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Corporate Bitcoin holdings reached about 1.13 million Bitcoin (BTC) in 2025, even as BTC ended the year down 6.4%, data from Bitcoin For Corporations (BFC) showed. The accumulation came as broader demand indicators stayed weak, which may limit a sustained rebound in the Bitcoin price.
According to BFC, treasury firms added approximately 494,000 BTC in 2025, led by Michael Saylor’s Strategy, and did not materially reduce holdings during the late-2025 correction.
BFC noted that corporate treasury firms scaled their Bitcoin balances through 2025 despite a weaker annual close. The update said BTC finished 2025 in the red and underperformed major asset classes, including silver and gold.
However, BFC informed that large Bitcoin purchases slowed later in 2025 as the market correction deepened. Even so, the data showed that overall corporate Bitcoin holdings continued rising, and firms did not offload their positions.
Meanwhile, BFC mentioned that the corporate cohort reached about 1.13 million BTC in aggregate. The same data set put annual additions at about 494,000 BTC during 2025.
BFC informed capital raising shifted toward preferred stocks and ‘digital credit’ structures with variable interest rates. The change supported continued accumulation while altering funding risk profiles.
In addition, BFC noted that Strategy deployed five preferred stocks that have surpassed its convertible debt offerings. The update confirmed this shift reduced overall bankruptcy risk compared with heavier reliance on convertible debt.
Furthermore, BFC said other issuers expanded similar capital tools. Metaplanet introduced preferred structures called Mars and Mercury, while Strive issued SATA preferred stock to expand its capital-raising capacity.
Corporate Bitcoin holdings reached about 5.1% of the total BTC supply, according to Bitbo data. Out of that total, Strategy accounted for about 709,715 BTC, or 3.3% of supply.
In contrast, ETFs controlled about 7.1% of supply, or nearly 1.5 million BTC as of early 2026. This gap highlighted ETF dominance in institutional Bitcoin exposure.
However, Bitcoin has become highly sensitive to ETF flows. CryptoQuant said the 30-day average Apparent Demand Growth (ADG) metric has stayed negative since December, which could cap upside if ETF demand fails to recover.
Japan now accounts for about half of all non-US corporate Bitcoin holdings, according to data shared by Simon Gerovich, chief executive officer of Metaplanet, and tracked by BFC.
Metaplanet reported a treasury of 35,102 BTC after a 4,200 BTC purchase in the fourth quarter of 2025. The Tokyo-listed company modeled its approach on US-based corporate Bitcoin treasury strategies.
Consequently, other Japanese firms have started exploring similar approaches. The trend has been linked to hedging against structural yen weakness, while corporate holdings grew from near zero in late 2024 to tens of thousands of BTC by early 2026.
CryptoQuant said GameStop transferred its entire 4,710 BTC position, worth more than $422 million, to Coinbase Prime, Coinbase’s institutional trading platform. CryptoQuant said the transfer was “likely to sell,” which sparked market speculation.
GameStop accumulated 4,710 BTC through several investments in May at an average purchase price of $107,900, CryptoQuant said. A sale with Bitcoin at $90,800 would imply about a $76 million loss, CryptoQuant added.
In addition, GameStop launched its Bitcoin treasury effort after chief executive officer Ryan Cohen met Strategy chair Michael Saylor last February. GameStop has not publicly addressed whether it sold, or intends to sell, its Bitcoin.
Looking ahead, the figures from BFC, Bitbo, and CryptoQuant point to a market shaped by corporate Bitcoin treasury accumulation and ETF flows. ADG has remained negative since December suggests broader demand has not yet strengthened, even as corporate holders continued adding to balances.
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