulatory clarity and the maturation of the infrastructure supporting institutional crypto adoption.
Simultaneously, Lucas interprets this as a clear indication that “institutional adoption is intensifying,” as “they are not merely pursuing short-term profits; they are making long-term commitments to digital assets as part of their treasury strategy.”
“This involvement legitimizes crypto as a mainstream asset class and lays the groundwork for broader financial innovations, from Bitcoin-backed loans to new derivatives markets.”
Supply is being absorbed, so when’s the bull run?
Despite the consistent accumulation, Bitcoin’s price has been erratic recently. Lucas mentioned that corporations generally purchase Bitcoin over-the-counter, a “more discreet method of accumulation that minimizes slippage and volatility,” but it also means they do not immediately influence the spot market price.
However, she also observed that while institutions are actively buying, other factors can sometimes lead to “sharp corrections,” such as long-term holders taking profits, increased activity in derivatives, and macroeconomic shocks like the current US-China trade disputes.
Meanwhile, Edward Carroll, head of markets at blockchain investment firm MHC Digital Group, told Cointelegraph that although Bitcoin treasury accumulation is still in its infancy, the “increase in institutional interest” will likely lead to a demand and supply imbalance, “which should exert upward pressure on price movements in the medium to long term.”
Carroll expects Bitcoin demand to be “consistent and rising over the next few years,” and he anticipates it will “decouple from correlations to risk/sentiment as institutional demand grows.”
Related: Crypto treasury share buybacks might indicate a ‘credibility race’ is underway
Miners typically produce about 900 Bitcoin daily, according to Bitbo. A report by financial services firm River, released in September, indicated that companies are acquiring an average of 1,755 Bitcoin daily in 2025.
Crypto maturing
In addition to corporate crypto purchases, Bitcoin exchange-traded funds are gaining traction, which, according to Lucas, is facilitating access for more traditional investors to digital assets through recognizable, regulated channels, representing a “notable transition and significant advancement towards mainstream adoption.”
Last week, US spot Bitcoin ETFs maintained their strong “Uptober” performance, garnering $2.71 billion in weekly inflows.
“What we are observing is a market maturing. Crypto is transitioning from a speculative domain into a legitimate asset class with institutional involvement.”
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