Corporate Bitcoin Holdings Reach Significant Milestone
Public companies now hold more than 1 million Bitcoin in their corporate treasuries, with an overwhelming 90.4% of these holdings concentrated in the United States. This represents over 5% of Bitcoin’s total supply, which is quite remarkable when you think about it. The data shows these corporate entities are becoming major players in the crypto space, though I’m not entirely convinced this automatically brings stability to a market known for its wild swings.
What’s interesting is how this trend has evolved. Companies like Tesla and others have allocated portions of their balance sheets to Bitcoin, seeking what they believe is long-term value. But the concentration in the US does highlight America’s leading position in institutional crypto adoption, which perhaps wasn’t as clear before.
Supply Dynamics and Institutional Demand
On-chain data reveals something worth noting – the over-the-counter Bitcoin supply has been declining significantly. Glassnode charts show OTC desk balances dropping from nearly 4,500 BTC to under 1,000 BTC within a year. Meanwhile, prices have been moving between $70,000 and $100,000 during this period.
This limited supply situation could explain why institutions continue accumulating Bitcoin despite market fluctuations. When you have demand potentially outpacing available inventory, it creates a different kind of market dynamic. Some analysts suggest that anonymous influencers tied to treasuries and market makers might be spreading negative sentiment to acquire Bitcoin at lower prices. That’s a theory, anyway.
Hunter Horsley, CEO of Bitwise, sees Bitcoin Treasury Companies and Digital Asset Trusts as potential stabilizers for the crypto industry. He argues these entities provide investor relations, yield strategies, and long-term balance sheet discipline. This represents a shift from the purely speculative behavior that once defined crypto markets.
Competition with Traditional Assets
The competitive environment has become more challenging recently. US 10-year Treasury yields reached 4.1% in early November 2025, which represents a three-week high. This increase reflects uncertainty about Federal Reserve rate cuts, creating a more restrictive backdrop for risk assets like Bitcoin.
Higher Treasury yields can make government bonds more attractive than non-yielding assets, potentially drawing capital away from cryptocurrency. Official data shows the 10-Year Treasury Note issued in October 2025 had a coupon rate of 4.250%, while Ginnie Mae’s analysis recorded the 10-year yield at 4.38%.
These yields present a real challenge to Bitcoin’s positioning as a store of value or alternative to traditional fixed-income investments. It’s a tough comparison – US Treasuries offer government support, stable yields, and strong liquidity, while Bitcoin lacks yield, faces regulatory uncertainties, and exhibits significant price fluctuations.
The Broader Perspective
Jack Mallers from Twenty One Capital offers an interesting viewpoint. He suggests the real “flippening” isn’t about Bitcoin surpassing other cryptocurrencies, but rather Bitcoin challenging US Treasuries in global finance. This shifts the discussion from crypto rivalries to Bitcoin’s possible significance in broader capital markets.
Mallers wrote, “We’re living through the real flippening. Not shitcoins over Bitcoin. Neutral money over Treasuries. The monetary competition has begun: which money best stores our time, energy, and labor? The fastest horse is Bitcoin, and for the first time, everyone can race it.”
This perspective frames Bitcoin Treasury Companies as serving purposes beyond speculation. By adding Bitcoin to corporate balance sheets through structured yield strategies and investor relations, these firms are positioning it as a legitimate treasury reserve. This could appeal to institutions seeking inflation protection or diversification beyond government bonds.
In the coming months, Bitcoin Treasury Companies will face their real test. Their ability to sustain these strategies amid rising bond yields and a challenging macroeconomic backdrop will determine whether they actually stabilize crypto markets or simply add another layer of volatility. The balance between on-chain trends and competition from traditional assets will be crucial.
