A significant reconfiguration is brewing in the institutional crypto investment landscape. Although Strategy, the company founded by Michael Saylor, is a titan in the sector, October reviews reveal that its supremacy is diminishing.
It is not due to sales; rather, it is about a significant number of emerging companies adopting Bitcoin corporate treasuries, diluting MicroStrategy’s market share from 75% to 60%, even though the firm holds the impressive figure of 640,808 BTC at the end of the month.
The month of October recorded the most modest monthly increase of 2025 in terms of accumulation, adding a total of 14,447 BTC between public and private companies. However, key players made aggressive moves. Metaplanet led acquisitions with 5,268 BTC, securing fourth place globally in the holder ranking.
Coinbase, for its part, added 2,772 BTC, reaffirming its long-term bullish stance. This behavior signals that Bitcoin corporate treasuries are absorbing constant supply, accelerating the transition towards an illiquid supply. According to analysis by Fidelity Digital Assets, it is estimated that by 2032, nearly 42% of the total Bitcoin supply could become illiquid due to this institutional accumulation trend.
Diversification into Altcoins and Yield Strategies
Institutional appetite is no longer exclusive to Bitcoin, as indicated by the BitcoinTreasuries.NET report. Instead, a notable change is observed in the composition of digital assets on corporate balance sheets.
While BTC represented 94% of the total value in April, by the end of October this figure adjusted to 82%, ceding ground mainly to Ethereum, whose share has risen from 2.5% to 15%. Companies like Bitmine lead this front, controlling nearly 3% of the total Ether supply, while Solana remains stable with a 2-3% share.
This evolution suggests that financial strategies are maturing. Beyond using Bitcoin corporate treasuries as a simple store of value, companies are exploring Proof-of-Stake blockchains. Firms like Sharplink Gaming, for example, have announced the deployment of capital on networks like Linea to generate on-chain yields.
This allows corporations not only to maintain exposure to the underlying asset but also to generate passive income through validation rewards (staking), thus diversifying their revenue streams in an uncertain macroeconomic environment.