Corporate Bitcoin Treasuries Surge by 260,000 BTC, Outpacing Mining Supply Threefold

Corporate Accumulation Eclipses Mining Production

Corporate Bitcoin treasuries have expanded dramatically over the past six months, with public and private companies adding a net 260,000 BTC to their balance sheets—more than three times the estimated 82,000 coins produced by miners during the same timeframe ^[1].

According to on-chain analytics provider Glassnode, total corporate Bitcoin holdings increased from approximately 854,000 BTC to 1.11 million BTC, representing an expansion rate of roughly 43,000 BTC per month ^[1]. At current market prices, this accumulation represents approximately $25 billion in value ^[1].

The disparity between corporate acquisition and mining supply highlights what Glassnode described as "the steady expansion of corporate balance-sheet exposure to Bitcoin," potentially indicating a favorable supply-demand dynamic ^[1].

Strategy Dominates Corporate Holdings

Michael Saylor's Strategy commands the overwhelming majority of corporate Bitcoin reserves, currently holding 687,410 BTC—representing 60% of total corporate treasury balances and worth approximately $65.5 billion at present valuations ^[1].

The company resumed its aggressive accumulation strategy this month following a brief pause, acquiring 13,627 BTC between January 5 and 11 in its largest purchase since July ^[1]. That acquisition brought the company's total holdings to roughly 687,000 bitcoin and was executed through a combination of operating cash flow, equity issuance, and capital markets activity ^[2].

Strategy shares surged more than 10% on Wednesday morning, briefly climbing above $189 per share as Bitcoin approached $97,000 ^[2]. The rally followed weeks of volatility and marked a significant rebound for the stock, which functions as a high-beta proxy for Bitcoin with price movements often amplified relative to spot market changes ^[2].

Executive Chairman Michael Saylor has characterized Strategy's approach as a long-term commitment to Bitcoin as a superior store of value and treasury reserve asset ^[2].

MARA Holdings holds the second-largest corporate Bitcoin treasury with 53,250 BTC, valued at approximately $5 billion ^[1].

Index and Market Dynamics

Structural factors have contributed to improved sentiment around Bitcoin treasury companies. Index provider MSCI recently decided against removing Bitcoin-focused treasury firms from certain benchmarks, alleviating concerns about forced selling by passive funds ^[2]. This decision reduced near-term downside risk for Strategy, which has become increasingly sensitive to index flows as its market capitalization expanded ^[2].

Market confidence also received a boost from insider activity, with a recent open-market purchase by a company director marking the first such transaction in several years ^[2].

ETF Demand Could Intensify Supply Pressure

Spot Bitcoin exchange-traded funds may further amplify the supply-demand imbalance if inflow trends persist. Matt Hougan, chief investment officer at Bitwise, stated on Tuesday: "Bitcoin's price will go parabolic if ETF demand persists long-term" ^[1].

"Since ETFs debuted in Jan 2024, they've been buying more than 100% of the new supply of bitcoin. But the price hasn't gone parabolic, because existing holders have been willing to sell. If ETF demand persists — and I think it will — eventually, these sellers will run out of ammo," Hougan explained ^[1].

U.S. spot Bitcoin ETFs accumulated nearly $22 billion in net inflows throughout 2025, with BlackRock's iShares Bitcoin Trust capturing the largest share ^[1]. However, 2026 has shown a more mixed pattern, with approximately $1.9 billion in inflows offset by $1.38 billion in outflows, resulting in net aggregate inflows just above $500 million ^[1].

Strategy's business model remains closely tied to Bitcoin volatility, with accounting rules requiring the company to mark down holdings during price declines, creating earnings fluctuations that traditional equity investors often find challenging to evaluate ^[2].