Analysts said the number of public companies holding Bitcoin increased by 38% between July and September, a sign that “major companies are doubling down, not retreating” from Bitcoin.
Crypto asset management company Bitwise revealed in its Q3 Corporate Bitcoin Adoption Report, citing data from BitcoinTreasuries.NET, that 172 companies currently hold Bitcoin (BTC) and 48 new companies entered the digital asset treasury space during the quarter.
Bitwise CEO Hunter Horsley said in an X post on Tuesday that the numbers are “absolutely remarkable” and show that “people want to own Bitcoin, and so do businesses.”
Bitwise’s report also found that total holdings across all companies increased by more than 28% quarter-over-quarter to $117 billion. The total number of coins held also exceeds 1 million, accounting for 4.87% of the total supply.
Big companies still want BTC
Rachel Lucas, an analyst at Australian cryptocurrency exchange BTC Markets, told Cointelegraph that the increased accumulation suggests that “the big players are doubling down, not retreating.”
The largest Bitcoin treasury company so far is Michael Saylor Strategy, whose latest acquisition took place on October 6th. Currently holding 640,250 tokens. Meanwhile, cryptocurrency miner MARA Holdings increased its holdings on Monday, taking second place with 53,250 Bitcoins.
“We expect this momentum to continue as more companies and governments come on board, especially as regulatory clarity improves and the infrastructure to support institutional adoption of cryptocurrencies matures,” Lucas added.
At the same time, Lucas believes this is a clear sign of “deepening adoption by institutional investors,” as “institutional investors are not just looking for short-term gains, but are making long-term decisions about digital assets as part of their financial strategy.”
“This participation will help legitimize cryptocurrencies as a mainstream asset class and lay the foundation for broader financial innovation, from Bitcoin-backed loans to new derivatives markets.”
As supply is being sucked out, when will there be a bull market?
Despite steadily increasing accumulation, the price of Bitcoin has been volatile recently. Lucas said companies typically buy Bitcoin over-the-counter, which is a “quiet form of accumulation that avoids slippage and volatility,” but at the same time means it doesn’t immediately impact spot market prices.
But he also said that while institutional investors are buying, other forces can sometimes come into play, causing “sharp corrections” such as profit taking by long-term holders, increased derivatives activity, or macroeconomic shocks like the recent U.S.-China trade tensions.
Meanwhile, Edward Carroll, head of markets at blockchain investment firm MHC Digital Group, told Cointelegraph that while the accumulation of Bitcoin government bonds is still in its infancy, “increased institutional interest” is likely to cause an imbalance between supply and demand, which “should put solid upward pressure on price trends over the medium to long term.”
As a result, Carroll believes that demand for Bitcoin will be “orderly and increasing over the next few years,” and predicts that “as institutional demand increases, Bitcoin will become less correlated with risk and sentiment.”
Related: Cryptocurrency government bond buybacks may signal that a “trust race” has begun
According to Bitbo, miners generate about 900 Bitcoins per day on average. A report released in September by financial services firm River found that businesses will acquire an average of 1,755 Bitcoins per day in 2025.
Cryptocurrency is maturing
Beyond corporate purchases of cryptocurrencies, Bitcoin exchange-traded funds (ETFs) are also on the rise, opening the door for traditional investors to gain exposure to the digital asset through a familiar and regulated vehicle, marking a “major shift and a major step toward mainstream adoption,” according to Lucas.
Last week, the US Spot Bitcoin ETF continued its strong “uptober” performance with weekly inflows of $2.71 billion.
“What we are witnessing is a maturation of the market. Cryptocurrency is evolving from a speculative playground to a legitimate asset class with institutional-level participation.”
magazine: Bitcoin soars due to “downgrade trade,” Ethereum DAT wins: Hodler’s Digest, October 5-11