Overview

• About 184 publicly listed companies now hold roughly 1,000,700 BTC worth $110–$111 billion, equal to just over 5% of supply, according to BitcoinTreasuries.net.
• Strategy leads with approximately 636,505 BTC—about 63% of the corporate total—while the top 10 holders control nearly 86%, CoinDesk reported.
• CryptoQuant data show a sharp slowdown in August: Strategy acquired 3,700 BTC versus 134,000 in November 2024, other treasuries bought 14,800 BTC versus a June peak of 66,000, and average transaction sizes fell about 86% from early‑2025 highs.
• Stock‑market stress is mounting for treasury firms as Sequans executed a reverse split to retain its NYSE listing and many peers trade below market net asset value, with new Nasdaq shareholder‑approval rules threatening equity‑funded buying strategies.
• Adoption continues to broaden beyond pure treasury companies, with River reporting thousands of smaller U.S. businesses and an average allocation of 22% of net income to Bitcoin.