Bitcoin [BTC] treasuries, led by Michael Saylor’s Strategy, scooped up 494,000 BTC in 2025, bringing their collective holdings to 1.13 million coins.
According to Bitcoin For Corporations (BFC), corporate treasury firms scaled holdings despite BTC closing 2025 in the red, down 6.4%, and underperforming every asset class, including silver and gold.
The report added that although major Bitcoin buys slowed later in 2025 as market correction deepened, the treasury firms didn’t offload their stash. In fact, overall holdings climbed steadily, as shown by the chart.
According to BFC, capital raising for BTC by the treasuries shifted to preferred stocks or the so-called ‘digital credit’ that offers variable interest rates.
In fact, Strategy deployed five of its preferred stocks, which have since surpassed its convertible debt offerings, thereby reducing overall bankruptcy risk. Metaplanet also unveiled Mars and Mercury, while Strive issued SATA preferred stock to advance its capital-raising war chest.
Treasuries hit 5% of total BTC supply
Overall, the newly deployed mechanics allowed the corporate treasury firms to scale their holdings to 5.1% of the total BTC supply, according to Bitbo data. Out of this, Strategy represents two-thirds, or about 3.3%, at 709,715 BTC.
In contrast, ETFs control 7.1% or nearly 1.5 million BTC as of early 2026, underscoring their lead in institutional demand. This has made the BTC price extremely sensitive to ETF flows.
The collective demand from treasury firms and ETFs, as tracked by the 30-day average Apparent Demand Growth (ADG) metric, has been negative since December. This meant that even if treasury firms increased their holdings, the potential sell-off from ETFs could drag the market.
In fact, even the selling pressure from long-term holders (LTHs) or investors who have held BTC for more than 5 months had eased significantly in the past few months (blue line).
But the ADG remained negative, underscoring that steady ETF demand had yet to pick up momentum.
In the Q2 2025 bull run, the explosive recovery from $74K to over $120K occurred when the Apparent Demand Growth metric turned positive (green bars). Put differently, the BTC price may remain muted below $100k until overall demand improves.
Final Thoughts
- BTC treasuries crossed 1 million coins, reaching 5% of the total BTC supply
- Apparent Demand Growth has remained negative since December and continues to decline, suggesting prolonged price weakness for BTC.
