By July 2025, the Bitcoin reserves of more than 150 public corporations reached 917,853 BTC.
Michael Saylor’s Strategy controls 607,700 BTC, which is 66.2% of total corporate reserves and about 2.9% of the total supply of the first cryptocurrency.
Together with CoinEx analysts, we analyze the current state of corporate reserves and figure out how the Bitcoin accumulation mechanisms invented by Wall Street insiders could do a disservice to the crypto industry.
Corpo-Rat Race
In June 2025, corporate Bitcoin reserves surpassed the 900,000 BTC mark. A year ago, this figure was 325,400 BTC. The 2.8-fold increase indicates significant institutional interest in digital gold.
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In the first half of 2025, the average monthly purchase of Bitcoin exceeded 40,800 BTC. Corporations added about 245,300 BTC to their reserves, and more than 50 new organizations disclosed allocations this year. They can be divided into three categories: Diversifiers — added Bitcoin to their core business as a means of diversifying their reserves. Elon Musk’s Tesla holds 11,509 BTC. In 2024, Jack Dorsey’s Block committed to using 10% of its gross revenue for regular Bitcoin purchases.
Coinbase controls 9,267 BTC as part of its corporate treasury.
Miners — accumulate mined coins instead of selling them to cover operating expenses. The largest public miner, MARA, owns 50,000 BTC. Riot Platforms holds 19,225 BTC, and Hut 8 holds 10,273 BTC.
Treasury structures — their main activity is accumulating Bitcoin through debt instruments. Strategy remains the undisputed leader, but Twenty One (XXI), launched in 2025, has already accumulated 37,230 BTC, placing it third on the list of public organizations by Bitcoin reserves.
XXI, founded by Cantor Fitzgerald, Softbank, Tether, and Bitfinex, highlights the metric BTC per share (BPS) on its minimalist website. This indicator reflects how many bitcoins are allocated per share and has become the main benchmark for evaluating such companies.
Domino strategy
The growth of PTCVs creates new risks for the cryptocurrency market in the form of forced and panic sales.
First, many of these companies issue convertible bonds to raise money to buy digital assets.
This gives bondholders the opportunity to make money when share prices rise (which can happen when the underlying crypto asset rises). If things go wrong, investors get their money back — organizations have to repay their debts.
“To service these debts, PTCVs may be forced to sell their cryptocurrency assets. Possibly at a loss if they are unable to refinance,” Coinbase warns.
The risk of mass sales could lead to market liquidations and a crash in the crypto market as a whole.
Second, PTCVs themselves could destabilize investor confidence in the cryptocurrency ecosystem.
