Shifting Landscape in Corporate Bitcoin Holdings
Michael Saylor’s MicroStrategy has seen its dominance among corporate Bitcoin holders decline in October. This shift occurs amid slower purchasing activity and a growing number of companies adding cryptocurrency to their treasuries. Despite this, the company remains the largest Bitcoin (BTC) treasury holder, possessing 640,808 BTC as of October 31. However, its share of total corporate holdings has decreased to 60% from a previous 75%, according to a report by BitcoinTreasuries.NET.
The reduction in MicroStrategy's dominance coincides with continued corporate accumulation of Bitcoin, though at a moderated pace. Public and private companies collectively added 14,447 BTC to their treasuries in October. This represents the smallest monthly increase recorded in 2025.
Metaplanet emerged as the leading purchaser in October, acquiring 5,268 BTC. This brought its total holdings to 30,823 BTC by the end of the month, positioning it as the fourth-largest tracked holder. Coinbase was the second-largest buyer, adding 2,772 BTC to its treasury, reaching a total of 14,548 BTC by the end of the third quarter.
Coinbase CEO Brian Armstrong confirmed these purchases, stating on X, "Coinbase is long Bitcoin. Our holding increased by 2,772 BTC in Q3. And we keep buying more."
As of October 31, a total of 353 entities held Bitcoin. This figure includes 276 public and private companies, more than double the number recorded in January.
Geographically, the United States leads in Bitcoin-holding entities with 123, followed by Canada with 43, the United Kingdom with 22, and Japan with 15, according to the report.
Stock and share buybacks were also a notable trend in October. At least five Bitcoin and four altcoin treasuries repurchased shares. Metaplanet announced plans to buy back up to 150 million common shares utilizing a $500 million credit line. Sequans Communications also launched a buyback program for 1.57 million ADSs.
The majority of treasury companies are holding onto their Bitcoin, contributing to the network's expanding illiquid supply. Fidelity Digital Assets commented on this trend:
“Bitcoin is seemingly entering a new era, led by two main cohorts: long-term holders and public companies. The addition of corporate treasuries into the illiquid supply category has accelerated the pace of accumulation.”
Fidelity estimates that by 2032, approximately 42% of Bitcoin's 19.8 million circulating supply at the end of the second quarter of 2025, equating to over 8.3 million BTC, will become illiquid.
The Rise of Altcoin Treasuries
Beyond Bitcoin treasury companies, the report highlights the increasing prominence of public companies focused on altcoin accumulation, particularly Solana (SOL) and Ether (ETH).
By the end of October, Bitcoin represented approximately 82% of the total dollar value held in crypto treasuries, a decrease from 94% in April. Conversely, Ether's share had risen to 15% from 2.5%, while Solana remained steady at 2–3%.
Bitmine is identified as the top Ether treasury company, holding 3,505,723 ETH, which accounts for nearly 3% of the total Ether supply, according to CoinGecko data.
Sharplink Gaming, the second-largest ETH treasury, announced in October its intention to deploy $200 million worth of ETH from its corporate treasury onto Consensys’ Linea network. This move aims to generate higher onchain yields.
A significant advantage of digital asset treasuries dedicated to proof-of-stake blockchains, such as Solana and Ethereum, is the ability for companies to generate passive income. This is achieved by securing the network as validators, earning staking rewards while maintaining exposure to the underlying assets.
