Bitcoin’s Biggest Believers? Corporations Take The Lead In Accumulation—Research

The race for Bitcoin is shifting. Big companies are racing ahead of funds and everyday investors. Corporate treasuries have grabbed 157,000 BTC so far this year. That’s roughly $16 billion at today’s prices. Meanwhile, exchange-traded funds have picked up 49,000 BTC—about $5 billion. Governments chipped in with 19,000 BTC. Individual holders, though, have sold off a net 247,000 BTC.

Corporate Buyers Dominate Demand

According to research from River, firms make up the biggest chunk of new Bitcoin demand. One name stands out: Michael Saylor’s Strategy firm. It alone is behind nearly 80% of corporate buying this year. That many coins are hard to come by since miners only put out about 450 BTC a day. When one company snaps up more than that over weeks, supply gets tight fast.

Businesses are the largest net buyer of bitcoin so far this year, lead by @Strategy which makes up 77% of the growth. pic.twitter.com/Bbj89gyk2h

— River (@River) May 12, 2025

ETFs And Governments Follow

Based on reports, funds and states play second fiddle. ETFs have added another 49,000 Bitcoin this year. That’s a big number, but still far below firms’ haul. Governments have moved too, with around 19,000 BTC added to their reserves. It’s a sign that public bodies see Bitcoin as more than just a trend.

The wave of corporate buying isn’t all finance giants. River says finance and investment groups account for nearly 36% of business purchases. Tech firms come next at close to 17%, then consultants at over 16%.

Other buyers include real estate, non-profits, consumer and industrial groups, plus healthcare, energy, agriculture, and transport companies. Newcomers in 2025 range from video platform Rumble to Hong Kong builder Ming Shing.

The laws of supply and demand are kicking in. With more buyers than new coins, the market tightens. CryptoQuant’s CEO Ki Young Ju pegs this strain at a –2.3% annual deflation rate for Bitcoin. He says corporate hoarding outpaces miner output, in effect “halving” supply. Author Adam Livingston echoed that idea, calling it a synthetic cut in coin creation. If these trends hold, price floors could lift higher than before.

Some recent moves grab attention. Strategy bought 13,390 BTC for $1.34 billion in one go. Metaplanet added 1,241 BTC to its treasury, pushing it past El Salvador’s stash on May 12. Bitwise reports at least 12 public firms bought Bitcoin for the first time in Q1 2025, tacking on over 95,000 BTC. That surge lifted the total Bitcoin held by public companies by 16%.

Corporate appetite has rewired the Bitcoin market this year. It’s no longer just hobbyists or traders chasing quick gains. Big players are treating Bitcoin like cash on their balance sheets. That creates a tighter market. If they slow their buys, miners may flood supply back in. For now, though, it’s clear: businesses are in the driver’s seat.

Featured image from Gemini Imagen, chart from TradingView